Basswood Capital Management L.L.C. Boosts Stake in Banc of California, Inc. (NYSE:BANC)

Basswood Capital Management L.L.C. grew its stake in Banc of California, Inc. (NYSE:BANC - Free Report) by 589.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,732,894 shares of the bank's stock after purchasing an additional 1,481,692 shares during the quarter. Banc of California comprises about 1.3% of Basswood Capital Management L.L.C.'s holdings, making the stock its 28th biggest holding. Basswood Capital Management L.L.C. owned about 1.09% of Banc of California worth $25,526,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. GAMMA Investing LLC lifted its stake in shares of Banc of California by 32.3% in the 3rd quarter. GAMMA Investing LLC now owns 3,005 shares of the bank's stock worth $44,000 after purchasing an additional 734 shares during the period. Crescent Grove Advisors LLC raised its position in shares of Banc of California by 0.8% during the third quarter. Crescent Grove Advisors LLC now owns 98,420 shares of the bank's stock valued at $1,460,000 after buying an additional 772 shares during the last quarter. FMR LLC raised its position in shares of Banc of California by 5.8% during the third quarter. FMR LLC now owns 20,659 shares of the bank's stock valued at $304,000 after buying an additional 1,126 shares during the last quarter. Louisiana State Employees Retirement System raised its position in shares of Banc of California by 1.7% during the second quarter. Louisiana State Employees Retirement System now owns 69,800 shares of the bank's stock valued at $892,000 after buying an additional 1,200 shares during the last quarter. Finally, Fifth Third Bancorp grew its holdings in shares of Banc of California by 146.3% in 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 in the last quarter. 86.88% of the stock is currently owned by institutional investors.

Banc of California Stock Performance

NYSE BANC traded down $0.03 during trading hours on Monday, reaching $17.20. The stock had a trading volume of 709,343 shares, compared to its average volume of 2,342,348. 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 52-week low of $11.88 and a 52-week high of $18.08. The stock has a fifty day moving average of $15.49 and a 200 day moving average of $14.27. The stock has a market cap of $2.73 billion, a P/E ratio of -4.00 and a beta of 1.13.

Banc of California (NYSE:BANC - Get Free Report) last released its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.25 EPS for the quarter, topping the consensus estimate of $0.14 by $0.11. The business had revenue of $431.44 million for the quarter, compared to analyst estimates 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 quarter in the prior year, the firm posted $0.30 EPS. Sell-side analysts predict that Banc of California, Inc. will post 0.7 earnings per share for the current 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 issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.33%. The ex-dividend date is Monday, December 16th. Banc of California's dividend payout ratio is presently -9.37%.

Insider Transactions at Banc of California

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of the stock in a transaction dated 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 sale, the director now owns 719,826 shares of the company's stock, valued at $10,077,564. This trade represents a 9.44 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 7.37% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on BANC. Raymond James raised their target price on shares of Banc of California from $16.00 to $17.00 and gave the company an "outperform" rating in a report on Wednesday, October 23rd. 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 research report on Friday, September 20th. Citigroup initiated coverage on Banc of California in a report on Thursday, October 10th. They issued a "neutral" rating and a $15.00 price objective for the company. Wedbush lifted their price objective on Banc of California from $18.00 to $19.00 and gave the company an "outperform" rating in a report on Wednesday, October 23rd. Finally, Stephens boosted their target price on shares of Banc of California from $15.00 to $16.00 and gave the stock an "equal weight" rating in a report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $17.30.

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.