Global Assets Advisory LLC Buys New Position in Banc of California, Inc. (NYSE:BANC)

Global Assets Advisory LLC purchased a new position in Banc of California, Inc. (NYSE:BANC) in the first quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 48,697 shares of the bank’s stock, valued at approximately $741,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Versant Capital Management Inc raised its position in Banc of California by 2,466.2% in the fourth quarter. Versant Capital Management Inc now owns 1,899 shares of the bank’s stock worth $26,000 after acquiring an additional 1,825 shares in the last quarter. Lee Financial Co acquired a new stake in Banc of California during the fourth quarter valued at approximately $40,000. Longfellow Investment Management Co. LLC bought a new stake in Banc of California during the fourth quarter worth approximately $41,000. Anchor Investment Management LLC acquired a new position in Banc of California in the fourth quarter worth approximately $44,000. Finally, Avior Wealth Management LLC bought a new position in shares of Banc of California in the fourth quarter valued at $44,000. 86.88% of the stock is currently owned by institutional investors.

Banc of California Stock Down 0.7 %

Shares of Banc of California stock opened at $12.19 on Thursday. The stock has a 50-day moving average price of $13.71 and a 200 day moving average price of $13.84. The company has a market cap of $1.92 billion, a P/E ratio of -3.66 and a beta of 1.15. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. Banc of California, Inc. has a 1 year low of $9.96 and a 1 year high of $16.08.

Banc of California (NYSE:BANC) last issued its earnings results on Tuesday, April 23rd. The bank reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.07). Banc of California had a positive return on equity of 2.25% and a negative net margin of 29.10%. The firm had revenue of $522.57 million during the quarter, compared to analyst estimates of $296.02 million. During the same period in the previous year, the company earned $0.37 earnings per share. As a group, analysts expect that Banc of California, Inc. will post 1.1 EPS for the current fiscal year.

Banc of California Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.28%. The ex-dividend date is Friday, June 14th. Banc of California’s dividend payout ratio is -12.01%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on BANC shares. Piper Sandler decreased their target price on Banc of California from $20.00 to $19.00 and set an “overweight” rating on the stock in a report on Monday, May 13th. StockNews.com raised Banc of California to a “sell” rating in a report on Thursday, April 25th. Keefe, Bruyette & Woods raised Banc of California from a “market perform” rating to an “outperform” rating and upped their target price for the company from $16.00 to $18.00 in a report on Friday, March 22nd. DA Davidson reduced their target price on Banc of California from $20.00 to $17.50 and set a “buy” rating for the company in a report on Wednesday, May 15th. Finally, Truist Financial reduced their target price on Banc of California from $16.00 to $15.00 and set a “hold” rating for the company in a report on Thursday, April 25th. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Banc of California presently has a consensus rating of “Hold” and a consensus price target of $16.31.

Insider Activity

In related news, CEO Jared M. Wolff acquired 7,130 shares of the stock in a transaction dated Thursday, April 25th. The shares were acquired at an average price of $13.98 per share, with a total value of $99,677.40. Following the acquisition, the chief executive officer now owns 268,695 shares in the company, valued at approximately $3,756,356.10. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 7.37% of the stock is currently owned by insiders.

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.