Banc of California, Inc. (NYSE:BANC) Shares Sold by Public Sector Pension Investment Board

Public Sector Pension Investment Board lowered its position in Banc of California, Inc. (NYSE:BANC) by 4.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 292,156 shares of the bank’s stock after selling 13,300 shares during the quarter. Public Sector Pension Investment Board’s holdings in Banc of California were worth $4,303,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Fifth Third Bancorp increased its holdings in Banc of California by 146.3% during the 2nd 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. Future Financial Wealth Managment LLC purchased a new stake in shares of Banc of California in the third quarter valued at about $29,000. GAMMA Investing LLC grew its position in shares of Banc of California by 32.3% in the third quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock valued at $44,000 after purchasing an additional 734 shares during the last quarter. Mendon Capital Advisors Corp purchased a new position in shares of Banc of California during the 2nd quarter worth approximately $102,000. Finally, Simplicity Wealth LLC acquired a new position in shares of Banc of California during the 2nd quarter worth approximately $132,000. Institutional investors and hedge funds own 86.88% of the company’s stock.

Insider Transactions at Banc of California

In other Banc of California 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 transaction of $1,050,000.00. Following the transaction, the director now directly owns 719,826 shares of the company’s stock, valued at $10,077,564. The trade was a 9.44 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 7.37% of the company’s stock.

Banc of California Stock Performance

NYSE:BANC opened at $17.00 on Tuesday. The company has a market cap of $2.70 billion, a P/E ratio of -3.98 and a beta of 1.13. The firm’s 50 day moving average is $15.49 and its two-hundred day moving average is $14.27. Banc of California, Inc. has a fifty-two week low of $11.88 and a fifty-two week high of $18.08. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31.

Banc of California (NYSE:BANC) last issued its earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.11. Banc of California had a positive return on equity of 2.93% and a negative net margin of 20.75%. The firm had revenue of $431.44 million for the quarter, compared to analysts’ expectations of $229.46 million. During the same quarter last year, the firm earned $0.30 earnings per share. Analysts expect that Banc of California, Inc. will post 0.7 EPS for the current year.

Banc of California Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.35%. The ex-dividend date of this dividend is Monday, December 16th. Banc of California’s dividend payout ratio is currently -9.37%.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Citigroup started coverage on Banc of California in a report on Thursday, October 10th. They set a “neutral” rating and a $15.00 target price on the stock. Stephens boosted their target price on shares of 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. Wells Fargo & Company raised their price target on shares of Banc of California from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 23rd. DA Davidson boosted their price objective on shares of Banc of California from $16.50 to $19.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Finally, Barclays upgraded shares of Banc of California from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $17.00 to $18.00 in a research report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $17.30.

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.