Thrivent Financial for Lutherans Reduces Stake in Banc of California, Inc. (NYSE:BANC)

Thrivent Financial for Lutherans reduced its stake in shares of Banc of California, Inc. (NYSE:BANC) by 6.1% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 108,153 shares of the bank’s stock after selling 7,085 shares during the period. Thrivent Financial for Lutherans owned about 0.07% of Banc of California worth $1,593,000 at the end of the most recent reporting period.

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

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on BANC. Wedbush increased their target price on shares of Banc of California from $18.00 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Stephens lifted 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 research note on Thursday, October 24th. Wells Fargo & Company boosted their target price on shares of Banc of California from $16.00 to $17.00 and gave the company an “equal weight” rating in a report on Wednesday, October 23rd. Raymond James lifted their price target 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. Finally, Truist Financial increased their price objective 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 equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Banc of California currently has an average rating of “Hold” and a consensus price target of $17.30.

Insider Transactions at Banc of California

In related news, Director Richard J. Lashley sold 75,000 shares of the business’s stock in a transaction that occurred 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 sale, the director now owns 719,826 shares in the company, valued at $10,077,564. The trade was a 9.44 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 7.37% of the stock is currently owned by insiders.

Banc of California Price Performance

Shares of NYSE BANC opened at $17.26 on Friday. The stock’s 50-day simple moving average is $15.45 and its two-hundred day simple moving average is $14.24. Banc of California, Inc. has a twelve month low of $11.36 and a twelve month high of $18.08. The firm has a market capitalization of $2.74 billion, a P/E ratio of -4.04 and a beta of 1.13. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31.

Banc of California (NYSE:BANC) last posted its quarterly earnings data 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. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%. The company had revenue of $431.44 million for the quarter, compared to analysts’ expectations of $229.46 million. During the same period in the prior year, the business earned $0.30 earnings per share. As a group, 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 disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date 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.