AQR Capital Management LLC Sells 9,764 Shares of Banc of California, Inc. (NYSE:BANC)

AQR Capital Management LLC decreased its position in Banc of California, Inc. (NYSE:BANC) by 23.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 31,502 shares of the bank’s stock after selling 9,764 shares during the quarter. AQR Capital Management LLC’s holdings in Banc of California were worth $403,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in BANC. Goldman Sachs Group Inc. boosted its holdings in shares of Banc of California by 148.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,997,802 shares of the bank’s stock worth $40,260,000 after purchasing an additional 1,791,992 shares during the period. Vanguard Group Inc. boosted its holdings in Banc of California by 143.4% during the 4th quarter. Vanguard Group Inc. now owns 9,014,810 shares of the bank’s stock valued at $121,069,000 after acquiring an additional 5,311,842 shares during the period. PNC Financial Services Group Inc. boosted its holdings in Banc of California by 54.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 15,346 shares of the bank’s stock valued at $206,000 after acquiring an additional 5,412 shares during the period. Quadrature Capital Ltd boosted its holdings in Banc of California by 84.1% during the 4th quarter. Quadrature Capital Ltd now owns 72,073 shares of the bank’s stock valued at $968,000 after acquiring an additional 32,921 shares during the period. Finally, Los Angeles Capital Management LLC purchased a new position in Banc of California during the 1st quarter valued at $672,000. Institutional investors own 86.88% of the company’s stock.

Insider Buying and Selling

In other Banc of California 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 transaction, the director now directly owns 719,826 shares of the company’s stock, valued at $10,077,564. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 7.37% of the stock is owned by corporate insiders.

Banc of California Stock Performance

Shares of BANC stock opened at $14.99 on Wednesday. The stock has a market capitalization of $2.36 billion, a PE ratio of -4.50 and a beta of 1.14. Banc of California, Inc. has a 52-week low of $9.96 and a 52-week high of $15.54. The stock’s 50-day moving average price is $14.14 and its 200 day moving average price is $13.86. The company has a quick ratio of 0.83, a current ratio of 0.89 and a debt-to-equity ratio of 0.32.

Banc of California (NYSE:BANC) last announced its quarterly 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). Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. The firm had revenue of $492.38 million for the quarter, compared to analysts’ expectations of $271.42 million. During the same period last year, the firm earned $0.32 EPS. As a group, equities research analysts forecast that Banc of California, Inc. will post 0.61 EPS for the current year.

Banc of California Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 16th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.40 dividend on an annualized basis and a yield of 2.67%. Banc of California’s dividend payout ratio (DPR) is -12.01%.

Analyst Ratings Changes

BANC has been the subject of a number of recent analyst reports. Citigroup initiated coverage on Banc of California in a report on Thursday, October 10th. They set a “neutral” rating and a $15.00 price objective for the company. Wedbush upgraded Banc of California from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $14.00 to $18.00 in a report on Tuesday, September 24th. Truist Financial upped their target price on Banc of California from $15.00 to $16.00 and gave the stock a “hold” rating in a report on Friday, September 20th. Barclays upped their target price on Banc of California from $14.00 to $16.00 and gave the stock an “equal weight” rating in a report on Friday, September 27th. Finally, Keefe, Bruyette & Woods lowered their target price on Banc of California from $18.00 to $17.00 and set an “outperform” rating for the company in a report on Tuesday, July 9th. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $16.45.

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.