Guggenheim Capital LLC Has $844,000 Stake in Banc of California, Inc. (NYSE:BANC)

Posted by Defense World Staff on Sep 5th, 2023

Guggenheim Capital LLC increased its position in shares of Banc of California, Inc. (NYSE:BANC – Free Report) by 60.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 67,381 shares of the bank’s stock after buying an additional 25,375 shares during the period. Guggenheim Capital LLC owned 0.11% of Banc of California worth $844,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in BANC. BlackRock Inc. increased its holdings in shares of Banc of California by 0.4% in the first quarter. BlackRock Inc. now owns 8,829,206 shares of the bank’s stock valued at $170,933,000 after purchasing an additional 38,558 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Banc of California by 5.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,867,399 shares of the bank’s stock valued at $61,608,000 after purchasing an additional 182,455 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Banc of California by 1.2% in the third quarter. Vanguard Group Inc. now owns 3,664,891 shares of the bank’s stock valued at $58,529,000 after purchasing an additional 44,120 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Banc of California by 4.4% in the fourth quarter. Geode Capital Management LLC now owns 982,138 shares of the bank’s stock valued at $15,645,000 after purchasing an additional 41,694 shares during the last quarter. Finally, LSV Asset Management acquired a new position in shares of Banc of California in the first quarter valued at $8,264,000. 88.55% of the stock is currently owned by institutional investors and hedge funds.

Banc of California Trading Up 2.7 %

BANC opened at $12.87 on Tuesday. Banc of California, Inc. has a twelve month low of $9.72 and a twelve month high of $18.26. The company has a 50-day simple moving average of $12.76 and a 200 day simple moving average of $12.81. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.49. The stock has a market capitalization of $739.12 million, a price-to-earnings ratio of 9.13 and a beta of 1.28.

Banc of California (NYSE:BANC – Get Free Report) last posted its quarterly earnings data on Tuesday, July 25th. The bank reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.01. Banc of California had a net margin of 19.01% and a return on equity of 9.78%. The business had revenue of $75.66 million during the quarter, compared to analysts’ expectations of $76.23 million. Analysts predict that Banc of California, Inc. will post 1.26 EPS for the current fiscal year.

Banc of California Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.40 annualized dividend and a yield of 3.11%. Banc of California’s dividend payout ratio is 28.37%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. TheStreet downgraded shares of Banc of California from a “b-” rating to a “c+” rating in a report on Friday, May 12th. DA Davidson boosted their target price on shares of Banc of California from $17.50 to $21.50 in a research report on Wednesday, July 26th. StockNews.com initiated coverage on shares of Banc of California in a research report on Thursday, August 17th. They issued a “sell” rating for the company. Finally, Keefe, Bruyette & Woods cut shares of Banc of California from an “outperform” rating to a “market perform” rating and set a $16.00 target price for the company. in a research report on Monday, July 31st.

View Our Latest Report on Banc of California

Banc of California Company Profile

(Free Report)

Banc of California, Inc operates as the bank holding company for Banc of California, National Association that provides banking and financial products and services in the United States. The company offers deposit products, including interest-bearing and noninterest-bearing demand, checking, savings, and money market deposits accounts; certificate of deposits; and retirement accounts and safe deposit boxes.