56,493 Shares in Banc of California, Inc. (NYSE:BANC) Bought by LMR Partners LLP

LMR Partners LLP bought a new stake in shares of Banc of California, Inc. (NYSE:BANC - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 56,493 shares of the bank's stock, valued at approximately $832,000.

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

Analyst Ratings Changes

BANC has been the topic of several research analyst reports. DA Davidson raised their target price on shares of Banc of California from $16.50 to $19.00 and gave the stock a "buy" rating in a report on Wednesday, October 23rd. Truist Financial raised their price objective on Banc of California from $15.00 to $16.00 and gave the company a "hold" rating in a report on Friday, September 20th. Wedbush upped their price objective on Banc of California from $18.00 to $19.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 23rd. Wells Fargo & Company boosted their target price on shares of Banc of California from $16.00 to $17.00 and gave the stock an "equal weight" rating in a report on Wednesday, October 23rd. Finally, Citigroup initiated coverage on shares of Banc of California in a research note on Thursday, October 10th. They set a "neutral" rating and a $15.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $17.30.

Banc of California Trading Up 0.2 %

Banc of California stock traded up $0.03 during mid-day trading on Wednesday, reaching $16.07. 1,060,392 shares of the company traded hands, compared to its average volume of 2,349,006. The firm's 50 day moving average price is $15.08 and its 200 day moving average price is $14.13. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89. The firm has a market capitalization of $2.55 billion, a price-to-earnings ratio of -3.76 and a beta of 1.13. Banc of California, Inc. has a 52-week low of $11.36 and a 52-week high of $16.92.

Banc of California (NYSE:BANC - Get Free Report) last posted its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.25 EPS for the quarter, beating analysts' consensus estimates of $0.14 by $0.11. The firm had revenue of $431.44 million for the quarter, compared to analysts' expectations 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 company posted $0.30 earnings per share. On average, analysts anticipate that Banc of California, Inc. will post 0.71 earnings per share 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. Investors of record on Monday, December 16th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.49%. The ex-dividend date of this dividend is Monday, December 16th. Banc of California's dividend payout ratio is currently -9.37%.

Insider Transactions 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 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 directly owns 719,826 shares of the company's stock, valued at $10,077,564. The trade was a 9.44 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.80% of the company's stock.

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.