Banc of California, Inc. (NYSE:BANC) Shares Acquired by Quantbot Technologies LP

Quantbot Technologies LP boosted its holdings in Banc of California, Inc. (NYSE:BANC - Free Report) by 34.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 247,116 shares of the bank's stock after acquiring an additional 63,780 shares during the period. Quantbot Technologies LP owned 0.16% of Banc of California worth $3,640,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Future Financial Wealth Managment LLC purchased a new stake in shares of Banc of California during the third quarter worth about $29,000. Fifth Third Bancorp raised its holdings in Banc of California by 146.3% in the 2nd quarter. Fifth Third Bancorp now owns 2,143 shares of the bank's stock valued at $27,000 after acquiring an additional 1,273 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Banc of California by 32.3% during the 3rd quarter. GAMMA Investing LLC now owns 3,005 shares of the bank's stock worth $44,000 after purchasing an additional 734 shares during the period. Mendon Capital Advisors Corp acquired a new stake in shares of Banc of California during the second quarter worth $102,000. Finally, Simplicity Wealth LLC acquired a new stake in shares of Banc of California during the second quarter worth $132,000. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BANC has been the subject of a number of research analyst reports. DA Davidson upped their price objective on shares of Banc of California from $16.50 to $19.00 and gave the company a "buy" rating in a research note on Wednesday, October 23rd. Truist Financial upped 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 report on Friday, September 20th. Citigroup started coverage on shares of Banc of California in a report on Thursday, October 10th. They issued a "neutral" rating and a $15.00 price target on the stock. Barclays upgraded Banc of California from an "equal weight" rating to an "overweight" rating and upped their price objective for the stock from $17.00 to $18.00 in a report on Thursday, October 31st. Finally, Stephens lifted their target price on Banc of California from $15.00 to $16.00 and gave the company an "equal weight" rating in a report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $17.30.

Insiders Place Their Bets

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of the firm's stock in a transaction on Wednesday, September 4th. The shares were 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 directly owns 719,826 shares of the company's stock, valued at $10,077,564. This trade represents a 9.44 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.80% of the stock is currently owned by company insiders.

Banc of California Stock Down 0.9 %

Shares of BANC stock traded down $0.15 during trading hours on Thursday, reaching $17.30. The company had a trading volume of 1,629,060 shares, compared to its average volume of 2,357,018. The company has a market capitalization of $2.75 billion, a P/E ratio of -4.05 and a beta of 1.13. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.89. Banc of California, Inc. has a twelve month low of $11.36 and a twelve month high of $18.08. The stock's fifty day simple moving average is $15.41 and its 200 day simple moving average is $14.22.

Banc of California (NYSE:BANC - Get Free Report) last issued 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. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%. The company had revenue of $431.44 million during the quarter, compared to the consensus estimate of $229.46 million. During the same quarter last year, the company earned $0.30 earnings per share. As a group, sell-side analysts expect that Banc of California, Inc. will post 0.7 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Monday, December 16th. This represents a $0.40 dividend on an annualized basis and a yield of 2.31%. Banc of California's dividend payout ratio is currently -9.37%.

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.