GSA Capital Partners LLP Lowers Stock Position in Banc of California, Inc. (NYSE:BANC)

GSA Capital Partners LLP trimmed its holdings in shares of Banc of California, Inc. (NYSE:BANC - Free Report) by 62.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 26,454 shares of the bank's stock after selling 44,248 shares during the period. GSA Capital Partners LLP's holdings in Banc of California were worth $390,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of Banc of California by 17.6% during the 1st quarter. Vanguard Group Inc. now owns 10,597,751 shares of the bank's stock worth $161,192,000 after buying an additional 1,582,941 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in shares of Banc of California by 394.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 331,076 shares of the bank's stock worth $5,037,000 after buying an additional 264,070 shares in the last quarter. Redwood Investment Management LLC purchased a new position in shares of Banc of California in the first quarter worth about $630,000. Capital Research Global Investors purchased a new position in shares of Banc of California in the first quarter worth about $32,618,000. Finally, Seven Eight Capital LP acquired a new position in Banc of California during the second quarter worth about $549,000. 86.88% of the stock is owned by hedge funds and other institutional investors.

Banc of California Trading Up 3.6 %

BANC traded up $0.59 during mid-day trading on Friday, hitting $16.95. 3,043,942 shares of the stock were exchanged, compared to its average volume of 2,352,347. The firm's fifty day moving average is $15.23 and its two-hundred day moving average is $14.17. Banc of California, Inc. has a 1-year low of $11.36 and a 1-year high of $16.95. The company has a market cap of $2.69 billion, a PE ratio of -3.97 and a beta of 1.13. 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 issued its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share (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 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 earned $0.30 earnings per share. Equities analysts forecast that Banc of California, Inc. will post 0.7 earnings per share for the current fiscal year.

Banc of California Announces Dividend

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 paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.36%. The ex-dividend date is Monday, December 16th. Banc of California's payout ratio is presently -9.37%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on BANC. 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 research note on Wednesday, October 23rd. Wedbush raised their target price 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. Citigroup initiated coverage on shares of Banc of California in a research report on Thursday, October 10th. They set a "neutral" rating and a $15.00 price target on the stock. Truist Financial boosted their target price on shares of Banc of California from $15.00 to $16.00 and gave the company a "hold" rating in a report on Friday, September 20th. Finally, Stephens raised their price target 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 equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $17.30.

Insider Transactions at Banc of California

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of Banc of California stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $14.00, for a total transaction 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 7.37% of the company's stock.

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.