Banc of California, Inc. $BANC Shares Acquired by Penn Capital Management Company LLC

Penn Capital Management Company LLC boosted its holdings in Banc of California, Inc. (NYSE:BANC) by 9.6% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 982,500 shares of the bank’s stock after purchasing an additional 86,261 shares during the quarter. Banc of California comprises approximately 1.3% of Penn Capital Management Company LLC’s portfolio, making the stock its 29th biggest position. Penn Capital Management Company LLC’s holdings in Banc of California were worth $16,294,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Invesco Ltd. boosted its holdings in shares of Banc of California by 7.7% in the 3rd quarter. Invesco Ltd. now owns 5,829,231 shares of the bank’s stock valued at $96,474,000 after buying an additional 418,293 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Banc of California by 45.4% in the 3rd quarter. Dimensional Fund Advisors LP now owns 5,053,402 shares of the bank’s stock valued at $83,635,000 after purchasing an additional 1,576,914 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in Banc of California by 8.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,796,996 shares of the bank’s stock worth $53,879,000 after buying an additional 297,680 shares during the last quarter. Bank of America Corp DE increased its position in Banc of California by 243.9% during the third quarter. Bank of America Corp DE now owns 3,430,938 shares of the bank’s stock worth $56,782,000 after buying an additional 2,433,394 shares during the period. Finally, American Century Companies Inc. lifted its stake in Banc of California by 67.9% in the third quarter. American Century Companies Inc. now owns 2,001,716 shares of the bank’s stock valued at $33,128,000 after buying an additional 809,831 shares during the last quarter. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Banc of California Trading Down 0.3%

NYSE BANC opened at $16.92 on Wednesday. Banc of California, Inc. has a 52-week low of $11.52 and a 52-week high of $21.61. The firm has a 50-day moving average price of $19.48 and a 200 day moving average price of $18.35. The stock has a market capitalization of $2.56 billion, a P/E ratio of 14.33 and a beta of 0.72. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.31.

Banc of California (NYSE:BANC) last posted its quarterly earnings results on Wednesday, January 21st. The bank reported $0.42 EPS for the quarter, beating the consensus estimate of $0.37 by $0.05. Banc of California had a return on equity of 8.66% and a net margin of 12.59%.The business had revenue of $292.93 million during the quarter, compared to analysts’ expectations of $288.41 million. During the same period last year, the firm earned $0.28 EPS. Equities research analysts expect that Banc of California, Inc. will post 1.31 EPS for the current year.

Banc of California Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Monday, March 16th will be paid a dividend of $0.12 per share. This is a boost from Banc of California’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend is Monday, March 16th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.8%. Banc of California’s dividend payout ratio is currently 40.68%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Keefe, Bruyette & Woods lifted their target price on shares of Banc of California from $22.00 to $23.00 and gave the company an “outperform” rating in a report on Friday, January 23rd. Weiss Ratings reissued a “hold (c)” rating on shares of Banc of California in a research report on Wednesday, January 21st. JPMorgan Chase & Co. upped their target price on shares of Banc of California from $21.00 to $24.00 and gave the company an “overweight” rating in a report on Tuesday, December 16th. Wall Street Zen upgraded shares of Banc of California from a “sell” rating to a “hold” rating in a research note on Saturday, January 10th. Finally, Piper Sandler boosted their price target on Banc of California from $24.00 to $25.00 and gave the company an “overweight” rating in a research report on Monday, January 26th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $20.86.

Banc of California Company Profile

Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.

Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.