Banc of California, Inc. $BANC Shares Bought by Polar Asset Management Partners Inc.

Polar Asset Management Partners Inc. increased its holdings in shares of Banc of California, Inc. (NYSE:BANC) by 168.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,127,558 shares of the bank’s stock after buying an additional 708,028 shares during the period. Polar Asset Management Partners Inc.’s holdings in Banc of California were worth $19,822,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. Navalign LLC purchased a new position in Banc of California during the fourth quarter valued at $27,000. Triumph Capital Management acquired a new stake in shares of Banc of California in the third quarter worth approximately $25,000. Orion Capital Management LLC purchased a new stake in shares of Banc of California during the fourth quarter worth approximately $35,000. EverSource Wealth Advisors LLC increased its position in shares of Banc of California by 38.7% during 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 in the last quarter. Finally, Hantz Financial Services Inc. raised its stake in Banc of California by 199.0% in the 4th quarter. Hantz Financial Services Inc. now owns 2,159 shares of the bank’s stock valued at $42,000 after purchasing an additional 1,437 shares during the last quarter. Institutional investors and hedge funds own 86.88% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Weiss Ratings cut shares of Banc of California from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, June 4th. DA Davidson reiterated a “buy” rating and issued a $24.00 target price on shares of Banc of California in a research report on Tuesday, April 28th. Wells Fargo & Company raised 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, July 6th. JPMorgan Chase & Co. boosted their price target on shares of Banc of California from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 1st. Finally, Piper Sandler boosted their target price on Banc of California from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Monday, April 27th. 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 MarketBeat, the company has an average rating of “Buy” and an average target price of $22.69.

Banc of California Stock Down 0.0%

Banc of California stock opened at $21.28 on Monday. The stock’s fifty day simple moving average is $20.01 and its 200-day simple moving average is $19.30. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. Banc of California, Inc. has a twelve month low of $13.96 and a twelve month high of $21.93. The firm has a market capitalization of $3.28 billion, a P/E ratio of 16.24 and a beta of 0.73.

Banc of California Dividend Announcement

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

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.