Banc of California, Inc. (NYSE:BANC) Shares Sold by Hotchkis & Wiley Capital Management LLC

Hotchkis & Wiley Capital Management LLC decreased its stake in Banc of California, Inc. (NYSE:BANC - Free Report) by 52.5% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 435,275 shares of the bank's stock after selling 481,510 shares during the quarter. Hotchkis & Wiley Capital Management LLC owned about 0.27% of Banc of California worth $6,412,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. Basswood Capital Management L.L.C. raised its position in Banc of California by 589.8% during the third quarter. Basswood Capital Management L.L.C. now owns 1,732,894 shares of the bank's stock valued at $25,526,000 after acquiring an additional 1,481,692 shares in the last quarter. Verition Fund Management LLC raised its holdings in Banc of California by 93.2% in the 3rd quarter. Verition Fund Management LLC now owns 2,476,387 shares of the bank's stock valued at $36,477,000 after acquiring an additional 1,194,839 shares during the last quarter. Azora Capital LP purchased a new position in Banc of California in the 3rd quarter worth approximately $12,494,000. American Century Companies Inc. boosted its holdings in shares of Banc of California by 25.9% during 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 during the last quarter. Finally, Assenagon Asset Management S.A. grew its position in shares of 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 valued at $9,599,000 after purchasing an additional 535,654 shares in the last quarter. Hedge funds and other institutional investors own 86.88% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. Truist Financial boosted their price target on shares of Banc of California from $15.00 to $16.00 and gave the stock a "hold" rating in a research note on Friday, September 20th. Keefe, Bruyette & Woods increased their target price on shares of Banc of California from $17.50 to $20.00 and gave the stock an "outperform" rating in a report on Wednesday. Barclays boosted their price target on shares of Banc of California from $18.00 to $20.00 and gave the stock an "overweight" rating in a research note on Thursday. DA Davidson increased their price objective on Banc of California from $16.50 to $19.00 and gave the company a "buy" rating in a research note on Wednesday, October 23rd. Finally, Stephens boosted their target price on Banc of California from $15.00 to $16.00 and gave the stock an "equal weight" rating in a research note on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $17.80.

Banc of California Price Performance

Shares of NYSE:BANC traded up $0.13 during midday trading on Friday, hitting $17.06. 1,337,063 shares of the stock were exchanged, compared to its average volume of 2,337,977. The stock has a market cap of $2.71 billion, a P/E ratio of -3.97 and a beta of 1.14. Banc of California, Inc. has a twelve month low of $11.88 and a twelve month high of $18.08. The company has a 50 day moving average price of $15.66 and a 200-day moving average price of $14.35. 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 released its quarterly 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 negative net margin of 20.75% and a positive return on equity of 2.93%. The business had revenue of $431.44 million for the quarter, compared to analyst estimates of $229.46 million. During the same period in the prior year, the business earned $0.30 earnings per share. On average, research analysts forecast that Banc of California, Inc. will post 0.7 earnings per share for the current year.

Banc of California Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 16th will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date of this dividend is Monday, December 16th. Banc of California's payout ratio is currently -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.