Hodges Capital Management Inc. Boosts Holdings in Banc of California, Inc. $BANC

Hodges Capital Management Inc. grew its position in Banc of California, Inc. (NYSE:BANC) by 7.6% during the 3rd quarter, HoldingsChannel reports. The fund owned 1,244,379 shares of the bank’s stock after purchasing an additional 87,931 shares during the period. Banc of California comprises about 1.8% of Hodges Capital Management Inc.’s investment portfolio, making the stock its 13th largest holding. Hodges Capital Management Inc.’s holdings in Banc of California were worth $20,594,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Balyasny Asset Management L.P. bought a new position in Banc of California during the 2nd quarter valued at about $17,400,000. FJ Capital Management LLC grew its stake in shares of Banc of California by 265.8% during the second quarter. FJ Capital Management LLC now owns 1,365,440 shares of the bank’s stock valued at $19,184,000 after buying an additional 992,154 shares during the last quarter. Invesco Ltd. grew its stake in shares of Banc of California by 21.5% during the second quarter. Invesco Ltd. now owns 5,410,938 shares of the bank’s stock valued at $76,024,000 after buying an additional 957,693 shares during the last quarter. Qube Research & Technologies Ltd raised its holdings in shares of Banc of California by 101.0% in the second quarter. Qube Research & Technologies Ltd now owns 1,392,277 shares of the bank’s stock worth $19,561,000 after buying an additional 699,464 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in shares of Banc of California by 63.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,797,082 shares of the bank’s stock worth $25,249,000 after acquiring an additional 698,426 shares during the last quarter. 86.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Weiss Ratings reiterated a “hold (c)” rating on shares of Banc of California in a research note on Wednesday, January 21st. Wall Street Zen raised shares of Banc of California from a “sell” rating to a “hold” rating in a research note on Saturday, January 10th. Piper Sandler lifted their price objective 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. Citigroup upgraded shares of Banc of California from a “neutral” rating to a “buy” rating and upped their target price for the stock from $18.00 to $21.50 in a research note on Monday, October 27th. Finally, Keefe, Bruyette & Woods increased their price objective on 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 issued a Hold rating to the stock. According to MarketBeat, Banc of California presently has an average rating of “Moderate Buy” and a consensus target price of $20.86.

Banc of California Stock Up 0.4%

Banc of California stock opened at $20.09 on Wednesday. Banc of California, Inc. has a 1-year low of $11.52 and a 1-year high of $21.61. The business has a fifty day moving average price of $20.08 and a 200-day moving average price of $17.98. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.90 and a quick ratio of 0.89. The stock has a market capitalization of $3.04 billion, a price-to-earnings ratio of 17.02 and a beta of 0.72.

Banc of California (NYSE:BANC) last released its earnings results on Wednesday, January 21st. The bank reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.05. The company had revenue of $292.93 million for the quarter, compared to the consensus estimate of $288.41 million. Banc of California had a net margin of 12.59% and a return on equity of 8.66%. During the same quarter in the previous year, the firm earned $0.28 EPS. Equities research analysts forecast that Banc of California, Inc. will post 1.31 EPS for the current fiscal 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 paid a $0.12 dividend. 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 annualized dividend and a dividend yield of 2.4%. Banc of California’s dividend payout ratio (DPR) is 33.90%.

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.