Quantbot Technologies LP Acquires 63,780 Shares of Banc of California, Inc. (NYSE:BANC)

Quantbot Technologies LP raised its position in Banc of California, Inc. (NYSE:BANC) by 34.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 247,116 shares of the bank’s stock after acquiring an additional 63,780 shares during the period. Quantbot Technologies LP owned approximately 0.16% of Banc of California worth $3,640,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of BANC. Fifth Third Bancorp boosted its position 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 buying an additional 1,273 shares during the last quarter. Future Financial Wealth Managment LLC purchased a new stake in shares of Banc of California in the 3rd quarter valued at $29,000. GAMMA Investing LLC boosted its holdings in shares of 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 acquiring an additional 734 shares during the last quarter. Mendon Capital Advisors Corp acquired a new stake in shares of Banc of California in the second quarter worth $102,000. Finally, Simplicity Wealth LLC purchased a new position in shares of Banc of California during the second quarter worth $132,000. 86.88% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on BANC. Barclays upgraded Banc of California from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $17.00 to $18.00 in a research report on Thursday, October 31st. 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. DA Davidson increased their price target on shares of Banc of California from $16.50 to $19.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Raymond James lifted 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. Finally, Truist Financial increased their target price on shares of Banc of California from $15.00 to $16.00 and gave the stock a “hold” rating in a research note on Friday, September 20th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Banc of California currently has a consensus rating of “Hold” and an average target price of $17.30.

Banc of California Stock Down 0.9 %

Shares of NYSE BANC opened at $17.30 on Thursday. The company has a market capitalization of $2.75 billion, a P/E ratio of -4.05 and a beta of 1.13. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89. The company has a 50 day simple moving average of $15.36 and a 200-day simple moving average of $14.20. Banc of California, Inc. has a 1 year low of $11.36 and a 1 year high of $18.08.

Banc of California (NYSE:BANC) last released its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share 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 analysts’ expectations 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 business posted $0.30 EPS. On average, equities research analysts predict that Banc of California, Inc. will post 0.7 earnings per share for the current year.

Banc of California Dividend Announcement

The business also recently announced 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 annualized dividend and a yield of 2.31%. Banc of California’s dividend payout ratio (DPR) is presently -9.37%.

Insider Activity at Banc of California

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 transaction, the director now owns 719,826 shares in the company, valued at approximately $10,077,564. The trade was a 9.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.80% of the stock is owned by insiders.

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.