Polar Asset Management Partners Inc. Makes New $2.05 Million Investment in Banc of California, Inc. $BANC

Polar Asset Management Partners Inc. bought a new position in Banc of California, Inc. (NYSE:BANC) during the 3rd quarter, HoldingsChannel reports. The fund bought 124,136 shares of the bank’s stock, valued at approximately $2,054,000.

Other institutional investors have also recently made changes to their positions in the company. Penn Capital Management Company LLC raised its holdings in Banc of California by 9.6% in the 3rd quarter. Penn Capital Management Company LLC now owns 982,500 shares of the bank’s stock worth $16,294,000 after acquiring an additional 86,261 shares during the last quarter. CIBC Bancorp USA Inc. purchased a new stake in Banc of California during the 3rd quarter valued at $227,000. Coldstream Capital Management Inc. boosted its stake in Banc of California by 97.9% during the 3rd quarter. Coldstream Capital Management Inc. now owns 136,532 shares of the bank’s stock valued at $2,266,000 after purchasing an additional 67,549 shares during the last quarter. Danske Bank A S bought a new stake in shares of Banc of California in the 3rd quarter worth $70,000. Finally, Advisory Services Network LLC purchased a new position in shares of Banc of California in the third quarter worth $36,000. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Banc of California Price Performance

Shares of Banc of California stock opened at $16.82 on Friday. The stock’s fifty day moving average is $19.34 and its 200 day moving average is $18.33. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.90. Banc of California, Inc. has a one year low of $11.52 and a one year high of $21.61. The stock has a market cap of $2.54 billion, a P/E ratio of 14.25 and a beta of 0.72.

Banc of California (NYSE:BANC) last posted its quarterly earnings data on Wednesday, January 21st. The bank reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $292.93 million for the quarter, compared to analysts’ expectations of $288.41 million. During the same period in the previous year, the firm earned $0.28 EPS. Sell-side analysts anticipate that Banc of California, Inc. will post 1.31 earnings per share for the current year.

Banc of California Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Monday, March 16th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.9%. The ex-dividend date is Monday, March 16th. This is a positive change from Banc of California’s previous quarterly dividend of $0.10. Banc of California’s payout ratio is 40.68%.

Analyst Upgrades and Downgrades

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