Whittier Trust Co. Has $211,000 Stock Holdings in Banc of California, Inc. (NYSE:BANC)

Whittier Trust Co. cut its stake in Banc of California, Inc. (NYSE:BANC) by 27.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,474 shares of the bank’s stock after selling 6,107 shares during the period. Whittier Trust Co.’s holdings in Banc of California were worth $211,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in BANC. Fifth Third Bancorp raised its holdings in shares of Banc of California by 146.3% during the 2nd quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock worth $27,000 after buying an additional 1,273 shares in the last quarter. Riverview Trust Co bought a new stake in Banc of California during the 1st quarter worth $29,000. Future Financial Wealth Managment LLC bought a new stake in Banc of California during the 1st quarter worth $30,000. Lee Financial Co bought a new stake in Banc of California during the 4th quarter worth $40,000. Finally, Longfellow Investment Management Co. LLC bought a new stake in Banc of California during the 4th quarter worth $41,000. 86.88% of the stock is owned by institutional investors and hedge funds.

Banc of California Stock Performance

Banc of California stock opened at $14.36 on Friday. The stock’s 50 day simple moving average is $13.47 and its two-hundred day simple moving average is $13.92. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.83 and a current ratio of 0.89. The stock has a market cap of $2.26 billion, a price-to-earnings ratio of -4.31 and a beta of 1.14. Banc of California, Inc. has a fifty-two week low of $9.96 and a fifty-two week high of $15.54.

Banc of California (NYSE:BANC) last released its earnings results on Tuesday, July 23rd. The bank reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.09). Banc of California had a negative net margin of 21.99% and a positive return on equity of 2.12%. The business had revenue of $492.38 million for the quarter, compared to analysts’ expectations of $271.42 million. During the same quarter in the previous year, the business posted $0.32 earnings per share. As a group, analysts expect that Banc of California, Inc. will post 0.68 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th will be paid a dividend of $0.10 per share. The ex-dividend date is Monday, September 16th. This represents a $0.40 dividend on an annualized basis and a yield of 2.79%. Banc of California’s dividend payout ratio is presently -12.01%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. DA Davidson dropped their price target on Banc of California from $20.00 to $17.50 and set a “buy” rating on the stock in a research note on Wednesday, May 15th. Wedbush reaffirmed a “neutral” rating and issued a $14.00 target price on shares of Banc of California in a report on Wednesday, July 24th. Wells Fargo & Company reduced their price objective on Banc of California from $16.00 to $15.00 and set an “equal weight” rating for the company in a report on Tuesday, July 9th. Barclays reduced their price objective on Banc of California from $15.00 to $14.00 and set an “equal weight” rating for the company in a report on Wednesday, July 24th. Finally, Piper Sandler reduced their price objective on Banc of California from $20.00 to $19.00 and set an “overweight” rating for the company in a report on Monday, May 13th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $15.69.

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.