Oliver Luxxe Assets LLC Takes $1.32 Million Position in Banc of California, Inc. (NYSE:BANC)

Oliver Luxxe Assets LLC purchased a new position in Banc of California, Inc. (NYSE:BANC) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 85,555 shares of the bank’s stock, valued at approximately $1,323,000. Oliver Luxxe Assets LLC owned approximately 0.05% of Banc of California as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Seven Eight Capital LP purchased a new stake in shares of Banc of California in the second quarter worth $549,000. Hollencrest Capital Management boosted its stake in Banc of California by 71.4% in the 2nd quarter. Hollencrest Capital Management now owns 107,842 shares of the bank’s stock worth $1,378,000 after purchasing an additional 44,920 shares in the last quarter. BNP Paribas Financial Markets grew its position in Banc of California by 34.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 242,534 shares of the bank’s stock valued at $3,573,000 after purchasing an additional 62,014 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in Banc of California by 461.6% during the 3rd quarter. Assenagon Asset Management S.A. now owns 651,695 shares of the bank’s stock valued at $9,599,000 after purchasing an additional 535,654 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Banc of California by 3.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,233,452 shares of the bank’s stock worth $18,169,000 after buying an additional 44,951 shares during the last quarter. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Banc of California Stock Performance

BANC opened at $15.80 on Tuesday. Banc of California, Inc. has a 12-month low of $11.88 and a 12-month high of $18.08. The company has a market cap of $2.51 billion, a price-to-earnings ratio of -3.70 and a beta of 1.14. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. The company’s 50 day moving average is $16.23 and its 200 day moving average is $14.76.

Banc of California (NYSE:BANC) last issued its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.11. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%. The firm had revenue of $431.44 million during the quarter, compared to the consensus estimate of $229.46 million. During the same quarter in the previous year, the firm posted $0.30 EPS. On average, equities research analysts predict that Banc of California, Inc. will post 0.7 EPS for the current year.

Banc of California Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.53%. The ex-dividend date was Monday, December 16th. Banc of California’s payout ratio is -9.37%.

Wall Street Analysts Forecast Growth

BANC has been the subject of several analyst reports. Citigroup assumed coverage on shares of Banc of California in a research report on Thursday, October 10th. They set a “neutral” rating and a $15.00 price target for the company. Wedbush upped their price target on Banc of California from $18.00 to $19.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Barclays lifted their price objective on Banc of California from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Truist Financial upped their target price on shares of Banc of California from $15.00 to $16.00 and gave the company a “hold” rating in a research note on Friday, September 20th. Finally, Stephens lifted their price target on shares of Banc of California from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $18.10.

Banc of California Profile

Banc of California, Inc operates as the bank holding company for Banc of California that provides various banking products and services in California. The company offers deposit products, such as checking, savings, money market, demand, and time deposits; certificates of deposit; retirement accounts; and safe deposit boxes.