Intech Investment Management LLC Has $1.96 Million Stock Position in Banc of California, Inc. $BANC

Intech Investment Management LLC raised its position in shares of Banc of California, Inc. (NYSE:BANC) by 34.7% in the third quarter, according to its most recent filing with the SEC. The firm owned 118,377 shares of the bank’s stock after purchasing an additional 30,463 shares during the quarter. Intech Investment Management LLC owned approximately 0.08% of Banc of California worth $1,959,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in BANC. Invesco Ltd. boosted its stake in shares of Banc of California by 21.5% in the 2nd quarter. Invesco Ltd. now owns 5,410,938 shares of the bank’s stock valued at $76,024,000 after purchasing an additional 957,693 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings 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 acquiring an additional 297,680 shares during the period. Bank of New York Mellon Corp raised its position in shares of Banc of California by 63.6% in 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 in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Banc of California by 45.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,652,137 shares of the bank’s stock valued at $27,343,000 after purchasing an additional 517,523 shares during the period. Finally, Qube Research & Technologies Ltd lifted its stake in shares of Banc of California by 101.0% in the 2nd quarter. Qube Research & Technologies Ltd now owns 1,392,277 shares of the bank’s stock valued at $19,561,000 after purchasing an additional 699,464 shares during the period. Institutional investors own 86.88% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on BANC shares. Keefe, Bruyette & Woods lifted their target price on Banc of California from $22.00 to $23.00 and gave the stock an “outperform” rating in a report on Friday, January 23rd. Weiss Ratings reiterated a “hold (c)” rating on shares of Banc of California in a research note on Wednesday, January 21st. JPMorgan Chase & Co. boosted their target price on shares of 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 shares of Banc of California from $21.00 to $25.00 and gave the stock an “overweight” rating in a report on Friday, December 19th. Finally, Piper Sandler upped 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. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $20.86.

Banc of California Stock Performance

NYSE BANC opened at $18.30 on Thursday. The company has a market cap of $2.77 billion, a P/E ratio of 15.51 and a beta of 0.72. The company has a fifty day simple moving average of $19.94 and a 200 day simple moving average of $18.28. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. Banc of California, Inc. has a 12-month low of $11.52 and a 12-month high of $21.61.

Banc of California (NYSE:BANC) last released 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. The firm had revenue of $292.93 million for the quarter, compared to analyst estimates 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 period last year, the firm earned $0.28 earnings per share. 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 business also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Monday, March 16th will be issued a $0.12 dividend. This is a boost from Banc of California’s previous quarterly dividend of $0.10. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Monday, March 16th. Banc of California’s dividend 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.