Banc of California, Inc. (NYSE:BANC) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. reduced its holdings in Banc of California, Inc. (NYSE:BANC) by 97.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,959 shares of the bank’s stock after selling 1,035,100 shares during the quarter. Victory Capital Management Inc.’s holdings in Banc of California were worth $370,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in BANC. Fifth Third Bancorp increased its position in shares of Banc of California by 146.3% in the second quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock worth $27,000 after acquiring an additional 1,273 shares in the last quarter. Riverview Trust Co purchased a new position in Banc of California during the first quarter valued at approximately $29,000. Future Financial Wealth Managment LLC purchased a new position in Banc of California during the first quarter valued at approximately $30,000. LifeSteps Financial Inc. purchased a new position in Banc of California during the first quarter valued at approximately $60,000. Finally, Simplicity Wealth LLC purchased a new position in Banc of California during the second quarter valued at approximately $132,000. 86.88% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Richard J. Lashley sold 75,000 shares of the stock in a transaction on 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 transaction, the director now owns 719,826 shares in the company, valued at approximately $10,077,564. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 7.37% of the company’s stock.

Banc of California Price Performance

NYSE:BANC opened at $14.84 on Tuesday. The stock has a market cap of $2.33 billion, a P/E ratio of -4.46 and a beta of 1.13. Banc of California, Inc. has a one year low of $9.96 and a one year high of $15.54. The company has a fifty day moving average price of $13.95 and a 200 day moving average price of $13.90. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.83.

Banc of California (NYSE:BANC) last released its earnings results on Tuesday, July 23rd. The bank reported $0.10 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.09). The company had revenue of $492.38 million for the quarter, compared to analyst estimates of $271.42 million. Banc of California had a negative net margin of 21.99% and a positive return on equity of 2.12%. During the same quarter in the previous year, the company earned $0.32 earnings per share. Analysts anticipate that Banc of California, Inc. will post 0.61 earnings per share for the current year.

Banc of California Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date is Monday, September 16th. Banc of California’s dividend payout ratio is -12.01%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Wells Fargo & Company lowered 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 research report on Tuesday, July 9th. Wedbush reaffirmed a “neutral” rating and set a $14.00 price objective on shares of Banc of California in a research report on Wednesday, July 24th. Keefe, Bruyette & Woods decreased their target price on shares of Banc of California from $18.00 to $17.00 and set an “outperform” rating for the company in a research report on Tuesday, July 9th. Stephens reissued an “equal weight” rating and issued a $14.00 target price on shares of Banc of California in a research report on Wednesday, September 4th. Finally, Barclays decreased their target price on shares of Banc of California from $15.00 to $14.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 24th. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Banc of California has a consensus rating of “Hold” and a consensus price target of $15.83.

Banc of California Company 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.