28,292 Shares in Banc of California, Inc. $BANC Purchased by Precision Wealth Strategies LLC

Precision Wealth Strategies LLC bought a new stake in shares of Banc of California, Inc. (NYSE:BANC) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 28,292 shares of the bank’s stock, valued at approximately $497,000.

Other hedge funds have also recently modified their holdings of the company. Triumph Capital Management bought a new stake in shares of Banc of California during the 3rd quarter worth approximately $25,000. Navalign LLC bought a new position in Banc of California in the 4th quarter valued at $27,000. Orion Capital Management LLC bought a new position in Banc of California in the 4th quarter valued at $35,000. Advisory Services Network LLC purchased a new stake in Banc of California in the third quarter worth $36,000. Finally, EverSource Wealth Advisors LLC increased its stake in Banc of California by 38.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank’s stock worth $39,000 after purchasing an additional 564 shares during the period. Institutional investors own 86.88% of the company’s stock.

Banc of California Price Performance

Shares of BANC stock opened at $21.23 on Friday. Banc of California, Inc. has a twelve month low of $13.96 and a twelve month high of $21.61. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. The stock has a fifty day simple moving average of $19.73 and a two-hundred day simple moving average of $19.24. The stock has a market capitalization of $3.27 billion, a price-to-earnings ratio of 16.21 and a beta of 0.73.

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

Banc of California Announces Dividend

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

Wall Street Analyst Weigh In

BANC has been the topic of a number of research analyst reports. DA Davidson restated a “buy” rating and issued a $24.00 price target on shares of Banc of California in a report on Tuesday, April 28th. Piper Sandler boosted their price objective 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. Wells Fargo & Company boosted their price objective 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, July 6th. Weiss Ratings downgraded shares of Banc of California from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, June 4th. Finally, Barclays reduced their target price on shares of Banc of California from $25.00 to $23.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 7th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $22.69.

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.