Banc of California, Inc. (NYSE:BANC) Shares Acquired by Empowered Funds LLC

Empowered Funds LLC raised its position in Banc of California, Inc. (NYSE:BANC) by 3.3% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 206,345 shares of the bank’s stock after acquiring an additional 6,562 shares during the quarter. Empowered Funds LLC owned approximately 0.13% of Banc of California worth $3,039,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Banc of California by 17.6% during 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 last quarter. American Century Companies Inc. lifted its holdings in Banc of California by 25.9% during the 2nd quarter. American Century Companies Inc. now owns 3,222,376 shares of the bank’s stock worth $41,182,000 after buying an additional 663,061 shares during the last quarter. Senator Investment Group LP boosted its position in shares of Banc of California by 13.8% during the 1st quarter. Senator Investment Group LP now owns 2,445,685 shares of the bank’s stock worth $37,199,000 after acquiring an additional 297,097 shares in the last quarter. Capital Research Global Investors purchased a new position in shares of Banc of California in the 1st quarter valued at about $32,618,000. Finally, Hodges Capital Management Inc. raised its position in shares of Banc of California by 13.6% during the 2nd quarter. Hodges Capital Management Inc. now owns 1,986,246 shares of the bank’s stock worth $25,384,000 after acquiring an additional 238,242 shares in the last quarter. Institutional investors and hedge funds own 86.88% of the company’s stock.

Insider Transactions at Banc of California

In other news, Director Richard J. Lashley sold 75,000 shares of the 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 directly owns 719,826 shares of the company’s stock, valued at approximately $10,077,564. This represents a 9.44 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 7.37% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Wedbush upped 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 target price on shares of Banc of California from $16.50 to $19.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Raymond James lifted their price target on shares of Banc of California from $16.00 to $17.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Barclays upgraded shares of Banc of California from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $17.00 to $18.00 in a research note on Thursday, October 31st. Finally, Truist Financial lifted their target price 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. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Banc of California presently has a consensus rating of “Hold” and an average target price of $17.30.

Banc of California Price Performance

Shares of BANC opened at $16.04 on Tuesday. The company has a market capitalization of $2.55 billion, a price-to-earnings ratio of -3.76 and a beta of 1.13. Banc of California, Inc. has a fifty-two week low of $11.36 and a fifty-two week high of $16.92. The firm has a 50-day simple moving average of $15.04 and a 200-day simple moving average of $14.12. 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 announced its earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.11. Banc of California had a positive return on equity of 2.93% and a negative net margin of 20.75%. The company had revenue of $431.44 million for the quarter, compared to the consensus estimate of $229.46 million. During the same period last year, the business posted $0.30 EPS. On average, equities research analysts anticipate that Banc of California, Inc. will post 0.71 earnings per share for the current year.

Banc of California Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be given a dividend of $0.10 per share. The ex-dividend date is Monday, December 16th. This represents a $0.40 dividend on an annualized basis and a yield of 2.49%. Banc of California’s payout ratio is currently -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.