Banc of California, Inc. (NYSE:BANC) Shares Sold by Emerald Mutual Fund Advisers Trust

Emerald Mutual Fund Advisers Trust lowered its holdings in Banc of California, Inc. (NYSE:BANC) by 38.9% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 518,511 shares of the bank’s stock after selling 330,599 shares during the period. Emerald Mutual Fund Advisers Trust owned approximately 0.33% of Banc of California worth $6,627,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in BANC. Riverview Trust Co purchased a new stake in Banc of California during the 1st quarter worth about $29,000. Future Financial Wealth Managment LLC purchased a new stake in Banc of California during the first quarter worth approximately $30,000. Fifth Third Bancorp boosted its holdings in Banc of California by 146.3% in the second quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock valued at $27,000 after purchasing an additional 1,273 shares in the last quarter. Lee Financial Co purchased a new position in Banc of California in the fourth quarter valued at approximately $40,000. Finally, Longfellow Investment Management Co. LLC purchased a new position in Banc of California in the fourth quarter valued at approximately $41,000. 86.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on BANC. Barclays reduced their price objective on Banc of California from $15.00 to $14.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 24th. Stephens reiterated an “equal weight” rating and set a $14.00 price target on shares of Banc of California in a research note on Wednesday. Piper Sandler lowered their price objective on shares of Banc of California from $20.00 to $19.00 and set an “overweight” rating on the stock in a research report on Monday, May 13th. Truist Financial upped their target price on shares of Banc of California from $13.00 to $15.00 and gave the company a “hold” rating in a report on Wednesday, July 24th. Finally, DA Davidson lowered their price target on Banc of California from $20.00 to $17.50 and set a “buy” rating on the stock in a report on Wednesday, May 15th. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $15.69.

Banc of California Stock Down 2.3 %

Banc of California stock opened at $13.81 on Friday. The company’s 50-day moving average price is $13.65 and its two-hundred day moving average price is $13.92. The stock has a market cap of $2.17 billion, a price-to-earnings ratio of -4.15 and a beta of 1.13. Banc of California, Inc. has a 52 week low of $9.96 and a 52 week high of $15.54. The company has a current ratio of 0.89, a quick ratio of 0.83 and a debt-to-equity ratio of 0.32.

Banc of California (NYSE:BANC) last issued its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.10 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.09). Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. The business had revenue of $492.38 million during the quarter, compared to the consensus estimate of $271.42 million. During the same quarter last year, the firm posted $0.32 earnings per share. On average, analysts expect that Banc of California, Inc. will post 0.61 EPS for the current fiscal year.

Banc of California Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th will be issued a $0.10 dividend. The ex-dividend date is Monday, September 16th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.90%. Banc of California’s payout ratio is currently -12.01%.

Insider Transactions at Banc of California

In other news, Director Richard J. Lashley sold 75,000 shares of the stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total value of $1,050,000.00. Following the completion of the sale, the director now directly owns 719,826 shares of the company’s stock, valued at $10,077,564. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 7.37% of the stock is currently owned by insiders.

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.