Future Financial Wealth Managment LLC Makes New Investment in Banc of California, Inc. (NYSE:BANC)

Future Financial Wealth Managment LLC bought a new stake in Banc of California, Inc. (NYSE:BANC) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 2,000 shares of the bank’s stock, valued at approximately $30,000.

Other hedge funds also recently made changes to their positions in the company. Versant Capital Management Inc grew its stake in shares of Banc of California by 2,466.2% in the 4th 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 during the last quarter. Riverview Trust Co bought a new stake in Banc of California during the 1st quarter valued at about $29,000. Lee Financial Co bought a new position in shares of Banc of California in the fourth quarter worth approximately $40,000. Longfellow Investment Management Co. LLC purchased a new stake in shares of Banc of California during the fourth quarter valued at approximately $41,000. Finally, Anchor Investment Management LLC bought a new stake in shares of Banc of California during the fourth quarter valued at approximately $44,000. 86.88% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on BANC shares. StockNews.com raised Banc of California to a “sell” rating in a research report on Thursday, April 25th. DA Davidson dropped their price objective on Banc of California from $20.00 to $17.50 and set a “buy” rating on the stock in a research report on Wednesday, May 15th. Wedbush lowered their target price on shares of Banc of California from $16.00 to $15.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 24th. Truist Financial decreased their price objective on shares of Banc of California from $16.00 to $15.00 and set a “hold” rating for the company in a report on Thursday, April 25th. Finally, Stephens decreased their target price on shares of Banc of California from $16.00 to $15.00 and set an “equal weight” rating for the company in a research note on Tuesday, May 14th. One analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $16.31.

Insiders Place Their Bets

In other Banc of California news, CEO Jared M. Wolff bought 7,130 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The stock was purchased at an average price 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 approximately $3,756,356.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 7.37% of the stock is currently owned by company insiders.

Banc of California Trading Up 1.6 %

Shares of BANC opened at $12.38 on Friday. The business has a 50-day simple moving average of $13.68 and a two-hundred day simple moving average of $13.83. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.89. Banc of California, Inc. has a 52 week low of $9.96 and a 52 week high of $16.08.

Banc of California (NYSE:BANC) last announced its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.19 earnings per share (EPS) 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 company had revenue of $522.57 million for the quarter, compared to the consensus estimate of $296.02 million. During the same quarter last year, the firm posted $0.37 earnings per share. As a group, analysts predict that Banc of California, Inc. will post 1.1 earnings per share for the current year.

Banc of California Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 3.23%. The ex-dividend date is Friday, June 14th. Banc of California’s dividend payout ratio is currently -12.01%.

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.