Banc of California, Inc. (NYSE:BANC) is PL Capital Advisors LLC's 2nd Largest Position

PL Capital Advisors LLC decreased its position in Banc of California, Inc. (NYSE:BANC - Free Report) by 6.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,024,219 shares of the bank's stock after selling 200,000 shares during the period. Banc of California makes up approximately 15.0% of PL Capital Advisors LLC's holdings, making the stock its 2nd biggest position. PL Capital Advisors LLC owned 1.92% of Banc of California worth $44,547,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of BANC. Fifth Third Bancorp raised its stake 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 worth $27,000 after purchasing an additional 1,273 shares during the last quarter. Future Financial Wealth Managment LLC purchased a new position in Banc of California in the 3rd quarter worth about $29,000. GAMMA Investing LLC lifted its stake in Banc of California by 32.3% during the 3rd quarter. GAMMA Investing LLC now owns 3,005 shares of the bank's stock valued at $44,000 after acquiring an additional 734 shares during the period. Mendon Capital Advisors Corp purchased a new stake in shares of Banc of California during the 2nd quarter valued at about $102,000. Finally, Simplicity Wealth LLC bought a new stake in shares of Banc of California in the second quarter worth approximately $132,000. 86.88% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on BANC shares. Wells Fargo & Company increased their price objective on shares of Banc of California from $16.00 to $17.00 and gave the company an "equal weight" rating in a research report on Wednesday, October 23rd. Barclays upgraded Banc of California from an "equal weight" rating to an "overweight" rating and raised their price target for the stock from $17.00 to $18.00 in a research note on Thursday. Wedbush upped their price objective on Banc of California from $18.00 to $19.00 and gave the company an "outperform" rating in a research report on Wednesday, October 23rd. Truist Financial raised 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. Finally, Stephens upped their price target on shares of Banc of California from $15.00 to $16.00 and gave the company an "equal weight" rating in a research report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $17.30.

Insider Buying and Selling

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of the business's stock in a transaction that occurred on 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 transaction, the director now owns 719,826 shares in the company, valued at $10,077,564. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 7.37% of the stock is currently owned by corporate insiders.

Banc of California Price Performance

Shares of NYSE:BANC traded down $0.06 during trading on Friday, hitting $15.30. 1,511,799 shares of the company's stock were exchanged, compared to its average volume of 2,253,925. The business's 50-day simple moving average is $14.61 and its 200 day simple moving average is $13.95. The company has a market cap of $2.43 billion, a price-to-earnings ratio of -3.58 and a beta of 1.13. Banc of California, Inc. has a 52-week low of $11.10 and a 52-week high of $16.01. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89.

Banc of California (NYSE:BANC - Get Free Report) last released its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.11. The firm 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 last year, the business posted $0.30 earnings per share. As a group, equities analysts predict that Banc of California, Inc. will post 0.7 EPS for the current year.

Banc of California Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 16th were paid a dividend of $0.10 per share. The ex-dividend date was Monday, September 16th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.61%. Banc of California's dividend payout ratio is presently -9.37%.

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.