BNP Paribas Financial Markets Raises Position in Banc of California, Inc. (NYSE:BANC)

BNP Paribas Financial Markets increased its position in shares of Banc of California, Inc. (NYSE:BANC - Free Report) by 34.4% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 242,534 shares of the bank's stock after purchasing an additional 62,014 shares during the quarter. BNP Paribas Financial Markets owned 0.15% of Banc of California worth $3,573,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the company. Simplicity Wealth LLC purchased a new stake in shares of Banc of California in the 2nd quarter worth about $132,000. SG Americas Securities LLC lifted its holdings in shares of Banc of California by 380.1% in the second quarter. SG Americas Securities LLC now owns 48,650 shares of the bank's stock valued at $622,000 after purchasing an additional 38,516 shares in the last quarter. Assenagon Asset Management S.A. grew its position in shares of Banc of California by 36.8% in the second quarter. Assenagon Asset Management S.A. now owns 116,041 shares of the bank's stock valued at $1,483,000 after purchasing an additional 31,246 shares during the last quarter. Neo Ivy Capital Management purchased a new position in shares of Banc of California during the 2nd quarter worth approximately $2,953,000. Finally, Fifth Third Bancorp raised its position in shares of Banc of California by 146.3% during the 2nd quarter. Fifth Third Bancorp now owns 2,143 shares of the bank's stock worth $27,000 after purchasing an additional 1,273 shares during the last quarter. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

Banc of California Trading Down 0.9 %

Shares of BANC traded down $0.15 during mid-day trading on Thursday, reaching $16.94. The company had a trading volume of 3,335,254 shares, compared to its average volume of 2,341,624. Banc of California, Inc. has a fifty-two week low of $11.88 and a fifty-two week high of $18.08. The firm has a fifty day simple moving average of $15.62 and a 200-day simple moving average of $14.33. The stock has a market cap of $2.69 billion, a price-to-earnings ratio of -4.00 and a beta of 1.14. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31.

Banc of California (NYSE:BANC - Get Free Report) last posted its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.14 by $0.11. The firm 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 quarter in the previous year, the business earned $0.30 earnings per share. On average, sell-side analysts anticipate that Banc of California, Inc. will post 0.7 EPS 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. Investors of record on Monday, December 16th will be issued a $0.10 dividend. The ex-dividend date is Monday, December 16th. This represents a $0.40 annualized dividend and a yield of 2.36%. Banc of California's payout ratio is -9.37%.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Citigroup started coverage on Banc of California in a report on Thursday, October 10th. They set a "neutral" rating and a $15.00 target price on the stock. Barclays increased their price objective on Banc of California from $18.00 to $20.00 and gave the company an "overweight" rating in a research note on Thursday. 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 research note on Wednesday, October 23rd. Raymond James upped 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. Finally, Truist Financial lifted their price target 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 equities research 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's stock. According to MarketBeat.com, Banc of California presently has an average rating of "Hold" and an average price target of $17.80.

Banc of California 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.