Public Sector Pension Investment Board Lowers Stock Holdings in Banc of California, Inc. (NYSE:BANC)

Public Sector Pension Investment Board reduced its position in Banc of California, Inc. (NYSE:BANC) by 4.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). 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 owned approximately 0.18% of Banc of California worth $4,303,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of BANC. Fifth Third Bancorp raised its position in Banc of California by 146.3% in the 2nd quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock valued at $27,000 after purchasing an additional 1,273 shares in the last quarter. Future Financial Wealth Managment LLC acquired a new stake in Banc of California in the third quarter valued at approximately $29,000. GAMMA Investing LLC lifted its stake in Banc of California by 32.3% in the third quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock worth $44,000 after acquiring an additional 734 shares during the last quarter. Mendon Capital Advisors Corp acquired a new position in Banc of California during the 2nd quarter worth approximately $102,000. Finally, Simplicity Wealth LLC purchased a new stake in shares of Banc of California in the 2nd quarter valued at approximately $132,000. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Banc of California

In related news, Director Richard J. Lashley sold 75,000 shares of the firm’s stock in a transaction dated 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 owns 719,826 shares in the company, valued at $10,077,564. This trade represents a 9.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 7.37% of the company’s stock.

Banc of California Stock Performance

NYSE BANC opened at $17.00 on Tuesday. The firm has a market cap of $2.70 billion, a P/E ratio of -3.98 and a beta of 1.13. Banc of California, Inc. has a 52-week low of $11.88 and a 52-week high of $18.08. The business’s 50-day moving average price is $15.49 and its 200 day moving average price is $14.27. 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 posted its quarterly earnings data 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. The firm had revenue of $431.44 million for the quarter, compared to analyst estimates of $229.46 million. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%. During the same period last year, the firm posted $0.30 EPS. On average, equities research analysts expect that Banc of California, Inc. will post 0.7 earnings per share for the current year.

Banc of California Dividend Announcement

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

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Stephens boosted their target price on shares of Banc of California from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 24th. Barclays raised Banc of California from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $17.00 to $18.00 in a research report on Thursday, October 31st. Wells Fargo & Company raised their target price on Banc of California from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 23rd. Truist Financial upped their price target on Banc of California from $15.00 to $16.00 and gave the company a “hold” rating in a report on Friday, September 20th. Finally, DA Davidson raised their price objective 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. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price 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.