Mendon Capital Advisors Corp Boosts Stake in Banc of California, Inc. $BANC

Mendon Capital Advisors Corp raised its stake in shares of Banc of California, Inc. (NYSE:BANC) by 10.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 275,000 shares of the bank’s stock after acquiring an additional 25,000 shares during the quarter. Banc of California makes up about 1.4% of Mendon Capital Advisors Corp’s portfolio, making the stock its 27th biggest position. Mendon Capital Advisors Corp owned approximately 0.18% of Banc of California worth $4,834,000 as of its most recent filing with the Securities and Exchange Commission.

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

Banc of California Stock Down 0.0%

Shares of BANC stock opened at $21.28 on Monday. The stock’s fifty day moving average price is $20.01 and its 200 day moving average price is $19.30. Banc of California, Inc. has a 1-year low of $13.96 and a 1-year high of $21.93. The company has a market cap of $3.28 billion, a price-to-earnings ratio of 16.24 and a beta of 0.73. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89.

Banc of California Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend was Monday, June 15th. Banc of California’s dividend payout ratio (DPR) is currently 36.64%.

Analysts Set New Price Targets

Several analysts have commented on the stock. Weiss Ratings lowered shares of Banc of California from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, June 4th. Piper Sandler lifted their price objective on shares of Banc of California from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Monday, April 27th. DA Davidson reaffirmed a “buy” rating and issued a $24.00 price objective on shares of Banc of California in a research report on Tuesday, April 28th. Wells Fargo & Company boosted their price objective on shares of Banc of California from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Monday, July 6th. Finally, JPMorgan Chase & Co. increased their target price on shares of Banc of California from $22.00 to $24.00 and gave the company an “overweight” rating in a research report on Wednesday, July 1st. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $22.69.

About Banc of California

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.