Squarepoint Ops LLC Increases Stock Holdings in Banc of California, Inc. $BANC

Squarepoint Ops LLC raised its position in shares of Banc of California, Inc. (NYSE:BANC) by 417.1% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 323,256 shares of the bank’s stock after purchasing an additional 260,741 shares during the quarter. Squarepoint Ops LLC owned 0.20% of Banc of California worth $6,604,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in BANC. Triumph Capital Management purchased a new position in shares of Banc of California in the third quarter worth approximately $25,000. Navalign LLC purchased a new stake in Banc of California during the fourth quarter valued at approximately $27,000. Western Wealth Management LLC bought a new position in Banc of California in the first quarter worth approximately $29,000. Advisory Services Network LLC bought a new position in Banc of California in the third quarter worth approximately $36,000. Finally, Orion Capital Management LLC bought a new position in Banc of California in the second quarter worth approximately $37,000. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on BANC shares. Citigroup cut their price objective 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, July 31st. Brean Capital cut Banc of California from a “buy” rating to a “neutral” rating in a research report on Thursday, July 30th. Barclays decreased their price objective on Banc of California from $23.00 to $22.00 and set an “overweight” rating on the stock in a research note on Monday, August 3rd. JPMorgan Chase & Co. lifted their price objective on Banc of California from $22.00 to $24.00 and gave the company an “overweight” rating in a research report on Wednesday, July 1st. Finally, Wells Fargo & Company initiated coverage on Banc of California in a research note on Monday, August 10th. They set an “overweight” rating and a $23.00 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Banc of California presently has an average rating of “Buy” and an average price target of $22.62.

Banc of California Trading Down 0.2%

Shares of Banc of California stock opened at $18.37 on Friday. Banc of California, Inc. has a fifty-two week low of $15.33 and a fifty-two week high of $21.93. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.86 and a current ratio of 0.89. The company has a market capitalization of $2.91 billion, a P/E ratio of -43.73 and a beta of 0.73. The company has a fifty day moving average of $19.64 and a 200 day moving average of $19.01.

Banc of California (NYSE:BANC) last posted its quarterly earnings results on Wednesday, July 29th. The bank reported ($1.61) EPS for the quarter, missing analysts’ consensus estimates of $0.40 by ($2.01). Banc of California had a negative net margin of 1.44% and a positive return on equity of 7.98%. The business had revenue of $16.41 million for the quarter, compared to the consensus estimate of $295.32 million. During the same period in the prior year, the business earned $0.31 earnings per share. Banc of California’s revenue was down 94.0% compared to the same quarter last year. On average, sell-side analysts anticipate 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 announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Tuesday, September 15th. Banc of California’s dividend payout ratio (DPR) is -114.29%.

Insider Buying and Selling

In related news, insider Olivia Lindsay sold 6,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $19.50, for a total value of $117,000.00. Following the transaction, the insider directly owned 32,842 shares of the company’s stock, valued at approximately $640,419. The trade was a 15.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.78% of the company’s stock.

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.