William Blair Investment Management LLC Sells 4,746 Shares of Banc of California, Inc. (NYSE:BANC)

William Blair Investment Management LLC lowered its position in Banc of California, Inc. (NYSE:BANC) by 0.2% in the 2nd quarter, Holdings Channel reports. The firm owned 2,571,184 shares of the bank’s stock after selling 4,746 shares during the quarter. William Blair Investment Management LLC’s holdings in Banc of California were worth $32,860,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Mutual of America Capital Management LLC grew its holdings in shares of Banc of California by 4.3% in the first quarter. Mutual of America Capital Management LLC now owns 23,876 shares of the bank’s stock worth $363,000 after purchasing an additional 984 shares during the last quarter. Louisiana State Employees Retirement System grew its stake in Banc of California by 1.7% in the 2nd quarter. Louisiana State Employees Retirement System now owns 69,800 shares of the bank’s stock worth $892,000 after acquiring an additional 1,200 shares in the last quarter. Truist Financial Corp increased its position in shares of Banc of California by 9.8% during the fourth quarter. Truist Financial Corp now owns 13,747 shares of the bank’s stock worth $185,000 after acquiring an additional 1,223 shares during the period. Fifth Third Bancorp raised its stake in shares of Banc of California by 146.3% during the second quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock valued at $27,000 after acquiring an additional 1,273 shares in the last quarter. Finally, Riverview Trust Co bought a new stake in shares of Banc of California during the first quarter valued at approximately $29,000. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Insider Buying and Selling at Banc of California

In other news, Director Richard J. Lashley sold 75,000 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $14.00, for a total value of $1,050,000.00. Following the completion of the transaction, the director now directly owns 719,826 shares in the company, valued at $10,077,564. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 7.37% of the company’s stock.

Banc of California Stock Performance

Shares of BANC opened at $14.31 on Friday. Banc of California, Inc. has a 12 month low of $9.96 and a 12 month high of $15.54. The stock has a fifty day moving average price of $13.75 and a 200-day moving average price of $13.90. The company has a current ratio of 0.89, a quick ratio of 0.83 and a debt-to-equity ratio of 0.32. The firm has a market cap of $2.27 billion, a PE ratio of -4.30 and a beta of 1.13.

Banc of California (NYSE:BANC) last issued its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.10 earnings per share 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 analyst estimates of $271.42 million. During the same period in the prior year, the business posted $0.32 EPS. Equities research analysts predict that Banc of California, Inc. will post 0.61 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th will be given a dividend of $0.10 per share. The ex-dividend date is Monday, September 16th. This represents a $0.40 dividend on an annualized basis and a yield of 2.80%. Banc of California’s dividend payout ratio is currently -12.01%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on BANC shares. Keefe, Bruyette & Woods decreased their target price on Banc of California from $18.00 to $17.00 and set an “outperform” rating for the company in a research report on Tuesday, July 9th. Stephens restated an “equal weight” rating and issued a $14.00 price objective on shares of Banc of California in a report on Wednesday, September 4th. Truist Financial increased their target price on shares of Banc of California from $13.00 to $15.00 and gave the stock a “hold” rating in a report on Wednesday, July 24th. Wedbush restated a “neutral” rating and issued a $14.00 price target on shares of Banc of California in a report on Wednesday, July 24th. Finally, Barclays dropped their price objective on shares of Banc of California from $15.00 to $14.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 24th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $15.69.

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.