Algert Global LLC Purchases 104,575 Shares of Banc of California, Inc. (NYSE:BANC)

Algert Global LLC grew its holdings in shares of Banc of California, Inc. (NYSE:BANC) by 735.1% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 118,800 shares of the bank’s stock after purchasing an additional 104,575 shares during the quarter. Algert Global LLC’s holdings in Banc of California were worth $1,750,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in Banc of California by 17.6% in the 1st quarter. Vanguard Group Inc. now owns 10,597,751 shares of the bank’s stock worth $161,192,000 after purchasing an additional 1,582,941 shares during the period. American Century Companies Inc. raised its holdings 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 acquiring an additional 663,061 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of Banc of California by 461.6% during the third quarter. Assenagon Asset Management S.A. now owns 651,695 shares of the bank’s stock worth $9,599,000 after purchasing an additional 535,654 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Banc of California by 394.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 331,076 shares of the bank’s stock valued at $5,037,000 after purchasing an additional 264,070 shares during the last quarter. Finally, Hodges Capital Management Inc. increased its holdings in shares of Banc of California by 13.6% in the 2nd quarter. Hodges Capital Management Inc. now owns 1,986,246 shares of the bank’s stock worth $25,384,000 after buying an additional 238,242 shares during the last quarter. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

Banc of California Stock Performance

Banc of California stock opened at $17.30 on Thursday. The stock’s 50 day moving average is $15.36 and its 200 day moving average is $14.20. The company has a market capitalization of $2.75 billion, a P/E ratio of -4.14 and a beta of 1.13. Banc of California, Inc. has a twelve month low of $11.36 and a twelve month high of $18.08. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31.

Banc of California (NYSE:BANC) last announced its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.25 EPS for the quarter, beating the consensus estimate of $0.14 by $0.11. The company had revenue of $431.44 million for the quarter, compared to the consensus estimate of $229.46 million. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%. During the same period in the prior year, the firm posted $0.30 EPS. On average, equities research analysts predict that Banc of California, Inc. will post 0.7 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 16th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.31%. The ex-dividend date is Monday, December 16th. Banc of California’s dividend payout ratio (DPR) is currently -9.37%.

Insider Buying and Selling

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of Banc of California stock in a transaction 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 sale, the director now owns 719,826 shares of the company’s stock, valued at approximately $10,077,564. This trade represents a 9.44 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.80% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Truist Financial raised their price target 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. Raymond James increased their target price on shares of Banc of California from $16.00 to $17.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. DA Davidson lifted their price objective on Banc of California from $16.50 to $19.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Stephens lifted 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 Thursday, October 24th. Finally, Citigroup started coverage on shares of Banc of California in a report on Thursday, October 10th. They issued a “neutral” rating and a $15.00 target price on the stock. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Banc of California presently has a consensus rating of “Hold” and an average target price of $17.30.

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.