Systematic Financial Management LP Invests $1.18 Million in Banc of California, Inc. (NYSE:BANC)

Systematic Financial Management LP bought a new stake in Banc of California, Inc. (NYSE:BANC - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 80,035 shares of the bank's stock, valued at approximately $1,179,000. Systematic Financial Management LP owned approximately 0.05% of Banc of California at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. American Century Companies Inc. boosted its stake 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 acquiring an additional 663,061 shares in the last quarter. Verition Fund Management LLC boosted its stake in shares of Banc of California by 93.2% during the 3rd quarter. Verition Fund Management LLC now owns 2,476,387 shares of the bank's stock worth $36,477,000 after acquiring an additional 1,194,839 shares in the last quarter. Hodges Capital Management Inc. boosted its stake in shares of Banc of California by 13.6% during the 2nd quarter. Hodges Capital Management Inc. now owns 1,986,246 shares of the bank's stock worth $25,384,000 after acquiring an additional 238,242 shares in the last quarter. Basswood Capital Management L.L.C. boosted its stake in shares of Banc of California by 589.8% during the 3rd quarter. Basswood Capital Management L.L.C. now owns 1,732,894 shares of the bank's stock worth $25,526,000 after acquiring an additional 1,481,692 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Banc of California by 3.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,233,452 shares of the bank's stock worth $18,169,000 after acquiring an additional 44,951 shares in the last quarter. Hedge funds and other institutional investors own 86.88% of the company's stock.

Banc of California Stock Performance

Banc of California stock traded up $0.13 during trading hours on Friday, hitting $17.06. The stock had a trading volume of 1,337,063 shares, compared to its average volume of 2,337,977. The company has a 50-day moving average of $15.66 and a two-hundred day moving average of $14.35. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31. The company has a market cap of $2.71 billion, a PE ratio of -4.00 and a beta of 1.14. Banc of California, Inc. has a fifty-two week low of $11.88 and a fifty-two week high of $18.08.

Banc of California (NYSE:BANC - Get Free Report) last posted 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. The firm had revenue of $431.44 million during the quarter, compared to analysts' expectations of $229.46 million. Banc of California had a positive return on equity of 2.93% and a negative net margin of 20.75%. During the same quarter in the prior year, the firm posted $0.30 EPS. On average, equities research analysts anticipate that Banc of California, Inc. will post 0.7 EPS for the current fiscal year.

Banc of California Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be issued a $0.10 dividend. The ex-dividend date is Monday, December 16th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.34%. Banc of California's payout ratio is presently -9.37%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on BANC shares. Wells Fargo & Company upped their price target on 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. DA Davidson boosted their price objective on Banc of California from $16.50 to $19.00 and gave the stock a "buy" rating in a research report on Wednesday, October 23rd. Keefe, Bruyette & Woods boosted their price objective on Banc of California from $17.50 to $20.00 and gave the stock an "outperform" rating in a research report on Wednesday. Citigroup started coverage on Banc of California in a research report on Thursday, October 10th. They set a "neutral" rating and a $15.00 price objective for the company. Finally, Truist Financial boosted 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. 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.com, Banc of California currently has a consensus rating of "Hold" and an average target price of $17.80.

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.