North Reef Capital Management LP Acquires 343,320 Shares of Banc of California, Inc. $BANC

North Reef Capital Management LP raised its holdings in Banc of California, Inc. (NYSE:BANC) by 29.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,500,000 shares of the bank’s stock after acquiring an additional 343,320 shares during the period. Banc of California comprises 0.9% of North Reef Capital Management LP’s holdings, making the stock its 25th biggest holding. North Reef Capital Management LP’s holdings in Banc of California were worth $26,370,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in BANC. Triumph Capital Management bought a new position in shares of Banc of California in the 3rd quarter valued at $25,000. Navalign LLC bought a new stake in shares of Banc of California in the fourth quarter worth $27,000. Orion Capital Management LLC acquired a new position in Banc of California during the 4th quarter worth about $35,000. Advisory Services Network LLC bought a new stake in shares of Banc of California in the 3rd quarter valued at about $36,000. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Banc of California by 38.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank’s stock valued at $39,000 after buying an additional 564 shares during the period. Institutional investors own 86.88% of the company’s stock.

Banc of California Trading Down 0.5%

Shares of BANC stock opened at $21.28 on Friday. Banc of California, Inc. has a fifty-two week low of $13.96 and a fifty-two week high of $21.93. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.89. The stock has a 50 day simple moving average of $20.01 and a two-hundred day simple moving average of $19.30. The company has a market cap of $3.28 billion, a P/E ratio of 16.24 and a beta of 0.73.

Banc of California (NYSE:BANC) last announced its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.39 EPS for the quarter, topping the consensus estimate of $0.38 by $0.01. The company had revenue of $286.95 million during the quarter, compared to the consensus estimate of $291.28 million. Banc of California had a net margin of 13.58% and a return on equity of 9.25%. The company’s quarterly revenue was up 7.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.26 EPS. Research analysts forecast that Banc of California, Inc. will post 1.71 earnings per share for the current year.

Banc of California Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Monday, June 15th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.48 annualized dividend and a yield of 2.3%. Banc of California’s dividend payout ratio is currently 36.64%.

Analysts Set New Price Targets

BANC has been the subject of a number of recent analyst reports. Weiss Ratings downgraded shares of Banc of California from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, June 4th. JPMorgan Chase & Co. upped their price objective on shares of Banc of California from $22.00 to $24.00 and gave the company an “overweight” rating in a research note on Wednesday, July 1st. Barclays lowered 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. Wells Fargo & Company boosted their target price on shares of Banc of California from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Monday, July 6th. Finally, Piper Sandler upped their price target on shares of Banc of California from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $22.69.

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.