Dana Investment Advisors Inc. Trims Stake in Banc of California, Inc. (NYSE:BANC)

Dana Investment Advisors Inc. lessened its position in Banc of California, Inc. (NYSE:BANC) by 1.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 433,946 shares of the bank’s stock after selling 5,881 shares during the quarter. Dana Investment Advisors Inc. owned 0.28% of Banc of California worth $5,546,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Hsbc Holdings PLC lifted its stake in shares of Banc of California by 447.5% during the 4th quarter. Hsbc Holdings PLC now owns 151,750 shares of the bank’s stock worth $2,052,000 after acquiring an additional 124,034 shares during the last quarter. Rafferty Asset Management LLC boosted its stake in shares of Banc of California by 355.9% during the fourth quarter. Rafferty Asset Management LLC now owns 443,559 shares of the bank’s stock valued at $5,957,000 after purchasing an additional 346,260 shares during the period. Carmignac Gestion bought a new position in shares of Banc of California in the fourth quarter worth about $2,152,000. Banc Funds Co. LLC grew its holdings in shares of Banc of California by 54.7% in the fourth quarter. Banc Funds Co. LLC now owns 1,048,229 shares of the bank’s stock worth $14,078,000 after purchasing an additional 370,817 shares during the last quarter. Finally, Seven Eight Capital LP purchased a new position in Banc of California in the 4th quarter worth about $557,000. 86.88% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Banc of California

In other news, Director Richard J. Lashley sold 75,000 shares of the business’s stock in a transaction dated 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 sale, the director now owns 719,826 shares in the company, valued at $10,077,564. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 7.37% of the stock is currently owned by corporate insiders.

Banc of California Stock Performance

Shares of Banc of California stock opened at $14.06 on Wednesday. The company has a market capitalization of $2.21 billion, a PE ratio of -4.22 and a beta of 1.13. The company has a 50-day simple moving average of $13.99 and a two-hundred day simple moving average of $13.90. Banc of California, Inc. has a one year low of $9.96 and a one year high of $15.54. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.83 and a current ratio of 0.89.

Banc of California (NYSE:BANC) last posted its earnings results on Tuesday, July 23rd. The bank reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.09). Banc of California had a negative net margin of 21.99% and a positive return on equity of 2.12%. The firm 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 company earned $0.32 EPS. Research analysts expect that Banc of California, Inc. will post 0.59 EPS for the current fiscal year.

Banc of California Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 16th were paid a dividend of $0.10 per share. The ex-dividend date was Monday, September 16th. This represents a $0.40 annualized dividend and a yield of 2.85%. Banc of California’s dividend payout ratio (DPR) is -12.01%.

Analyst Upgrades and Downgrades

BANC has been the topic of a number of research analyst reports. Wells Fargo & Company upped their target price on shares of Banc of California from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Raymond James raised Banc of California from a “market perform” rating to an “outperform” rating and set a $16.00 price objective on the stock in a research note on Tuesday, September 17th. Truist Financial lifted their target price on Banc of California from $15.00 to $16.00 and gave the company a “hold” rating in a research report on Friday, September 20th. Wedbush raised Banc of California from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $14.00 to $18.00 in a research report on Tuesday, September 24th. Finally, Barclays raised their price target on Banc of California from $14.00 to $16.00 and gave the company an “equal weight” rating in a research note on Friday, September 27th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $16.61.

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.