Algert Global LLC Takes $182,000 Position in Banc of California, Inc. (NYSE:BANC)

Algert Global LLC acquired a new stake in Banc of California, Inc. (NYSE:BANC) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 14,225 shares of the bank’s stock, valued at approximately $182,000.

A number of other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. increased its holdings in shares of Banc of California by 17.6% in the 1st quarter. Vanguard Group Inc. now owns 10,597,751 shares of the bank’s stock valued at $161,192,000 after acquiring an additional 1,582,941 shares during the last quarter. PL Capital Advisors LLC boosted its position in shares of Banc of California by 0.7% in the 1st quarter. PL Capital Advisors LLC now owns 3,224,219 shares of the bank’s stock valued at $49,040,000 after purchasing an additional 22,500 shares during the period. American Century Companies Inc. boosted its position in shares of Banc of California by 25.9% in the 2nd quarter. American Century Companies Inc. now owns 3,222,376 shares of the bank’s stock valued at $41,182,000 after purchasing an additional 663,061 shares during the period. Goldman Sachs Group Inc. boosted its position in shares of Banc of California by 148.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,997,802 shares of the bank’s stock valued at $40,260,000 after purchasing an additional 1,791,992 shares during the period. Finally, William Blair Investment Management LLC boosted its position in shares of Banc of California by 42.1% in the 1st quarter. William Blair Investment Management LLC now owns 2,575,930 shares of the bank’s stock valued at $39,180,000 after purchasing an additional 762,959 shares during the period. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Banc of California Stock Down 0.5 %

BANC opened at $14.00 on Friday. 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 business has a 50 day simple moving average of $14.02 and a 200-day simple moving average of $13.88. The stock has a market capitalization of $2.20 billion, a P/E ratio of -4.20 and a beta of 1.14. Banc of California, Inc. has a 12 month low of $9.96 and a 12 month high of $15.54.

Banc of California (NYSE:BANC) last released its quarterly earnings data 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). Banc of California had a negative net margin of 21.99% and a positive return on equity of 2.12%. The firm had revenue of $492.38 million during the quarter, compared to analysts’ expectations of $271.42 million. During the same period in the previous year, the business earned $0.32 earnings per share. On average, equities analysts anticipate that Banc of California, Inc. will post 0.59 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 16th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.86%. The ex-dividend date of this dividend was Monday, September 16th. Banc of California’s payout ratio is currently -12.01%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Barclays upped their target price on Banc of California from $14.00 to $16.00 and gave the company an “equal weight” rating in a research report on Friday, September 27th. Citigroup initiated coverage on Banc of California in a research report on Thursday. They set a “neutral” rating and a $15.00 price objective for the company. Truist Financial increased their price objective on Banc of California from $15.00 to $16.00 and gave the stock a “hold” rating in a research report on Friday, September 20th. Wells Fargo & Company increased their price objective on Banc of California from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 1st. Finally, Raymond James raised Banc of California from a “market perform” rating to an “outperform” rating and set a $16.00 price objective for the company in a research report on Tuesday, September 17th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $16.45.

Insider Activity at Banc of California

In related news, Director Richard J. Lashley sold 75,000 shares of the firm’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 value 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 $10,077,564. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 7.37% of the stock is currently owned by company insiders.

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.