GSA Capital Partners LLP Reduces Holdings in Banc of California, Inc. (NYSE:BANC)

GSA Capital Partners LLP reduced its stake in shares of Banc of California, Inc. (NYSE:BANC) by 62.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,454 shares of the bank’s stock after selling 44,248 shares during the period. GSA Capital Partners LLP’s holdings in Banc of California were worth $390,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. ProShare Advisors LLC grew its position in Banc of California by 12.4% in the 1st quarter. ProShare Advisors LLC now owns 27,701 shares of the bank’s stock worth $421,000 after purchasing an additional 3,058 shares during the last quarter. Vanguard Group Inc. grew its stake in Banc of California by 17.6% in the first quarter. Vanguard Group Inc. now owns 10,597,751 shares of the bank’s stock valued at $161,192,000 after purchasing an additional 1,582,941 shares in the last quarter. American International Group Inc. increased its stake in shares of Banc of California by 3.7% during the 1st quarter. American International Group Inc. now owns 74,095 shares of the bank’s stock worth $1,127,000 after purchasing an additional 2,653 shares during the last quarter. CANADA LIFE ASSURANCE Co lifted its holdings in Banc of California by 8.6% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 117,025 shares of the bank’s stock worth $1,780,000 after purchasing an additional 9,312 shares during the last quarter. Finally, Capital Research Global Investors acquired a new position in Banc of California during the 1st quarter worth $32,618,000. 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 Banc of California stock in a transaction on Wednesday, September 4th. The stock was 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 in the company, valued at approximately $10,077,564. The trade was a 9.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 7.37% of the stock is currently owned by corporate insiders.

Banc of California Stock Up 1.8 %

Shares of NYSE BANC opened at $16.36 on Friday. The company has a 50 day simple moving average of $15.18 and a 200 day simple moving average of $14.16. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89. Banc of California, Inc. has a 1 year low of $11.36 and a 1 year high of $16.92. The firm has a market cap of $2.60 billion, a PE ratio of -3.83 and a beta of 1.13.

Banc of California (NYSE:BANC) last released its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.11. The firm had revenue of $431.44 million during the quarter, compared to analyst estimates of $229.46 million. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%. During the same quarter last year, the business earned $0.30 EPS. On average, research analysts forecast that Banc of California, Inc. will post 0.7 EPS for the current year.

Banc of California Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Monday, December 16th. This represents a $0.40 annualized dividend and a dividend yield of 2.44%. Banc of California’s payout ratio is -9.37%.

Analyst Upgrades and Downgrades

BANC has been the topic of a number of recent research reports. Citigroup initiated coverage on Banc of California in a research report on Thursday, October 10th. They set a “neutral” rating and a $15.00 target price on the stock. Stephens increased their price objective on shares of Banc of California from $15.00 to $16.00 and gave the company an “equal weight” rating in a report on Thursday, October 24th. Truist Financial raised their price target on Banc of California from $15.00 to $16.00 and gave the stock a “hold” rating in a research report on Friday, September 20th. Wells Fargo & Company increased their price objective on shares of Banc of California from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 23rd. Finally, DA Davidson lifted their target price on Banc of California from $16.50 to $19.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Banc of California currently has a consensus rating of “Hold” and an average target price of $17.30.

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.