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

Mutual of America Capital Management LLC lessened its holdings in shares of Banc of California, Inc. (NYSE:BANC) by 9.2% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 20,714 shares of the bank’s stock after selling 2,103 shares during the period. Mutual of America Capital Management LLC’s holdings in Banc of California were worth $305,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. grew its stake in Banc of California by 17.6% during the 1st quarter. Vanguard Group Inc. now owns 10,597,751 shares of the bank’s stock worth $161,192,000 after buying an additional 1,582,941 shares during the last quarter. American International Group Inc. grew its stake in 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 buying an additional 2,653 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its stake in Banc of California by 8.6% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 117,025 shares of the bank’s stock worth $1,780,000 after buying an additional 9,312 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Banc of California by 394.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 331,076 shares of the bank’s stock valued at $5,037,000 after purchasing an additional 264,070 shares during the last quarter. Finally, Simplicity Wealth LLC purchased a new position in shares of Banc of California in the 2nd quarter valued at approximately $132,000. Institutional investors and hedge funds own 86.88% of the company’s stock.

Insider Buying and Selling at Banc of California

In other Banc of California 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 completion of the sale, the director now owns 719,826 shares of the company’s stock, valued at approximately $10,077,564. The trade was a 9.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.80% of the stock is owned by company insiders.

Banc of California Price Performance

Shares of NYSE:BANC opened at $17.30 on Friday. The business has a fifty day simple moving average of $15.41 and a 200-day simple moving average of $14.22. Banc of California, Inc. has a 52 week low of $11.36 and a 52 week high of $18.08. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31. The company has a market cap of $2.75 billion, a P/E ratio of -4.05 and a beta of 1.13.

Banc of California (NYSE:BANC) last posted its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.11. Banc of California had a positive return on equity of 2.93% and a negative net margin of 20.75%. The firm had revenue of $431.44 million during the quarter, compared to the consensus estimate of $229.46 million. During the same quarter in the previous year, the business earned $0.30 earnings per share. Equities 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 declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date is Monday, December 16th. Banc of California’s dividend payout ratio (DPR) is presently -9.37%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Wells Fargo & Company lifted their target price on Banc of California from $16.00 to $17.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 23rd. Stephens lifted their price target on Banc of California from $15.00 to $16.00 and gave the company an “equal weight” rating in a research note on Thursday, October 24th. DA Davidson lifted their price objective on Banc of California from $16.50 to $19.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Raymond James lifted their price objective on Banc of California from $16.00 to $17.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Finally, Wedbush boosted their price target on Banc of California from $18.00 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company. According to MarketBeat, Banc of California currently has a consensus rating of “Hold” and an average target price of $17.30.

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.