American Century Companies Inc. Grows Stock Holdings in Banc of California, Inc. (NYSE:BANC)

American Century Companies Inc. increased its holdings in shares of Banc of California, Inc. (NYSE:BANC) by 25.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,222,376 shares of the bank’s stock after purchasing an additional 663,061 shares during the period. American Century Companies Inc. owned approximately 2.05% of Banc of California worth $41,182,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake 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 valued at $161,192,000 after buying an additional 1,582,941 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Banc of California by 49.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,853,903 shares of the bank’s stock worth $65,191,000 after purchasing an additional 1,615,478 shares in the last quarter. PL Capital Advisors LLC grew its stake in shares of Banc of California by 0.7% during the 1st quarter. PL Capital Advisors LLC now owns 3,224,219 shares of the bank’s stock worth $49,040,000 after purchasing an additional 22,500 shares during the period. Goldman Sachs Group Inc. grew its position in Banc of California by 148.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,997,802 shares of the bank’s stock valued at $40,260,000 after buying an additional 1,791,992 shares during the period. Finally, William Blair Investment Management LLC grew its position in Banc of California by 42.1% during the first quarter. William Blair Investment Management LLC now owns 2,575,930 shares of the bank’s stock valued at $39,180,000 after buying an additional 762,959 shares during the period. 86.88% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Richard J. Lashley sold 75,000 shares of the business’s stock in a transaction 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. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 7.37% of the company’s stock.

Banc of California Trading Up 0.2 %

Shares of BANC stock opened at $14.24 on Tuesday. The company has a current ratio of 0.89, a quick ratio of 0.83 and a debt-to-equity ratio of 0.32. Banc of California, Inc. has a twelve month low of $9.96 and a twelve month high of $15.54. The company’s 50-day moving average price is $13.79 and its 200-day moving average price is $13.89. The stock has a market cap of $2.24 billion, a price-to-earnings ratio of -4.28 and a beta of 1.13.

Banc of California (NYSE:BANC) last posted its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.09). Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. The company had revenue of $492.38 million for the quarter, compared to analysts’ expectations of $271.42 million. During the same period in the previous year, the business posted $0.32 EPS. As a group, equities analysts predict that Banc of California, Inc. will post 0.61 earnings per share for the current year.

Banc of California Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.40 annualized dividend and a dividend yield of 2.81%. Banc of California’s dividend payout ratio is presently -12.01%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on BANC shares. Truist Financial increased their target price on shares of Banc of California from $13.00 to $15.00 and gave the stock a “hold” rating in a research note on Wednesday, July 24th. Keefe, Bruyette & Woods dropped their price objective on Banc of California from $18.00 to $17.00 and set an “outperform” rating on the stock in a report on Tuesday, July 9th. Stephens reiterated an “equal weight” rating and set a $14.00 target price on shares of Banc of California in a research report on Wednesday, September 4th. Barclays cut their price target on shares of Banc of California from $15.00 to $14.00 and set an “equal weight” rating for the company in a report on Wednesday, July 24th. Finally, Wells Fargo & Company decreased their price objective on shares of Banc of California from $16.00 to $15.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 9th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $15.69.

Banc of California Profile

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.