Banc of California, Inc. $BANC Shares Purchased by Northwestern Mutual Wealth Management Co.

Northwestern Mutual Wealth Management Co. increased its holdings in shares of Banc of California, Inc. (NYSE:BANC) by 387,071.4% in the fourth quarter, Holdings Channel reports. The firm owned 406,530 shares of the bank’s stock after buying an additional 406,425 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in Banc of California were worth $7,842,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in Banc of California by 4.6% during the 4th quarter. Vanguard Group Inc. now owns 9,951,795 shares of the bank’s stock worth $191,970,000 after purchasing an additional 438,320 shares during the period. Invesco Ltd. boosted its stake in Banc of California by 7.7% during the 3rd quarter. Invesco Ltd. now owns 5,829,231 shares of the bank’s stock worth $96,474,000 after purchasing an additional 418,293 shares during the period. Dimensional Fund Advisors LP boosted its stake in Banc of California by 45.4% during the 3rd quarter. Dimensional Fund Advisors LP now owns 5,053,402 shares of the bank’s stock worth $83,635,000 after purchasing an additional 1,576,914 shares during the period. Goldman Sachs Group Inc. boosted 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 purchasing an additional 297,680 shares during the period. Finally, Bank of America Corp DE boosted its stake in Banc of California by 243.9% during the 3rd quarter. Bank of America Corp DE now owns 3,430,938 shares of the bank’s stock worth $56,782,000 after purchasing an additional 2,433,394 shares during the period. Institutional investors and hedge funds own 86.88% of the company’s stock.

Banc of California Trading Up 0.1%

NYSE BANC opened at $18.83 on Friday. The stock has a market capitalization of $2.90 billion, a P/E ratio of 14.37 and a beta of 0.75. Banc of California, Inc. has a 52-week low of $13.24 and a 52-week high of $21.61. The firm has a 50-day moving average price of $18.14 and a 200 day moving average price of $18.79. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31.

Banc of California (NYSE:BANC) last posted its quarterly earnings results on Wednesday, April 22nd. The bank reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.01. The firm had revenue of $286.95 million during the quarter, compared to analysts’ expectations of $291.28 million. Banc of California had a net margin of 13.58% and a return on equity of 9.25%. The firm’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.26 earnings per share. Equities research analysts expect that Banc of California, Inc. will post 1.72 EPS for the current year.

Banc of California Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Monday, June 15th. Banc of California’s dividend payout ratio (DPR) is currently 36.64%.

Analysts Set New Price Targets

BANC has been the subject of a number of recent research reports. Piper Sandler increased their price target on shares of Banc of California from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Monday, April 27th. JPMorgan Chase & Co. upped their price objective on shares of Banc of California from $20.50 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, April 24th. Barclays reduced their target price on shares of Banc of California from $25.00 to $23.00 and set an “overweight” rating for the company in a research note on Tuesday, April 7th. DA Davidson reiterated a “buy” rating and set a $24.00 price target on shares of Banc of California in a research note on Tuesday, April 28th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Banc of California from $22.00 to $23.00 and gave the stock an “outperform” rating in a report on Friday, January 23rd. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Banc of California presently has a consensus rating of “Buy” and an average price target of $22.31.

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.