Hodges Capital Management Inc. Has $30.35 Million Position in Banc of California, Inc. (NYSE:BANC)

Hodges Capital Management Inc. grew its position in shares of Banc of California, Inc. (NYSE:BANC - Free Report) by 3.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,060,285 shares of the bank's stock after acquiring an additional 74,039 shares during the quarter. Banc of California comprises about 1.9% of Hodges Capital Management Inc.'s investment portfolio, making the stock its 12th largest holding. Hodges Capital Management Inc. owned about 1.30% of Banc of California worth $30,348,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. XTX Topco Ltd bought a new position in shares of Banc of California in the third quarter worth $1,136,000. Wellington Management Group LLP acquired a new stake in Banc of California in the third quarter worth about $21,207,000. Weiss Asset Management LP bought a new position in Banc of California in the 3rd quarter valued at about $489,000. Systematic Financial Management LP acquired a new position in Banc of California during the 3rd quarter valued at about $1,179,000. Finally, Quadrature Capital Ltd raised its position in shares of Banc of California by 12.2% during the 3rd quarter. Quadrature Capital Ltd now owns 19,117 shares of the bank's stock worth $281,000 after buying an additional 2,080 shares in the last quarter. Institutional investors own 86.88% of the company's stock.

Banc of California Stock Up 0.8 %

Banc of California stock traded up $0.13 during mid-day trading on Friday, hitting $17.06. The company's stock had a trading volume of 1,337,063 shares, compared to its average volume of 2,122,552. 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, Inc. has a 52-week low of $11.88 and a 52-week high of $18.08. The firm's 50 day moving average is $15.71 and its 200 day moving average is $14.36. The company has a market cap of $2.71 billion, a PE ratio of -4.00 and a beta of 1.14.

Banc of California (NYSE:BANC - Get Free Report) last posted its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.14 by $0.11. The business had revenue of $431.44 million during the quarter, compared to analyst estimates of $229.46 million. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%. During the same period in the prior year, the firm earned $0.30 earnings per share. On average, analysts anticipate that Banc of California, Inc. will post 0.7 earnings per share for the current year.

Banc of California Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 16th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Monday, December 16th. This represents a $0.40 dividend on an annualized basis and a yield of 2.34%. Banc of California's dividend payout ratio is currently -9.37%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Raymond James increased their price objective on shares of Banc of California from $16.00 to $17.00 and gave the company an "outperform" rating in a report on Wednesday, October 23rd. Stephens increased their price target on Banc of California from $15.00 to $16.00 and gave the company an "equal weight" rating in a research note on Thursday, October 24th. DA Davidson boosted their price objective on Banc of California from $16.50 to $19.00 and gave the stock a "buy" rating in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods upped their price objective on Banc of California from $17.50 to $20.00 and gave the company an "outperform" rating in a report on Wednesday. Finally, Truist Financial lifted their target price on Banc of California from $15.00 to $16.00 and gave the stock a "hold" rating in a report on Friday, September 20th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $17.80.

Banc of California Company 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.