Stephens Inc. AR Sells 25,030 Shares of Banc of California, Inc. (NYSE:BANC)

Stephens Inc. AR lowered its position in Banc of California, Inc. (NYSE:BANC) by 62.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,000 shares of the bank’s stock after selling 25,030 shares during the quarter. Stephens Inc. AR’s holdings in Banc of California were worth $221,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of BANC. Fifth Third Bancorp grew its stake in Banc of California by 146.3% in the second 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. Future Financial Wealth Managment LLC bought a new stake in Banc of California during the 3rd quarter valued at $29,000. GAMMA Investing LLC boosted its position in Banc of California by 32.3% during the 3rd quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock valued at $44,000 after acquiring an additional 734 shares in the last quarter. Mendon Capital Advisors Corp bought a new stake in Banc of California during the 2nd quarter valued at $102,000. Finally, Simplicity Wealth LLC bought a new stake in Banc of California during the 2nd quarter valued at $132,000. Institutional investors own 86.88% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on BANC. 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 report on Friday, September 20th. Wells Fargo & Company raised their price objective on Banc of California from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 23rd. Raymond James raised their price objective on Banc of California from $16.00 to $17.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Wedbush raised their price objective on Banc of California from $18.00 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Finally, Barclays raised Banc of California from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $17.00 to $18.00 in a research report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Banc of California currently has a consensus rating of “Hold” and a consensus price target of $17.30.

Insider Activity

In other news, Director Richard J. Lashley sold 75,000 shares of the business’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 transaction, the director now owns 719,826 shares of the company’s stock, valued at $10,077,564. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 7.37% of the company’s stock.

Banc of California Stock Performance

Shares of BANC opened at $16.31 on Friday. The stock has a 50-day moving average of $14.76 and a two-hundred day moving average of $14.02. Banc of California, Inc. has a one year low of $11.10 and a one year high of $16.92. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.89. The stock has a market cap of $2.59 billion, a P/E ratio of -3.82 and a beta of 1.13.

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

Banc of California Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders 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 annualized dividend and a dividend yield of 2.45%. Banc of California’s dividend payout ratio (DPR) is presently -9.37%.

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.