Banc of California, Inc. (NYSE:BANC) Stake Decreased by PL Capital Advisors LLC

PL Capital Advisors LLC trimmed its position in shares of Banc of California, Inc. (NYSE:BANC) by 6.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,024,219 shares of the bank’s stock after selling 200,000 shares during the period. Banc of California comprises 15.0% of PL Capital Advisors LLC’s holdings, making the stock its 2nd biggest holding. PL Capital Advisors LLC’s holdings in Banc of California were worth $44,547,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Fifth Third Bancorp lifted its position 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 worth $27,000 after purchasing an additional 1,273 shares during the last quarter. Future Financial Wealth Managment LLC bought a new stake in Banc of California during the 3rd quarter valued at about $29,000. GAMMA Investing LLC boosted its position in Banc of California by 32.3% in the 3rd quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock valued at $44,000 after buying an additional 734 shares during the period. Mendon Capital Advisors Corp bought a new position in Banc of California in the 2nd quarter worth about $102,000. Finally, Simplicity Wealth LLC purchased a new position in shares of Banc of California during the second quarter worth approximately $132,000. 86.88% of the stock is owned by hedge funds and other institutional investors.

Banc of California Stock Performance

NYSE:BANC opened at $15.30 on Friday. Banc of California, Inc. has a 52 week low of $11.10 and a 52 week high of $16.01. The firm has a 50 day moving average of $14.61 and a 200 day moving average of $13.95. 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 (NYSE:BANC) last issued 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 for the quarter, compared to the consensus estimate of $229.46 million. Banc of California had a positive return on equity of 2.93% and a negative net margin of 20.75%. During the same period in the prior year, the firm posted $0.30 earnings per share. As a group, research analysts predict that Banc of California, Inc. will post 0.7 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.61%. Banc of California’s payout ratio is -9.37%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on BANC. Stephens boosted their price target on Banc of California from $15.00 to $16.00 and gave the company an “equal weight” rating in a report on Thursday, October 24th. Raymond James increased their price target on Banc of California from $16.00 to $17.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Citigroup initiated coverage on Banc of California in a report on Thursday, October 10th. They issued a “neutral” rating and a $15.00 price objective for the company. Wells Fargo & Company raised their target price on shares of Banc of California from $16.00 to $17.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 23rd. Finally, Truist Financial upped their price target on shares of Banc of California from $15.00 to $16.00 and gave the stock a “hold” rating in a research report on Friday, September 20th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $17.30.

Insider Activity

In related news, Director Richard J. Lashley sold 75,000 shares of Banc of California 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 in the company, valued at $10,077,564. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 7.37% of the company’s stock.

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.