Summit Global Investments Buys New Holdings in Banc of California, Inc. $BANC

Summit Global Investments bought a new position in Banc of California, Inc. (NYSE:BANC) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 34,583 shares of the bank’s stock, valued at approximately $707,000.

Other institutional investors have also recently bought and sold shares of the company. Royal Bank of Canada grew its stake in shares of Banc of California by 9.4% in the 1st quarter. Royal Bank of Canada now owns 74,043 shares of the bank’s stock valued at $1,050,000 after purchasing an additional 6,364 shares during the period. AQR Capital Management LLC lifted its position in shares of Banc of California by 209.4% during the 1st quarter. AQR Capital Management LLC now owns 103,044 shares of the bank’s stock worth $1,462,000 after buying an additional 69,739 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Banc of California by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 82,689 shares of the bank’s stock worth $1,173,000 after buying an additional 3,611 shares during the period. Goldman Sachs Group Inc. boosted its stake in Banc of California by 8.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,796,996 shares of the bank’s stock valued at $53,879,000 after buying an additional 297,680 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Banc of California by 1.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 441,856 shares of the bank’s stock valued at $6,270,000 after buying an additional 4,263 shares in the last quarter. Institutional investors and hedge funds own 86.88% of the company’s stock.

Insider Activity

In related news, insider Olivia I. Lindsay sold 6,000 shares of the company’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $19.50, for a total transaction of $117,000.00. Following the transaction, the insider owned 32,842 shares in the company, valued at $640,419. This represents a 15.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.78% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

BANC has been the topic of a number of analyst reports. DA Davidson reiterated a “buy” rating and issued a $24.00 price target on shares of Banc of California in a research report on Tuesday, April 28th. Wall Street Zen cut Banc of California from a “hold” rating to a “sell” rating in a report on Saturday. Piper Sandler 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 research note on Monday, April 27th. Citigroup lowered their target price on shares of Banc of California from $23.50 to $22.00 and set a “buy” rating on the stock in a report on Friday, July 31st. Finally, JPMorgan Chase & Co. increased their target price 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. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $22.62.

Banc of California Stock Up 0.2%

NYSE BANC opened at $19.68 on Friday. The stock’s 50 day simple moving average is $20.17 and its 200 day simple moving average is $19.21. Banc of California, Inc. has a one year low of $15.33 and a one year high of $21.93. The firm has a market cap of $3.12 billion, a PE ratio of -46.85 and a beta of 0.74. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.89 and a quick ratio of 0.86.

Banc of California (NYSE:BANC) last issued its quarterly earnings data on Wednesday, July 29th. The bank reported ($1.61) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($2.01). The business had revenue of $16.41 million during the quarter, compared to the consensus estimate of $295.32 million. Banc of California had a negative net margin of 1.44% and a positive return on equity of 7.98%. The company’s revenue for the quarter was down 94.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.31 EPS. As a group, sell-side analysts forecast that Banc of California, Inc. will post 1.68 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Tuesday, September 15th. Banc of California’s payout ratio is currently -114.29%.

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.