Banc of California, Inc. $BANC Shares Purchased by JPMorgan Chase & Co.

JPMorgan Chase & Co. raised its stake in Banc of California, Inc. (NYSE:BANC) by 45.6% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 1,652,137 shares of the bank’s stock after buying an additional 517,523 shares during the quarter. JPMorgan Chase & Co. owned approximately 1.12% of Banc of California worth $27,343,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of BANC. Amalgamated Bank lifted its position in Banc of California by 1.6% in the 3rd quarter. Amalgamated Bank now owns 37,460 shares of the bank’s stock valued at $620,000 after purchasing an additional 585 shares during the last quarter. Crescent Grove Advisors LLC increased its stake in shares of Banc of California by 0.7% in the second quarter. Crescent Grove Advisors LLC now owns 100,428 shares of the bank’s stock valued at $1,421,000 after purchasing an additional 706 shares during the period. CWM LLC increased its stake in shares of Banc of California by 9.1% in the second quarter. CWM LLC now owns 8,783 shares of the bank’s stock valued at $123,000 after purchasing an additional 734 shares during the period. PNC Financial Services Group Inc. raised its holdings in shares of Banc of California by 7.7% during the third quarter. PNC Financial Services Group Inc. now owns 10,804 shares of the bank’s stock valued at $179,000 after buying an additional 777 shares during the last quarter. Finally, Teacher Retirement System of Texas boosted its position in shares of Banc of California by 4.2% during the second quarter. Teacher Retirement System of Texas now owns 21,704 shares of the bank’s stock worth $305,000 after buying an additional 871 shares during the period. Institutional investors own 86.88% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. JPMorgan Chase & Co. raised their target price on Banc of California from $21.00 to $24.00 and gave the company an “overweight” rating in a research report on Tuesday, December 16th. Barclays raised their price target on Banc of California from $21.00 to $25.00 and gave the company an “overweight” rating in a report on Friday, December 19th. Keefe, Bruyette & Woods lifted their price objective on shares of Banc of California from $22.00 to $23.00 and gave the company an “outperform” rating in a research note on Friday, January 23rd. Wall Street Zen upgraded shares of Banc of California from a “sell” rating to a “hold” rating in a research report on Saturday, January 10th. Finally, Piper Sandler boosted their price target on shares of Banc of California from $24.00 to $25.00 and gave the stock an “overweight” rating in a research report on Monday, January 26th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $20.86.

Banc of California Price Performance

NYSE:BANC opened at $18.44 on Friday. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.31. The business’s 50-day moving average price is $20.03 and its 200 day moving average price is $18.23. Banc of California, Inc. has a 52-week low of $11.52 and a 52-week high of $21.61. The firm has a market cap of $2.79 billion, a P/E ratio of 15.63 and a beta of 0.72.

Banc of California (NYSE:BANC) last issued its quarterly earnings results 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 net margin of 12.59% and a return on equity of 8.66%. The company had revenue of $292.93 million during the quarter, compared to the consensus estimate of $288.41 million. During the same period in the prior year, the company earned $0.28 EPS. As a group, sell-side analysts predict that Banc of California, Inc. will post 1.31 earnings per share for the current fiscal year.

Banc of California Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Monday, March 16th will be issued a dividend of $0.12 per share. The ex-dividend date is Monday, March 16th. This is a positive change from Banc of California’s previous quarterly dividend of $0.10. This represents a $0.48 dividend on an annualized basis and a yield of 2.6%. Banc of California’s payout ratio is 33.90%.

Banc of California 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.