PNC Financial Services Group Inc. Raises Stock Holdings in Banc of California, Inc. (NYSE:BANC)

PNC Financial Services Group Inc. lifted its stake in Banc of California, Inc. (NYSE:BANC) by 54.5% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,346 shares of the bank’s stock after buying an additional 5,412 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Banc of California were worth $206,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. South Dakota Investment Council lifted its holdings in Banc of California by 238.8% during the fourth quarter. South Dakota Investment Council now owns 571,063 shares of the bank’s stock valued at $7,669,000 after purchasing an additional 402,498 shares in the last quarter. Crescent Grove Advisors LLC purchased a new position in shares of Banc of California during the 4th quarter valued at $1,303,000. New York State Teachers Retirement System boosted its holdings in Banc of California by 510.7% in the 4th quarter. New York State Teachers Retirement System now owns 79,808 shares of the bank’s stock worth $1,072,000 after buying an additional 66,739 shares during the period. Peregrine Capital Management LLC increased its stake in Banc of California by 22.2% in the 4th quarter. Peregrine Capital Management LLC now owns 628,950 shares of the bank’s stock worth $8,447,000 after buying an additional 114,173 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. bought a new stake in Banc of California during the fourth quarter valued at about $1,488,000. 86.88% of the stock is owned by hedge funds and other institutional investors.

Banc of California Stock Performance

Banc of California stock opened at $13.19 on Wednesday. The company’s 50-day moving average price is $13.61 and its 200-day moving average price is $13.83. 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 $2.07 billion, a PE ratio of -3.96 and a beta of 1.14. Banc of California, Inc. has a twelve month low of $9.96 and a twelve month high of $16.08.

Banc of California (NYSE:BANC) last issued its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.07). The company had revenue of $522.57 million for the quarter, compared to the consensus estimate of $296.02 million. Banc of California had a positive return on equity of 2.25% and a negative net margin of 29.10%. During the same period in the previous year, the firm earned $0.37 earnings per share. On average, equities research analysts forecast that Banc of California, Inc. will post 1.07 EPS for the current fiscal year.

Banc of California Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Friday, June 14th were given a $0.10 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.40 dividend on an annualized basis and a yield of 3.03%. Banc of California’s dividend payout ratio is presently -12.01%.

Insiders Place Their Bets

In other news, CEO Jared M. Wolff bought 7,130 shares of Banc of California stock in a transaction dated Thursday, April 25th. The shares were acquired at an average price of $13.98 per share, with a total value of $99,677.40. Following the completion of the purchase, the chief executive officer now owns 268,695 shares in the company, valued at approximately $3,756,356.10. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.80% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Truist Financial dropped their price objective on Banc of California from $16.00 to $15.00 and set a “hold” rating for the company in a research note on Thursday, April 25th. Stephens reduced their price objective on shares of Banc of California from $16.00 to $15.00 and set an “equal weight” rating on the stock in a research report on Tuesday, May 14th. Piper Sandler dropped their target price on shares of Banc of California from $20.00 to $19.00 and set an “overweight” rating for the company in a research report on Monday, May 13th. Wells Fargo & Company raised 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. Finally, StockNews.com upgraded shares of Banc of California to a “sell” rating in a research note on Thursday, April 25th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, Banc of California has an average rating of “Hold” and a consensus target price of $16.31.

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.