Rockefeller Capital Management L.P. Lowers Position in Banc of California, Inc. (NYSE:BANC)

Rockefeller Capital Management L.P. trimmed its position in shares of Banc of California, Inc. (NYSE:BANC - Free Report) by 55.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 32,287 shares of the bank's stock after selling 40,540 shares during the period. Rockefeller Capital Management L.P.'s holdings in Banc of California were worth $476,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. American Century Companies Inc. raised its holdings in Banc of California by 25.9% in the 2nd quarter. American Century Companies Inc. now owns 3,222,376 shares of the bank's stock worth $41,182,000 after purchasing an additional 663,061 shares in the last quarter. Hodges Capital Management Inc. raised its stake in Banc of California by 13.6% in the second quarter. Hodges Capital Management Inc. now owns 1,986,246 shares of the bank's stock worth $25,384,000 after buying an additional 238,242 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake 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 in the last quarter. Assenagon Asset Management S.A. lifted its holdings in Banc of California by 461.6% in the third quarter. Assenagon Asset Management S.A. now owns 651,695 shares of the bank's stock worth $9,599,000 after buying an additional 535,654 shares during the period. Finally, Sei Investments Co. boosted its position in Banc of California by 5.7% during the 2nd quarter. Sei Investments Co. now owns 535,193 shares of the bank's stock valued at $6,840,000 after acquiring an additional 28,991 shares in the last quarter. 86.88% of the stock is owned by institutional investors.

Analysts Set New Price Targets

BANC has been the subject of several research reports. Wells Fargo & Company increased their target price on Banc of California from $16.00 to $17.00 and gave the stock an "equal weight" rating in a research report on Wednesday, October 23rd. DA Davidson raised their price objective on Banc of California from $16.50 to $19.00 and gave the company a "buy" rating in a research report on Wednesday, October 23rd. Barclays upped their target price on shares of Banc of California from $18.00 to $20.00 and gave the stock an "overweight" rating in a research report on Thursday, December 5th. Wedbush lifted their price target on shares of Banc of California from $18.00 to $19.00 and gave the company an "outperform" rating in a research report on Wednesday, October 23rd. Finally, Truist Financial upped their price objective on shares of Banc of California from $15.00 to $16.00 and gave the stock a "hold" rating in a report on Friday, September 20th. One 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 MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $17.80.

Banc of California Stock Up 1.2 %

Shares of NYSE:BANC traded up $0.20 during trading on Wednesday, reaching $16.99. 1,882,099 shares of the stock traded hands, compared to its average volume of 2,328,417. The stock has a market cap of $2.70 billion, a P/E ratio of -3.98 and a beta of 1.14. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.89. The stock has a 50-day moving average of $15.87 and a two-hundred day moving average of $14.42. Banc of California, Inc. has a 52-week low of $11.88 and a 52-week high of $18.08.

Banc of California (NYSE:BANC - Get Free Report) last issued its earnings results on Tuesday, October 22nd. The bank reported $0.25 EPS for the quarter, beating the consensus estimate 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 business had revenue of $431.44 million for the quarter, compared to the consensus estimate of $229.46 million. During the same period last year, the business posted $0.30 EPS. As a group, sell-side analysts expect 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 announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date of this dividend is Monday, December 16th. Banc of California's dividend payout ratio (DPR) is -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.