Natixis Advisors LLC Increases Stake in Banc of California, Inc. (NYSE:BANC)

Natixis Advisors LLC lifted its position in Banc of California, Inc. (NYSE:BANC) by 30.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 81,187 shares of the bank’s stock after acquiring an additional 18,779 shares during the quarter. Natixis Advisors LLC owned 0.05% of Banc of California worth $1,196,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Fifth Third Bancorp boosted its holdings in Banc of California by 146.3% during the 2nd quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock valued at $27,000 after acquiring an additional 1,273 shares during the period. Future Financial Wealth Managment LLC purchased a new stake in shares of Banc of California during the third quarter valued at $29,000. GAMMA Investing LLC boosted its stake in shares of Banc of California by 32.3% during the third quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock valued at $44,000 after purchasing an additional 734 shares during the period. Mendon Capital Advisors Corp bought a new position in shares of Banc of California in the second quarter worth about $102,000. Finally, Simplicity Wealth LLC purchased a new position in Banc of California in the 2nd quarter worth about $132,000. 86.88% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related 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 sale, the director now owns 719,826 shares of the company’s stock, valued at approximately $10,077,564. This represents a 9.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 7.37% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on BANC. Truist Financial boosted their price objective on shares of Banc of California from $15.00 to $16.00 and gave the company a “hold” rating in a research report on Friday, September 20th. Barclays upgraded Banc of California from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $17.00 to $18.00 in a report on Thursday, October 31st. Wells Fargo & Company raised their price objective on Banc of California from $16.00 to $17.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 23rd. DA Davidson upped their target price on Banc of California from $16.50 to $19.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Finally, Raymond James raised their price target on Banc of California from $16.00 to $17.00 and gave the company an “outperform” 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 given a buy rating to the company. Based on data from MarketBeat.com, Banc of California currently has a consensus rating of “Hold” and an average price target of $17.30.

Banc of California Trading Down 1.8 %

Shares of Banc of California stock opened at $17.46 on Wednesday. The firm has a 50-day simple moving average of $15.30 and a two-hundred day simple moving average of $14.18. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.89. Banc of California, Inc. has a fifty-two week low of $11.36 and a fifty-two week high of $18.08. The company has a market cap of $2.77 billion, a P/E ratio of -4.09 and a beta of 1.13.

Banc of California (NYSE:BANC) last announced its earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.11. The business had revenue of $431.44 million during the quarter, compared to the consensus estimate of $229.46 million. Banc of California had a positive return on equity of 2.93% and a negative net margin of 20.75%. During the same period in the prior year, the company posted $0.30 EPS. As a group, equities analysts predict that Banc of California, Inc. will post 0.7 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The firm also recently declared 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. This represents a $0.40 annualized dividend and a dividend yield of 2.29%. The ex-dividend date of this dividend is Monday, December 16th. Banc of California’s dividend payout ratio is currently -9.37%.

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.