Banc of California, Inc. (NYSE:BANC) Shares Bought by Foundry Partners LLC

Foundry Partners LLC boosted its position in shares of Banc of California, Inc. (NYSE:BANC) by 1.5% in the third quarter, HoldingsChannel.com reports. The fund owned 346,480 shares of the bank’s stock after acquiring an additional 5,005 shares during the quarter. Foundry Partners LLC’s holdings in Banc of California were worth $5,104,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Capital Research Global Investors purchased a new position in shares of Banc of California during the 1st quarter valued at about $32,618,000. Vanguard Group Inc. increased its stake in shares of Banc of California by 17.6% in the 1st quarter. Vanguard Group Inc. now owns 10,597,751 shares of the bank’s stock valued at $161,192,000 after purchasing an additional 1,582,941 shares in the last quarter. American Century Companies Inc. increased its stake in shares of Banc of California by 25.9% in the 2nd quarter. American Century Companies Inc. now owns 3,222,376 shares of the bank’s stock valued at $41,182,000 after purchasing an additional 663,061 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in shares of Banc of California by 461.6% in the 3rd quarter. Assenagon Asset Management S.A. now owns 651,695 shares of the bank’s stock valued at $9,599,000 after purchasing an additional 535,654 shares in the last quarter. Finally, Black Maple Capital Management LP increased its stake in shares of Banc of California by 195.5% in the 1st quarter. Black Maple Capital Management LP now owns 462,409 shares of the bank’s stock valued at $7,033,000 after purchasing an additional 305,932 shares in the last quarter. Institutional investors and hedge funds own 86.88% of the company’s stock.

Insider Buying and Selling at Banc of California

In other news, Director Richard J. Lashley sold 75,000 shares of the stock in a transaction dated 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 completion of the sale, the director now owns 719,826 shares in the company, valued at approximately $10,077,564. This represents a 9.44 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 7.37% of the stock is currently owned by insiders.

Banc of California Stock Up 1.8 %

Banc of California stock opened at $16.36 on Friday. Banc of California, Inc. has a twelve month low of $11.36 and a twelve month high of $16.92. The stock’s fifty day simple moving average is $15.18 and its 200-day simple moving average is $14.16. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $2.60 billion, a P/E ratio of -3.83 and a beta of 1.13.

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, topping analysts’ consensus estimates of $0.14 by $0.11. The business had revenue of $431.44 million for the quarter, compared to analyst estimates 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 quarter in the prior year, the company earned $0.30 earnings per share. As a group, equities analysts expect that Banc of California, Inc. will post 0.7 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be paid a $0.10 dividend. The ex-dividend date is Monday, December 16th. This represents a $0.40 annualized dividend and a yield of 2.44%. Banc of California’s dividend payout ratio is presently -9.37%.

Analyst Ratings Changes

Several brokerages recently weighed in on BANC. Wedbush lifted their price target on Banc of California from $18.00 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Citigroup began coverage on Banc of California in a report on Thursday, October 10th. They issued a “neutral” rating and a $15.00 price objective on the stock. Truist Financial lifted their price objective on Banc of California from $15.00 to $16.00 and gave the stock a “hold” rating in a report on Friday, September 20th. Stephens lifted their price objective on Banc of California from $15.00 to $16.00 and gave the stock an “equal weight” rating in a report on Thursday, October 24th. Finally, Raymond James lifted their price objective on Banc of California from $16.00 to $17.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $17.30.

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.