33,208 Shares in Banc of California, Inc. (NYSE:BANC) Bought by Weiss Asset Management LP

Weiss Asset Management LP acquired a new stake in Banc of California, Inc. (NYSE:BANC - Free Report) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 33,208 shares of the bank's stock, valued at approximately $489,000.

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

Banc of California Price Performance

Shares of NYSE BANC traded down $0.02 during trading hours on Tuesday, reaching $16.79. 1,200,207 shares of the stock traded hands, compared to its average volume of 2,329,650. The company has a market capitalization of $2.67 billion, a P/E ratio of -3.94 and a beta of 1.14. The company's 50-day simple moving average is $15.75 and its two-hundred day simple moving average is $14.38. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31. Banc of California, Inc. has a 52-week low of $11.88 and a 52-week high of $18.08.

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

Banc of California Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be given a dividend of $0.10 per share. The ex-dividend date is Monday, December 16th. This represents a $0.40 annualized dividend and a yield of 2.38%. Banc of California's payout ratio is -9.37%.

Analysts Set New Price Targets

A number of brokerages have issued reports on BANC. Keefe, Bruyette & Woods boosted their target price on shares of Banc of California from $17.50 to $20.00 and gave the company an "outperform" rating in a report on Wednesday, December 4th. Citigroup started coverage on Banc of California in a research note on Thursday, October 10th. They set a "neutral" rating and a $15.00 price objective on the stock. Truist Financial lifted their target price on Banc of California from $15.00 to $16.00 and gave the company a "hold" rating in a report on Friday, September 20th. Wells Fargo & Company increased their price target on shares of Banc of California from $16.00 to $17.00 and gave the stock an "equal weight" rating in a report on Wednesday, October 23rd. Finally, DA Davidson boosted 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. One investment 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. Based on data from MarketBeat, the stock presently has an average 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.