Foundry Partners LLC, an investment management firm, recently reduced its holdings in Banc of California, Inc. (NYSE:BANC) during the second quarter of this year. As per their 13F filing with the Securities and Exchange Commission (SEC), Foundry Partners LLC sold 17,444 shares of the bank’s stock, amounting to a decrease of 5.8%. At the end of the quarter, they still retained ownership of 284,125 shares, which accounted for approximately 0.49% of Banc of California’s total worth at that time – equivalent to $3,290,000.
Banc of California is a prominent financial institution listed on the New York Stock Exchange under the ticker symbol BANC. The bank recently released its quarterly earnings data on July 25th. According to these reports, Banc of California exceeded analysts’ expectations by reporting earnings per share (EPS) of $0.32 for the quarter. This surpassed the consensus estimate by $0.01.
Furthermore, Banc of California exhibited strong financial performance with a net margin of 19.01% and a return on equity rating of 9.78% during the same period. Despite slightly falling short in terms of revenue with $75.66 million compared to analyst estimates projected at $76.23 million for the quarter, overall results indicate positive growth and stability.
Analysts speculate that Banc of California will likely continue its upward trajectory throughout the current fiscal year. Sell-side analysts anticipate that it will ultimately post earnings per share (EPS) amounting to approximately 1.26 by year-end.
Investors interested in further analysis and insights into Banc of California’s stock can access updated information through our latest stock analysis report available on our website.
Please note that this article is based on information as reported up until September 20, 2023.
Banc of California, Inc.
Updated on: 04/12/2023
Debt to equity ratio: Strong Buy
Price to earnings ratio: Strong Buy
Price to book ratio: Buy
DCF: Strong Buy
6:00 PM (UTC)
Date:04 December, 2023
|Analyst / firm||Rating|
Hedge Funds and Institutional Investors Increase Stakes in Banc of California: A Look at Market Performance and Analyst Perspectives
In recent months, there has been a notable increase in the number of hedge funds and other institutional investors modifying their positions in Banc of California. Keeley Teton Advisors LLC, for example, saw its holdings in the bank grow by 10.1% during the first quarter, acquiring an additional 2,600 shares valued at $355,000. Similarly, Brandywine Global Investment Management LLC raised its position in Banc of California by 78.4% during the fourth quarter, now owning 118,597 shares worth $1,889,000.
Continuing on this trend is Phocas Financial Corp., which increased its holdings by 1.0% during the first quarter with an additional 4,942 shares valued at $6,360,000. Dimensional Fund Advisors LP also joined in on the action and grew its position in Banc of California by 5.0%, snapping up an extra 182,455 shares valued at $61,608,000 during the fourth quarter period.
Additional acquisitions came from MQS Management LLC during the first quarter when they purchased a stake worth about $170,000. Overall though it should be noted that hedge funds and other institutional investors own a significant amount – approximately 88.55% – of Banc of California’s stock.
Moving on from investor activity to market performance indicators; Banc of California opened at a price of $12.15 on Wednesday. The company’s fifty-day simple moving average currently stands at $12.95 whereas its two-hundred-day counterpart rests at $12.37.
When examining financials we can see that Banc of California has a market capitalization of $697.77 million along with a price-to-earnings ratio (P/E) of 8.62 and a beta value indicating moderate volatility at 1.28. Furthermore, the company maintains a debt-to-equity ratio of 1:49 and satisfactory quick and current ratios of 1.05 each. It is worth noting that Banc of California’s stock has experienced a low point during the past year, falling to $9.72, but also reached a high of $18.26 within the same time frame.
A recent quarterly dividend announcement from Banc of California revealed that shareholders on record as of Friday, September 15th will receive a $0.10 dividend per share on Monday, October 2nd. This translates into an annualized dividend payout ratio of 28.37% and a yield of 3.29%.
Various research firms have expressed their perspectives regarding Banc of California’s performance and potential growth prospects. For instance, DA Davidson raised its price target for the company from $17.50 to $21.50 in July, while StockNews.com initiated coverage with a “sell” rating in August.
Finally, Keefe, Bruyette & Woods downgraded its outlook on Banc of California from “outperform” to “market perform” and set a target price of $16 for the stock on July 31st.
Understanding the opinions and actions of institutional investors is crucial when assessing the market and making investment decisions. As we have seen, various hedge funds have increased their stakes in Banc of California in recent months. Additionally, market indicators suggest some volatility in the stock’s performance over the past year.
It will be interesting to observe how these factors influence Banc of California’s future growth and profitability as it moves forward in this dynamic financial landscape.