Seven Eight Capital LP Invests $549,000 in Banc of California, Inc. (NYSE:BANC)

Seven Eight Capital LP bought a new position in shares of Banc of California, Inc. (NYSE:BANC) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 42,937 shares of the bank’s stock, valued at approximately $549,000.

A number of other institutional investors have also made changes to their positions in the company. Hsbc Holdings PLC lifted its position in shares of Banc of California by 66.4% during the second quarter. Hsbc Holdings PLC now owns 54,293 shares of the bank’s stock worth $684,000 after purchasing an additional 21,670 shares in the last quarter. American Century Companies Inc. increased its stake in shares of Banc of California by 25.9% in the second 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. Foundry Partners LLC increased its stake in shares of Banc of California by 7.2% in the second quarter. Foundry Partners LLC now owns 341,475 shares of the bank’s stock worth $4,364,000 after buying an additional 22,950 shares during the last quarter. First Dallas Securities Inc. increased its stake in shares of Banc of California by 34.3% in the second quarter. First Dallas Securities Inc. now owns 53,725 shares of the bank’s stock worth $686,000 after buying an additional 13,725 shares during the last quarter. Finally, TD Asset Management Inc bought a new stake in shares of Banc of California in the second quarter worth $1,565,000. 86.88% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Richard J. Lashley sold 75,000 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total value of $1,050,000.00. Following the completion of the sale, the director now owns 719,826 shares of the company’s stock, valued at $10,077,564. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 7.37% of the company’s stock.

Banc of California Stock Performance

Shares of BANC opened at $15.05 on Friday. Banc of California, Inc. has a 1 year low of $9.96 and a 1 year high of $15.54. The company has a market cap of $2.37 billion, a price-to-earnings ratio of -4.52 and a beta of 1.13. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.83 and a current ratio of 0.89. The firm has a fifty day moving average of $13.94 and a 200-day moving average of $13.91.

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 the consensus estimate of $0.19 by ($0.09). The company had revenue of $492.38 million during the quarter, compared to analyst estimates of $271.42 million. Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. During the same period in the previous year, the company earned $0.32 EPS. As a group, equities analysts anticipate that Banc of California, Inc. will post 0.61 earnings per share for the current year.

Banc of California Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 16th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.66%. The ex-dividend date of this dividend is Monday, September 16th. Banc of California’s payout ratio is currently -12.01%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on BANC shares. Truist Financial lifted their price target on shares of Banc of California from $15.00 to $16.00 and gave the stock a “hold” rating in a research note on Friday. Stephens reiterated an “equal weight” rating and set a $14.00 target price on shares of Banc of California in a research note on Wednesday, September 4th. Wells Fargo & Company lowered their target price on shares of Banc of California from $16.00 to $15.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 9th. Wedbush reiterated a “neutral” rating and set a $14.00 target price on shares of Banc of California in a research note on Wednesday, July 24th. Finally, Raymond James upgraded shares of Banc of California from a “market perform” rating to an “outperform” rating and set a $16.00 target price for the company in a research note on Tuesday, September 17th. One analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $15.83.

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.