Thrivent Financial for Lutherans Decreases Position in Banc of California, Inc. (NYSE:BANC)

Thrivent Financial for Lutherans trimmed its holdings in shares of Banc of California, Inc. (NYSE:BANC) by 6.1% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 108,153 shares of the bank’s stock after selling 7,085 shares during the period. Thrivent Financial for Lutherans’ holdings in Banc of California were worth $1,593,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Natixis Advisors LLC boosted its holdings in Banc of California by 30.1% during the 3rd quarter. Natixis Advisors LLC now owns 81,187 shares of the bank’s stock valued at $1,196,000 after acquiring an additional 18,779 shares during the period. Empowered Funds LLC lifted its position in Banc of California by 3.3% in the third quarter. Empowered Funds LLC now owns 206,345 shares of the bank’s stock valued at $3,039,000 after purchasing an additional 6,562 shares during the last quarter. Curi RMB Capital LLC boosted its stake in shares of Banc of California by 36.8% during the third quarter. Curi RMB Capital LLC now owns 300,000 shares of the bank’s stock valued at $4,419,000 after purchasing an additional 80,707 shares during the period. Cable Hill Partners LLC grew its holdings in shares of Banc of California by 12.6% in the third quarter. Cable Hill Partners LLC now owns 65,224 shares of the bank’s stock worth $967,000 after purchasing an additional 7,308 shares during the last quarter. Finally, Wolverine Asset Management LLC increased its stake in shares of Banc of California by 81.4% in the third quarter. Wolverine Asset Management LLC now owns 51,084 shares of the bank’s stock worth $752,000 after buying an additional 22,930 shares during the period. 86.88% of the stock is owned by institutional investors.

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 transaction 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. This trade represents a 9.44 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 7.37% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Barclays raised shares of Banc of California from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $17.00 to $18.00 in a research report on Thursday, October 31st. Truist Financial increased their target price on shares of Banc of California from $15.00 to $16.00 and gave the stock a “hold” rating in a report on Friday, September 20th. Wedbush boosted their price target on Banc of California from $18.00 to $19.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. DA Davidson upped their price target on Banc of California from $16.50 to $19.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Finally, Raymond James lifted 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. One investment 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 data from MarketBeat.com, Banc of California has a consensus rating of “Hold” and an average price target of $17.30.

Banc of California Stock Down 0.3 %

BANC stock opened at $17.26 on Friday. Banc of California, Inc. has a fifty-two week low of $11.36 and a fifty-two week high of $18.08. The company has a market capitalization of $2.74 billion, a price-to-earnings ratio of -4.04 and a beta of 1.13. The business’s 50 day moving average price is $15.45 and its two-hundred day moving average price is $14.24. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.89.

Banc of California (NYSE:BANC) last issued its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.11. The company had revenue of $431.44 million for 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 period in the prior year, the firm earned $0.30 earnings per share. As a group, analysts forecast that Banc of California, Inc. will post 0.7 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date is Monday, December 16th. Banc of California’s dividend payout ratio 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.