Banc of California, Inc. (NYSE:BANC) Shares Acquired by Arizona State Retirement System

Arizona State Retirement System lifted its stake in shares of Banc of California, Inc. (NYSE:BANC) by 183.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 41,870 shares of the bank’s stock after buying an additional 27,110 shares during the quarter. Arizona State Retirement System owned approximately 0.07% of Banc of California worth $562,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Versant Capital Management Inc grew its position in shares of Banc of California by 2,466.2% during the fourth quarter. Versant Capital Management Inc now owns 1,899 shares of the bank’s stock worth $26,000 after buying an additional 1,825 shares in the last quarter. Quantbot Technologies LP boosted its holdings in Banc of California by 158.3% in the second quarter. Quantbot Technologies LP now owns 3,100 shares of the bank’s stock valued at $54,000 after purchasing an additional 1,900 shares in the last quarter. Anchor Investment Management LLC acquired a new position in Banc of California in the fourth quarter valued at approximately $44,000. Point72 Middle East FZE acquired a new position in Banc of California in the fourth quarter valued at approximately $54,000. Finally, Captrust Financial Advisors boosted its holdings in Banc of California by 63.5% in the first quarter. Captrust Financial Advisors now owns 3,663 shares of the bank’s stock valued at $71,000 after purchasing an additional 1,423 shares in the last quarter. 86.88% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on BANC. Truist Financial reaffirmed a “hold” rating and issued a $16.00 price target on shares of Banc of California in a report on Monday, April 1st. Keefe, Bruyette & Woods upgraded Banc of California from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $16.00 to $18.00 in a research note on Friday, March 22nd. StockNews.com started coverage on Banc of California in a research note on Monday, January 29th. They issued a “hold” rating for the company. Wells Fargo & Company boosted their price objective on Banc of California from $14.00 to $16.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 10th. Finally, Wedbush boosted their price objective on Banc of California from $14.00 to $16.00 and gave the company a “neutral” rating in a research note on Friday, January 26th. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $17.07.

Banc of California Price Performance

Banc of California stock opened at $13.86 on Friday. Banc of California, Inc. has a 12 month low of $9.72 and a 12 month high of $16.08. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.90 and a quick ratio of 0.89. The business has a 50 day simple moving average of $14.47 and a 200-day simple moving average of $13.27. The stock has a market capitalization of $2.18 billion, a PE ratio of -4.39 and a beta of 1.15.

Banc of California (NYSE:BANC) last released its quarterly earnings results on Thursday, January 25th. The bank reported ($4.55) EPS for the quarter, missing the consensus estimate of ($0.28) by ($4.27). Banc of California had a positive return on equity of 1.14% and a negative net margin of 44.04%. The company had revenue of $193.06 million for the quarter, compared to analysts’ expectations of $163.11 million. During the same quarter last year, the company earned $0.45 EPS. Equities analysts predict that Banc of California, Inc. will post 1.5 earnings per share for the current year.

Banc of California Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.89%. The ex-dividend date was Thursday, March 14th. Banc of California’s dividend payout ratio (DPR) is presently -12.66%.

Insider Transactions at Banc of California

In other news, insider Robert G. Dyck sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 30th. The stock was sold at an average price of $14.97, for a total transaction of $149,700.00. Following the completion of the sale, the insider now owns 24,979 shares in the company, valued at $373,935.63. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company 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.