Banc of California, Inc. (NYSE:BANC) Stock Position Cut by Endeavour Capital Advisors Inc.

Endeavour Capital Advisors Inc. decreased its holdings in shares of Banc of California, Inc. (NYSE:BANC) by 10.9% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 1,017,760 shares of the bank’s stock after selling 124,579 shares during the period. Banc of California makes up approximately 4.5% of Endeavour Capital Advisors Inc.’s investment portfolio, making the stock its 9th largest holding. Endeavour Capital Advisors Inc.’s holdings in Banc of California were worth $13,007,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Riverview Trust Co purchased a new stake in shares of Banc of California during the first quarter worth about $29,000. Future Financial Wealth Managment LLC purchased a new stake in shares of Banc of California during the first quarter worth about $30,000. Fifth Third Bancorp grew its stake in shares of Banc of California by 146.3% during the second quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock worth $27,000 after acquiring an additional 1,273 shares during the last quarter. LifeSteps Financial Inc. purchased a new stake in shares of Banc of California during the first quarter worth about $60,000. Finally, Simplicity Wealth LLC purchased a new stake in shares of Banc of California during the second quarter worth about $132,000. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Banc of California Trading Down 1.8 %

Shares of NYSE:BANC opened at $14.76 on Thursday. Banc of California, Inc. has a 12-month low of $9.96 and a 12-month high of $15.54. The company has a market capitalization of $2.32 billion, a PE ratio of -4.43 and a beta of 1.13. The business has a 50 day moving average of $13.97 and a two-hundred day moving average of $13.91. The company has a current ratio of 0.89, a quick ratio of 0.83 and a debt-to-equity ratio of 0.32.

Banc of California (NYSE:BANC) last announced its earnings results on Tuesday, July 23rd. The bank reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.09). The business had revenue of $492.38 million for the quarter, compared to analyst estimates of $271.42 million. Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. During the same period in the previous year, the company earned $0.32 earnings per share. As a group, analysts forecast that Banc of California, Inc. will post 0.59 EPS for the current year.

Banc of California Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.71%. The ex-dividend date is Monday, September 16th. Banc of California’s payout ratio is -12.01%.

Analysts Set New Price Targets

BANC has been the topic of a number of research analyst reports. Wells Fargo & Company dropped their price target on Banc of California from $16.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 9th. Truist Financial upped their target price on Banc of California from $15.00 to $16.00 and gave the company a “hold” rating in a research report on Friday, September 20th. Wedbush upgraded Banc of California from a “neutral” rating to an “outperform” rating and upped their target price for the company from $14.00 to $18.00 in a research report on Tuesday. Raymond James upgraded Banc of California from a “market perform” rating to an “outperform” rating and set a $16.00 target price on the stock in a research report on Tuesday, September 17th. Finally, Keefe, Bruyette & Woods dropped their target price on Banc of California from $18.00 to $17.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $16.28.

Insider Transactions at Banc of California

In other news, Director Richard J. Lashley sold 75,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $14.00, for a total transaction of $1,050,000.00. Following the completion of the transaction, the director now directly owns 719,826 shares of the company’s stock, valued at approximately $10,077,564. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 7.37% of the company’s stock.

Banc of California Company 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.