Systematic Financial Management LP Takes Position in Banc of California, Inc. (NYSE:BANC)

Systematic Financial Management LP bought a new position in Banc of California, Inc. (NYSE:BANC) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 80,035 shares of the bank’s stock, valued at approximately $1,179,000. Systematic Financial Management LP owned 0.05% of Banc of California at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in BANC. Seven Eight Capital LP acquired a new stake in shares of Banc of California in the 2nd quarter worth about $549,000. Hodges Capital Management Inc. raised its holdings in shares of Banc of California by 13.6% during the second quarter. Hodges Capital Management Inc. now owns 1,986,246 shares of the bank’s stock valued at $25,384,000 after buying an additional 238,242 shares during the last quarter. Hollencrest Capital Management boosted its position in shares of Banc of California by 71.4% during the second quarter. Hollencrest Capital Management now owns 107,842 shares of the bank’s stock worth $1,378,000 after buying an additional 44,920 shares during the period. Assenagon Asset Management S.A. grew its holdings in Banc of California by 461.6% in the 3rd quarter. Assenagon Asset Management S.A. now owns 651,695 shares of the bank’s stock worth $9,599,000 after buying an additional 535,654 shares in the last quarter. Finally, SG Americas Securities LLC grew its holdings in Banc of California by 380.1% in the 2nd quarter. SG Americas Securities LLC now owns 48,650 shares of the bank’s stock worth $622,000 after buying an additional 38,516 shares in the last quarter. 86.88% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on BANC shares. Citigroup began coverage on Banc of California in a research report on Thursday, October 10th. They set a “neutral” rating and a $15.00 price target for the company. Truist Financial upped their price target on shares of Banc of California from $15.00 to $16.00 and gave the stock a “hold” rating in a research note on Friday, September 20th. Wedbush raised their price objective on shares of Banc of California from $18.00 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods upped their target price on Banc of California from $17.50 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, Wells Fargo & Company lifted their price target on Banc of California from $16.00 to $17.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Banc of California presently has a consensus rating of “Hold” and a consensus target price of $17.80.

Banc of California Price Performance

Shares of NYSE:BANC opened at $16.94 on Friday. 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 company has a market capitalization of $2.69 billion, a PE ratio of -3.97 and a beta of 1.14. The stock has a fifty day moving average of $15.62 and a 200-day moving average of $14.33. Banc of California, Inc. has a one year low of $11.88 and a one year high of $18.08.

Banc of California (NYSE:BANC) last released its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.11. The business had revenue of $431.44 million during the quarter, compared to analyst estimates of $229.46 million. Banc of California had a positive return on equity of 2.93% and a negative net margin of 20.75%. During the same quarter last year, the company posted $0.30 EPS. As a group, equities analysts anticipate that Banc of California, Inc. will post 0.7 EPS for the current fiscal year.

Banc of California Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.36%. The ex-dividend date of this dividend is Monday, December 16th. Banc of California’s dividend payout ratio (DPR) is currently -9.37%.

Banc of California Company Profile

Banc of California, Inc operates as the bank holding company for Banc of California that provides various banking products and services in California. The company offers deposit products, such as checking, savings, money market, demand, and time deposits; certificates of deposit; retirement accounts; and safe deposit boxes.