PVG Asset Management Corp Purchases 64,578 Shares of Banc of California, Inc. $BANC

PVG Asset Management Corp grew its position in shares of Banc of California, Inc. (NYSE:BANC) by 512.6% in the first quarter, Holdings Channel reports. The firm owned 77,175 shares of the bank’s stock after purchasing an additional 64,578 shares during the period. PVG Asset Management Corp’s holdings in Banc of California were worth $1,357,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Navalign LLC bought a new stake in Banc of California during the fourth quarter valued at $27,000. Triumph Capital Management purchased a new position in Banc of California in the 3rd quarter worth approximately $25,000. Western Wealth Management LLC purchased a new stake in shares of Banc of California during the 1st quarter valued at $29,000. Orion Capital Management LLC bought a new stake in shares of Banc of California during the 4th quarter worth $35,000. Finally, EverSource Wealth Advisors LLC grew its position in Banc of California by 38.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank’s stock worth $39,000 after acquiring an additional 564 shares in the last quarter. Institutional investors own 86.88% of the company’s stock.

Banc of California Trading Down 0.4%

NYSE BANC opened at $19.07 on Monday. The stock has a market cap of $2.94 billion, a P/E ratio of -45.42 and a beta of 0.74. Banc of California, Inc. has a fifty-two week low of $13.96 and a fifty-two week high of $21.93. The stock has a 50 day simple moving average of $20.11 and a two-hundred day simple moving average of $19.28. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.86 and a current ratio of 0.89.

Banc of California (NYSE:BANC) last posted its earnings results on Wednesday, July 29th. The bank reported ($1.61) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($2.01). The business had revenue of $164.05 million for the quarter, compared to analysts’ expectations of $295.32 million. Banc of California had a negative net margin of 1.44% and a positive return on equity of 7.98%. Banc of California’s quarterly revenue was down 94.0% on a year-over-year basis. During the same period last year, the firm posted $0.31 earnings per share. On average, analysts forecast that Banc of California, Inc. will post 1.7 earnings per share for the current year.

Banc of California Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.5%. Banc of California’s payout ratio is presently -114.29%.

Wall Street Analyst Weigh In

BANC has been the topic of a number of research reports. DA Davidson restated a “buy” rating and set a $24.00 price target on shares of Banc of California in a research report on Tuesday, April 28th. Brean Capital downgraded Banc of California from a “buy” rating to a “neutral” rating in a research report on Thursday. Barclays cut their target price on Banc of California from $25.00 to $23.00 and set an “overweight” rating for the company in a research note on Tuesday, April 7th. Citigroup reduced their price target on shares of Banc of California from $23.50 to $22.00 and set a “buy” rating on the stock in a research report on Friday. Finally, 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 report on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $22.75.

Banc of California 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.