Public Sector Pension Investment Board Purchases 21,365 Shares of Banc of California, Inc. (NYSE:BANC)

Public Sector Pension Investment Board lifted its position in shares of Banc of California, Inc. (NYSE:BANC) by 7.5% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 305,456 shares of the bank’s stock after purchasing an additional 21,365 shares during the quarter. Public Sector Pension Investment Board owned about 0.19% of Banc of California worth $3,904,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in BANC. Fifth Third Bancorp boosted its position 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 valued at $27,000 after purchasing an additional 1,273 shares in the last quarter. Riverview Trust Co bought a new stake in Banc of California in the first quarter worth $29,000. Future Financial Wealth Managment LLC bought a new stake in Banc of California in the first quarter worth $30,000. LifeSteps Financial Inc. bought a new stake in Banc of California in the first quarter worth $60,000. Finally, Simplicity Wealth LLC bought a new stake in Banc of California in the second quarter worth $132,000. 86.88% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Banc of California

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of the company’s stock in a transaction that occurred on 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 directly owns 719,826 shares of the company’s stock, valued at $10,077,564. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 7.37% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

BANC has been the topic of several analyst reports. Truist Financial boosted their target price 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 reissued an “equal weight” rating and issued a $14.00 target price on shares of Banc of California in a report on Wednesday, September 4th. Wells Fargo & Company dropped their target price on Banc of California from $16.00 to $15.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 9th. Barclays upped their price target on Banc of California from $14.00 to $16.00 and gave the company an “equal weight” rating in a report on Friday. Finally, Wedbush raised Banc of California from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $14.00 to $18.00 in a research report on Tuesday. One research analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $16.50.

Banc of California Stock Performance

Shares of BANC opened at $14.79 on Friday. Banc of California, Inc. has a one year low of $9.96 and a one year high of $15.54. The business has a fifty day moving average of $13.99 and a 200 day moving average of $13.91. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.83. The firm has a market capitalization of $2.33 billion, a P/E ratio of -4.44 and a beta of 1.13.

Banc of California (NYSE:BANC) last released its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.10 EPS 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 analysts’ expectations of $271.42 million. Banc of California had a negative net margin of 21.99% and a positive return on equity of 2.12%. During the same period in the previous year, the company earned $0.32 EPS. As a group, sell-side analysts anticipate 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. Shareholders of record on Monday, September 16th will be issued 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 2.70%. Banc of California’s dividend payout ratio is currently -12.01%.

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.