Cwm LLC Boosts Stock Position in Banc of California, Inc. (NYSE:BANC)

Cwm LLC raised its holdings in Banc of California, Inc. (NYSE:BANC) by 872.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,785 shares of the bank’s stock after purchasing an additional 6,087 shares during the period. Cwm LLC’s holdings in Banc of California were worth $91,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Versant Capital Management Inc raised its holdings in Banc of California by 2,466.2% in the fourth quarter. Versant Capital Management Inc now owns 1,899 shares of the bank’s stock valued at $26,000 after acquiring an additional 1,825 shares in the last quarter. Anchor Investment Management LLC acquired a new stake in shares of Banc of California in the 4th quarter valued at about $44,000. Avior Wealth Management LLC bought a new position in shares of Banc of California during the fourth quarter worth about $44,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Banc of California during the third quarter worth about $145,000. Finally, Commonwealth Equity Services LLC acquired a new position in Banc of California in the third quarter worth about $178,000. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Banc of California

In related news, CEO Jared M. Wolff acquired 7,130 shares of the firm’s stock in a transaction dated Thursday, April 25th. The stock was acquired at an average cost of $13.98 per share, for a total transaction of $99,677.40. Following the completion of the acquisition, the chief executive officer now directly owns 268,695 shares of the company’s stock, valued at approximately $3,756,356.10. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director Richard J. Lashley bought 10,000 shares of the company’s stock in a transaction dated Thursday, February 29th. The shares were acquired at an average cost of $21.40 per share, with a total value of $214,000.00. Following the completion of the transaction, the director now directly owns 10,000 shares in the company, valued at approximately $214,000. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jared M. Wolff bought 7,130 shares of the company’s stock in a transaction dated Thursday, April 25th. The stock was purchased at an average cost of $13.98 per share, for a total transaction of $99,677.40. Following the completion of the transaction, the chief executive officer now owns 268,695 shares of the company’s stock, valued at $3,756,356.10. The disclosure for this purchase can be found here. Insiders have purchased a total of 27,130 shares of company stock worth $445,277 over the last ninety days. 2.80% of the stock is currently owned by corporate insiders.

Banc of California Trading Up 0.3 %

Shares of NYSE:BANC opened at $14.84 on Wednesday. Banc of California, Inc. has a fifty-two week low of $9.89 and a fifty-two week high of $16.08. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.32. The company has a market cap of $2.33 billion, a PE ratio of -4.46 and a beta of 1.17. The company’s 50-day moving average price is $14.47 and its 200 day moving average price is $13.45.

Banc of California (NYSE:BANC) last released its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.07). Banc of California had a negative net margin of 29.10% and a positive return on equity of 2.25%. The business had revenue of $522.57 million for the quarter, compared to the consensus estimate of $296.02 million. During the same period last year, the firm posted $0.37 EPS. Sell-side analysts anticipate that Banc of California, Inc. will post 1.32 earnings per share for the current year.

Banc of California Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date of this dividend was Thursday, March 14th. Banc of California’s dividend payout ratio (DPR) is -12.01%.

Analyst Upgrades and Downgrades

BANC has been the topic of a number of research analyst reports. StockNews.com raised Banc of California to a “sell” rating in a report on Thursday, April 25th. Wells Fargo & Company boosted their target price on shares of 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. Wedbush reduced their price target on shares of Banc of California from $16.00 to $15.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 24th. Barclays lowered their price objective on shares of Banc of California from $16.00 to $15.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 24th. Finally, Truist Financial cut their target price on shares of Banc of California from $16.00 to $15.00 and set a “hold” rating on the stock in a report on Thursday, April 25th. One analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $16.64.

About Banc of California

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.