Charles Schwab Investment Management Inc. Acquires 44,951 Shares of Banc of California, Inc. (NYSE:BANC)

Charles Schwab Investment Management Inc. increased its stake in Banc of California, Inc. (NYSE:BANC) by 3.8% during the third quarter, according to its most recent filing with the SEC. The fund owned 1,233,452 shares of the bank’s stock after buying an additional 44,951 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.78% of Banc of California worth $18,169,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Foundry Partners LLC boosted its stake in Banc of California by 1.5% in the third quarter. Foundry Partners LLC now owns 346,480 shares of the bank’s stock valued at $5,104,000 after acquiring an additional 5,005 shares during the last quarter. Intech Investment Management LLC purchased a new stake in shares of Banc of California during the third quarter worth $748,000. LMR Partners LLP bought a new position in shares of Banc of California in the third quarter worth $832,000. Natixis Advisors LLC grew its position in shares of Banc of California by 30.1% in the third quarter. Natixis Advisors LLC now owns 81,187 shares of the bank’s stock valued at $1,196,000 after purchasing an additional 18,779 shares in the last quarter. Finally, Empowered Funds LLC raised its stake in shares of Banc of California by 3.3% during the 3rd quarter. Empowered Funds LLC now owns 206,345 shares of the bank’s stock valued at $3,039,000 after purchasing an additional 6,562 shares during the period. Institutional investors own 86.88% of the company’s stock.

Banc of California Trading Up 0.8 %

Shares of BANC stock opened at $17.06 on Friday. The business has a 50-day moving average price of $15.71 and a two-hundred day moving average price of $14.36. Banc of California, Inc. has a 12-month low of $11.88 and a 12-month 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 firm has a market cap of $2.71 billion, a P/E ratio of -4.00 and a beta of 1.14.

Banc of California (NYSE:BANC) last released its earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share for the quarter, topping 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 company 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 company posted $0.30 EPS. Equities analysts anticipate that Banc of California, Inc. will post 0.7 EPS for the current fiscal year.

Banc of California Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 16th will be given a dividend of $0.10 per share. The ex-dividend date is Monday, December 16th. This represents a $0.40 annualized dividend and a yield of 2.34%. Banc of California’s payout ratio is -9.37%.

Analyst Ratings Changes

Several research analysts have commented on BANC shares. Truist Financial raised their target price on Banc of California from $15.00 to $16.00 and gave the stock a “hold” rating in a research note on Friday, September 20th. Wedbush boosted their price objective on shares of Banc of California from $18.00 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. DA Davidson increased their target price on shares of Banc of California from $16.50 to $19.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods boosted their price target on shares of Banc of California from $17.50 to $20.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, Raymond James boosted their target price on Banc of California from $16.00 to $17.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $17.80.

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.