Janus Henderson Group PLC cut its position in Banc of California, Inc. (NYSE:BANC – Free Report) by 91.9% in the 1st quarter, Holdings Channel.com reports. The firm owned 61,448 shares of the bank’s stock after selling 697,009 shares during the period. Janus Henderson Group PLC’s holdings in Banc of California were worth $1,081,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in BANC. Triumph Capital Management bought a new stake in shares of Banc of California during the third quarter worth about $25,000. Navalign LLC bought a new position in Banc of California in the 4th quarter valued at approximately $27,000. Orion Capital Management LLC acquired a new stake in Banc of California during the 4th quarter worth approximately $35,000. Advisory Services Network LLC acquired a new stake in Banc of California during the 3rd quarter worth approximately $36,000. Finally, EverSource Wealth Advisors LLC grew its holdings in Banc of California by 38.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank’s stock worth $39,000 after acquiring an additional 564 shares during the last quarter. 86.88% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several equities analysts have issued reports on BANC shares. Citigroup decreased their price target on shares of Banc of California from $23.50 to $22.00 and set a “buy” rating for the company in a research report on Friday, July 31st. Barclays cut their price target on shares of Banc of California from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Monday, August 3rd. Piper Sandler increased their price objective on Banc of California from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Monday, April 27th. Brean Capital downgraded Banc of California from a “buy” rating to a “neutral” rating in a report on Thursday, July 30th. Finally, DA Davidson reaffirmed a “buy” rating and set a $24.00 target price on shares of Banc of California in a research report on Tuesday, April 28th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Banc of California currently has a consensus rating of “Moderate Buy” and an average price target of $22.62.
Insider Buying and Selling at Banc of California
In other news, insider Olivia I. Lindsay sold 6,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $19.50, for a total transaction of $117,000.00. Following the transaction, the insider directly owned 32,842 shares of the company’s stock, valued at $640,419. This represents a 15.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.78% of the stock is owned by insiders.
Banc of California Stock Performance
Shares of BANC opened at $18.92 on Tuesday. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.89 and a quick ratio of 0.86. The stock has a 50-day moving average of $20.13 and a 200-day moving average of $19.22. The company has a market cap of $2.92 billion, a PE ratio of -45.05 and a beta of 0.74. Banc of California, Inc. has a one year low of $14.35 and a one year high of $21.93.
Banc of California (NYSE:BANC – Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The bank reported ($1.61) earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($2.01). The firm had revenue of $16.41 million for the quarter, compared to analyst estimates of $295.32 million. Banc of California had a positive return on equity of 7.98% and a negative net margin of 1.44%.The firm’s quarterly revenue was down 94.0% compared to the same quarter last year. During the same period last year, the company posted $0.31 earnings per share. On average, equities research analysts predict that Banc of California, Inc. will post 1.68 EPS for the current fiscal year.
Banc of California Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be issued a dividend of $0.12 per share. The ex-dividend date is Tuesday, September 15th. This represents a $0.48 annualized dividend and a dividend yield of 2.5%. Banc of California’s payout ratio is currently -114.29%.
Banc of California Company Profile
Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.
Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.
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