ProShare Advisors LLC Trims Holdings in Banc of California, Inc. (NYSE:BANC)

ProShare Advisors LLC trimmed its holdings in Banc of California, Inc. (NYSE:BANC) by 23.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,162 shares of the bank’s stock after selling 6,539 shares during the quarter. ProShare Advisors LLC’s holdings in Banc of California were worth $270,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently bought and sold shares of the business. 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 position in Banc of California in the 1st quarter worth about $30,000. Fifth Third Bancorp boosted its stake in Banc of California by 146.3% in the 2nd quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock worth $27,000 after purchasing an additional 1,273 shares in the last quarter. LifeSteps Financial Inc. bought a new stake in Banc of California during the 1st quarter valued at about $60,000. Finally, Simplicity Wealth LLC bought a new stake in Banc of California during the 2nd quarter valued at about $132,000. 86.88% of the stock is owned by hedge funds and other institutional investors.

Banc of California Trading Up 0.3 %

Banc of California stock opened at $13.91 on Friday. The business has a 50-day simple moving average of $14.02 and a two-hundred day simple moving average of $13.90. Banc of California, Inc. has a 52-week low of $9.96 and a 52-week high of $15.54. The company has a quick ratio of 0.83, a current ratio of 0.89 and a debt-to-equity ratio of 0.32. The company has a market cap of $2.19 billion, a P/E ratio of -4.18 and a beta of 1.14.

Banc of California (NYSE:BANC) last announced its earnings results on Tuesday, July 23rd. The bank reported $0.10 EPS for the quarter, missing analysts’ consensus estimates 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 period in the prior year, the company posted $0.32 earnings per share. Analysts predict that Banc of California, Inc. will post 0.59 EPS for the current year.

Banc of California Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 16th were issued a $0.10 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.40 dividend on an annualized basis and a yield of 2.88%. Banc of California’s dividend payout ratio is currently -12.01%.

Analyst Ratings Changes

Several research analysts have recently issued reports on BANC shares. Stephens reiterated an “equal weight” rating and issued a $14.00 target price on shares of Banc of California in a research note on Wednesday, September 4th. Truist Financial increased their target price on Banc of California from $15.00 to $16.00 and gave the company a “hold” rating in a research note on Friday, September 20th. Wells Fargo & Company boosted their price target on Banc of California from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Raymond James raised Banc of California from a “market perform” rating to an “outperform” rating and set a $16.00 price objective on the stock in a research report on Tuesday, September 17th. Finally, Wedbush raised Banc of California from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $14.00 to $18.00 in a research report on Tuesday, September 24th. One analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $16.61.

Insider Activity 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 dated Wednesday, September 4th. The stock was sold at an average price of $14.00, for a total value of $1,050,000.00. Following the completion of the sale, the director now owns 719,826 shares in the company, valued at $10,077,564. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 7.37% of the stock is owned by company insiders.

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.