Banc of California, Inc. (NYSE:BANC) Shares Acquired by Fmr LLC

Fmr LLC raised its stake in shares of Banc of California, Inc. (NYSE:BANC) by 5.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 20,659 shares of the bank’s stock after acquiring an additional 1,126 shares during the quarter. Fmr LLC’s holdings in Banc of California were worth $304,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in BANC. Quantbot Technologies LP grew its position in shares of Banc of California by 34.8% in the 3rd quarter. Quantbot Technologies LP now owns 247,116 shares of the bank’s stock worth $3,640,000 after acquiring an additional 63,780 shares in the last quarter. Mirabella Financial Services LLP acquired a new position in Banc of California during the 3rd quarter valued at approximately $2,223,000. Algert Global LLC grew its stake in Banc of California by 735.1% during the 3rd quarter. Algert Global LLC now owns 118,800 shares of the bank’s stock worth $1,750,000 after buying an additional 104,575 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Banc of California by 3.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,233,452 shares of the bank’s stock worth $18,169,000 after buying an additional 44,951 shares during the period. Finally, Foundry Partners LLC boosted its holdings in shares of Banc of California by 1.5% during 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 period. 86.88% of the stock is owned by institutional investors and hedge funds.

Banc of California Stock Up 0.4 %

BANC opened at $15.42 on Friday. The business has a 50-day moving average of $16.15 and a 200-day moving average of $14.53. Banc of California, Inc. has a fifty-two week low of $11.88 and a fifty-two week high of $18.08. The company has a market capitalization of $2.45 billion, a PE ratio of -3.61 and a beta of 1.14. 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 (NYSE:BANC) last announced its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.25 EPS for the quarter, topping the consensus estimate of $0.14 by $0.11. The company had revenue of $431.44 million for 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 in the prior year, the business posted $0.30 EPS. Equities research analysts forecast that Banc of California, Inc. will post 0.7 EPS for the current fiscal year.

Banc of California Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, December 16th. This represents a $0.40 annualized dividend and a dividend yield of 2.59%. Banc of California’s dividend payout ratio (DPR) is currently -9.37%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Raymond James raised their target price on Banc of California from $16.00 to $17.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Barclays raised their price objective on shares of Banc of California from $18.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. Stephens increased 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. Citigroup assumed coverage on Banc of California in a research note on Thursday, October 10th. They issued a “neutral” rating and a $15.00 price objective on the stock. Finally, Truist Financial lifted 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. One analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Banc of California currently has an average rating of “Hold” and a consensus target price 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.