Intech Investment Management LLC Buys Shares of 50,756 Banc of California, Inc. (NYSE:BANC)

Intech Investment Management LLC acquired a new position in Banc of California, Inc. (NYSE:BANC - Free Report) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 50,756 shares of the bank's stock, valued at approximately $748,000.

Several other institutional investors have also recently made changes to their positions in BANC. LMR Partners LLP acquired a new position in Banc of California in the third quarter valued at approximately $832,000. Natixis Advisors LLC increased its holdings in shares of Banc of California by 30.1% during the 3rd quarter. Natixis Advisors LLC now owns 81,187 shares of the bank's stock valued at $1,196,000 after purchasing an additional 18,779 shares in the last quarter. Empowered Funds LLC lifted its stake in shares of Banc of California by 3.3% in the 3rd quarter. Empowered Funds LLC now owns 206,345 shares of the bank's stock valued at $3,039,000 after purchasing an additional 6,562 shares during the period. Curi RMB Capital LLC boosted its holdings in Banc of California by 36.8% during the third quarter. Curi RMB Capital LLC now owns 300,000 shares of the bank's stock worth $4,419,000 after buying an additional 80,707 shares in the last quarter. Finally, Cable Hill Partners LLC grew its position in Banc of California by 12.6% during the third quarter. Cable Hill Partners LLC now owns 65,224 shares of the bank's stock valued at $967,000 after buying an additional 7,308 shares during the period. Hedge funds and other institutional investors own 86.88% of the company's stock.

Insiders Place Their Bets

In other news, Director Richard J. Lashley sold 75,000 shares of the company's stock in a transaction on 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 transaction, the director now owns 719,826 shares of the company's stock, valued at $10,077,564. This represents a 9.44 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 7.37% of the stock is owned by insiders.

Banc of California Price Performance

BANC stock traded down $0.07 during mid-day trading on Friday, reaching $17.23. The company's stock had a trading volume of 625,954 shares, compared to its average volume of 2,349,525. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. The company's 50 day moving average is $15.49 and its two-hundred day moving average is $14.27. Banc of California, Inc. has a fifty-two week low of $11.36 and a fifty-two week high of $18.08. The stock has a market cap of $2.74 billion, a PE ratio of -4.04 and a beta of 1.13.

Banc of California (NYSE:BANC - Get Free Report) last announced its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.25 EPS for the quarter, topping analysts' consensus estimates 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 firm had revenue of $431.44 million for the quarter, compared to the consensus estimate of $229.46 million. During the same quarter last year, the business posted $0.30 earnings per share. Equities research analysts expect that Banc of California, Inc. will post 0.7 EPS for the current year.

Banc of California Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 16th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.32%. The ex-dividend date of this dividend is Monday, December 16th. Banc of California's payout ratio is currently -9.37%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on BANC. Wells Fargo & Company increased their target price on shares of Banc of California from $16.00 to $17.00 and gave the stock an "equal weight" rating in a research note on Wednesday, October 23rd. Raymond James increased their price target on Banc of California from $16.00 to $17.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 23rd. Citigroup assumed coverage on Banc of California in a research report on Thursday, October 10th. They issued a "neutral" rating and a $15.00 price objective for the company. Barclays upgraded Banc of California from an "equal weight" rating to an "overweight" rating and increased their target price for the company from $17.00 to $18.00 in a research report on Thursday, October 31st. Finally, 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 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. According to MarketBeat, Banc of California presently has an average rating of "Hold" and an average target price of $17.30.

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.