Banc of California, Inc. (NYSE:BANC) Shares Sold by Royce & Associates LP

Royce & Associates LP trimmed its holdings in shares of Banc of California, Inc. (NYSE:BANC - Free Report) by 10.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,423,118 shares of the bank's stock after selling 164,845 shares during the quarter. Royce & Associates LP owned 0.90% of Banc of California worth $20,963,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of BANC. Fifth Third Bancorp lifted its stake in Banc of California by 146.3% during 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 in the last quarter. Future Financial Wealth Managment LLC acquired a new position in Banc of California during the 3rd quarter worth about $29,000. GAMMA Investing LLC grew its position in Banc of California by 32.3% in 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 in the last quarter. Mendon Capital Advisors Corp acquired a new position in Banc of California in the 2nd quarter valued at about $102,000. Finally, Simplicity Wealth LLC purchased a new stake in Banc of California during the second quarter worth about $132,000. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. Barclays raised shares of Banc of California from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $17.00 to $18.00 in a research note on Thursday, October 31st. Wells Fargo & Company raised their price target 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. Truist Financial upped their price objective 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. Wedbush lifted their target price on Banc of California from $18.00 to $19.00 and gave the company an "outperform" rating in a report on Wednesday, October 23rd. Finally, Citigroup assumed coverage on Banc of California in a report on Thursday, October 10th. They set a "neutral" rating and a $15.00 price target on the stock. One 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 stock. According to MarketBeat.com, Banc of California presently has an average rating of "Hold" and a consensus price target of $17.30.

Insider Activity 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 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 transaction, the director now owns 719,826 shares of the company's stock, valued at $10,077,564. The trade was a 9.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 7.37% of the stock is owned by corporate insiders.

Banc of California Stock Down 0.4 %

Shares of NYSE:BANC traded down $0.07 on Friday, hitting $16.23. 1,533,328 shares of the company's stock were exchanged, compared to its average volume of 2,352,085. 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 1-year low of $11.36 and a 1-year high of $16.92. The company has a market capitalization of $2.58 billion, a PE ratio of -3.80 and a beta of 1.13. The firm's 50-day moving average is $15.00 and its 200 day moving average is $14.10.

Banc of California (NYSE:BANC - Get Free Report) last announced its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to the consensus estimate of $229.46 million. During the same period in the prior year, the company posted $0.30 earnings per share. Sell-side analysts predict that Banc of California, Inc. will post 0.71 EPS for the current year.

Banc of California Dividend Announcement

The business also recently declared 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. The ex-dividend date of this dividend is Monday, December 16th. This represents a $0.40 annualized dividend and a yield of 2.46%. Banc of California's dividend 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.