Banc of California, Inc. (NYSE: BANC), a leading banking institution, recently received a significant boost from investment firm HRT Financial LP. According to the company’s 13F filing with the Securities and Exchange Commission (SEC), HRT Financial LP increased its position in Banc of California by an astonishing 1,064.9% during the first quarter of this year.
As of its most recent SEC filing, HRT Financial LP owned approximately 196,198 shares of Banc of California’s stock, having acquired an additional 179,355 shares during the period. This substantial increase in ownership represented around 0.33% of the bank’s total worth, valued at $2,458,000.
Banc of California last released its quarterly earnings data on July 25th. During this reporting period, the bank successfully surpassed analysts’ consensus estimates by reporting $0.32 earnings per share (EPS), surpassing expectations by $0.01 per share. Additionally, the firm reported revenue amounting to $75.66 million for the quarter, slightly below analysts’ projections of $76.23 million.
The financial report also highlighted Banc of California’s strong performance with a return on equity (ROE) of 9.78%, indicating efficient utilization of shareholders’ investments and demonstrating the bank’s ability to generate profits relative to shareholders’ equity levels. The net margin for this period was recorded at an impressive 19.01%, indicating that Banc of California efficiently manages its expenses and operates profitably.
Equities research analysts have expressed optimism regarding Banc of California’s future prospects and predict that it will achieve earnings per share (EPS) amounting to 1.26 for the current fiscal year.
It is essential to note that investors should exercise caution when making investment decisions based on past performance or analyst predictions alone as they are subject to various risks and uncertainties that may impact actual results in unforeseen ways.
For further insight into Banc of California’s financial performance and market outlook, interested parties can refer to the latest research report on the company. Conducting thorough due diligence by examining multiple reputable sources is advised when considering any investment decision.
In conclusion, HRT Financial LP’s significant increase in ownership position within Banc of California reflects growing confidence in the bank’s potential for success. With impressive quarterly earnings, promising return on equity, and a robust net margin, Banc of California appears positioned to deliver positive results for its investors in the current fiscal year and beyond.
Banc of California, Inc.
Updated on: 03/12/2023
Debt to equity ratio: Strong Buy
Price to earnings ratio: Strong Buy
Price to book ratio: Buy
DCF: Strong Buy
5:00 PM (UTC)
Date:03 December, 2023
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Hedge Funds and Institutional Investors Actively Trade Banc of California Shares, Analysts Divided on Outlook
As of the latest reporting period, several hedge funds and institutional investors have been actively buying and selling shares of Banc of California. BlackRock Inc., for instance, increased its position in the bank by 0.4% during the first quarter, acquiring an additional 38,558 shares. This brings their total ownership to 8,829,206 shares, valued at $170,933,000.
Another notable player in this activity is Dimensional Fund Advisors LP, which lifted its holdings in Banc of California by 6.9% during the first quarter. They purchased an additional 267,956 shares, bringing their total to 4,135,355 shares worth $51,816,000. Vanguard Group Inc., on the other hand, elevated its holdings in Banc of California by 1.2% during the third quarter and now owns 3,664,891 shares valued at $58,529,000.
William Blair Investment Management LLC experienced a slight increase of 0.3% in its holdings during the first quarter and now owns a total of 1,955,357 shares worth $24,501,000. Apart from these entities who repositioned themselves based on recent market trends surrounding Banc of California’s stock performance; Geode Capital Management LLC augmented its holdings in Banc of California by 4.4% during the fourth quarter and presently controls 982,
138 shares with a valuation of $15,
88.55% percent of Banc of Californias stock is currently owned by hedge funds and other institutional investors.
The stock opened at $12.48 on Thursday with a market capitalization of approximately $716.73 million and a price-to-earnings ratio (PE) standing at roughly 8.85 times earnings per share (EPS). The stocks beta stands around
28 which implies slightly higher volatility than average.
Analyzing the stock’s performance over a 50-day and 200-day period, Banc of California shows a 50-day moving average price of $12.81 and a 200-day moving average price of $12.73. While these figures indicate some stability in the stock’s value, it is important to note that Banc of California experienced fluctuations as its 52-week low stands at $9.72 while its highest valuation mark reached $18.26.
Regarding the company’s financial situation, Banc of California has a current ratio and quick ratio of 1.05, indicating an adequate level of liquidity for meeting short-term obligations. Additionally, the debt-to-equity ratio presently sits at 1.49 which suggests some reliance on borrowed funds to finance its operations.
Furthermore, investors have also been informed about Banc of California’s recently declared quarterly dividend. Shareholders who are registered as of September 15th will receive a dividend payment of $0.10 per share on October 2nd. This dividend translates into an annualized payout ratio of approximately 28.37% with a yield reaching up to 3.21%, offering investors a decent return on their investment.
Independent research firms have independently commented on BANC’s performance and outlook for its stock value in recent times.
On Friday, May 12th, TheStreet downgraded Banc of California from a grade “B-” rating to “C+.” Meanwhile, Keefe Bruyette & Woods changed their rating from “outperform” to “market perform” in a report released on Monday, July 31st and set the target price at $16 per share for institutional investors looking for actionable insights.
DA Davidson also expressed their view and expertise by raising Banc of Californias target price from $17.50 to $21.50 by Wednesday, July 26th.
Finally, StockNews.com initiated coverage on Banc of California giving it a “sell” rating suggesting a more cautious approach by investors weighing their options before deciding on their investment strategy.