First Trust Advisors LP Buys 44,676 Shares of Banc of California, Inc. $BANC

First Trust Advisors LP lifted its stake in Banc of California, Inc. (NYSE:BANC) by 10.0% during the 1st quarter, Holdings Channel reports. The institutional investor owned 490,136 shares of the bank’s stock after buying an additional 44,676 shares during the period. First Trust Advisors LP’s holdings in Banc of California were worth $8,617,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of BANC. Vanguard Group Inc. grew its position 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 acquiring an additional 438,320 shares during the last quarter. UBS Group AG lifted its position in Banc of California by 28.4% in the fourth quarter. UBS Group AG now owns 598,427 shares of the bank’s stock valued at $11,544,000 after purchasing an additional 132,328 shares during the last quarter. Bridgeway Capital Management LLC lifted its position in Banc of California by 11.8% in the fourth quarter. Bridgeway Capital Management LLC now owns 915,325 shares of the bank’s stock valued at $17,657,000 after purchasing an additional 96,372 shares during the last quarter. William Blair Investment Management LLC boosted its stake in shares of Banc of California by 8.8% during the fourth quarter. William Blair Investment Management LLC now owns 2,317,363 shares of the bank’s stock valued at $44,702,000 after purchasing an additional 187,999 shares during the period. Finally, LSV Asset Management purchased a new stake in shares of Banc of California during the fourth quarter valued at approximately $3,740,000. Institutional investors own 86.88% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. DA Davidson reaffirmed a “buy” rating and issued a $24.00 target price on shares of Banc of California in a research note on Tuesday, April 28th. Piper Sandler increased 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. Citigroup dropped their price target on shares of Banc of California from $23.50 to $22.00 and set a “buy” rating for the company in a research report on Friday. 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 report on Monday, July 6th. Finally, JPMorgan Chase & Co. boosted 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 report on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $22.75.

Banc of California Trading Up 1.2%

NYSE BANC opened at $19.07 on Friday. The stock has a market cap of $2.94 billion, a P/E ratio of -45.42 and a beta of 0.73. Banc of California, Inc. has a fifty-two week low of $13.96 and a fifty-two week high of $21.93. The stock has a 50 day simple moving average of $20.11 and a two-hundred day simple moving average of $19.29. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.89 and a current ratio of 0.89.

Banc of California Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Monday, June 15th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date was Monday, June 15th. Banc of California’s dividend payout ratio is currently -114.29%.

About Banc of California

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.