MBA Advisors LLC Invests $348,000 in Banc of California, Inc. (NYSE:BANC)

MBA Advisors LLC bought a new position in shares of Banc of California, Inc. (NYSE:BANCFree Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 25,913 shares of the bank’s stock, valued at approximately $348,000.

A number of other hedge funds also recently modified their holdings of BANC. Kennedy Capital Management LLC increased its position in shares of Banc of California by 262.8% in the second quarter. Kennedy Capital Management LLC now owns 1,624,188 shares of the bank’s stock worth $18,808,000 after purchasing an additional 1,176,525 shares during the period. Victory Capital Management Inc. increased its position in shares of Banc of California by 69.7% in the third quarter. Victory Capital Management Inc. now owns 1,876,594 shares of the bank’s stock worth $23,232,000 after purchasing an additional 770,938 shares during the period. Brandywine Global Investment Management LLC increased its position in shares of Banc of California by 290.3% in the third quarter. Brandywine Global Investment Management LLC now owns 727,452 shares of the bank’s stock worth $9,006,000 after purchasing an additional 541,052 shares during the period. Peregrine Capital Management LLC bought a new position in Banc of California in the third quarter valued at about $6,373,000. Finally, Massachusetts Financial Services Co. MA bought a new position in Banc of California in the third quarter valued at about $6,366,000. Institutional investors own 86.88% of the company’s stock.

Insider Buying and Selling

In related news, insider Robert G. Dyck sold 10,000 shares of Banc of California stock in a transaction that occurred on Tuesday, January 30th. The stock was sold at an average price of $14.97, for a total value of $149,700.00. Following the transaction, the insider now directly owns 24,979 shares of the company’s stock, valued at $373,935.63. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 7.37% of the stock is owned by insiders.

Banc of California Stock Performance

Shares of BANC stock opened at $15.21 on Monday. The business’s 50-day moving average price is $14.25 and its 200-day moving average price is $13.07. Banc of California, Inc. has a 12 month low of $9.72 and a 12 month high of $16.08. The firm has a market capitalization of $2.39 billion, a price-to-earnings ratio of -4.81 and a beta of 1.14. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32.

Banc of California (NYSE:BANCGet Free Report) last posted its quarterly earnings data on Thursday, January 25th. The bank reported ($4.55) EPS for the quarter, missing analysts’ consensus estimates of ($0.28) by ($4.27). The company had revenue of $193.06 million during the quarter, compared to analyst estimates of $163.11 million. Banc of California had a positive return on equity of 1.14% and a negative net margin of 44.04%. During the same period in the prior year, the firm earned $0.45 earnings per share. Equities research analysts forecast that Banc of California, Inc. will post 1.67 EPS for the current year.

Banc of California Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 1st. Investors of record on Friday, March 15th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.63%. The ex-dividend date is Thursday, March 14th. Banc of California’s dividend payout ratio is currently -12.66%.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Wedbush lifted their target price on Banc of California from $14.00 to $16.00 and gave the company a “neutral” rating in a research report on Friday, January 26th. Keefe, Bruyette & Woods upgraded Banc of California from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $16.00 to $18.00 in a research report on Friday, March 22nd. Barclays assumed coverage on Banc of California in a research report on Friday, March 8th. They issued an “equal weight” rating and a $16.00 target price on the stock. Truist Financial lifted their target price on Banc of California from $13.00 to $16.00 and gave the company a “hold” rating in a research report on Tuesday, January 30th. Finally, StockNews.com assumed coverage on Banc of California in a research report on Monday, January 29th. They issued a “hold” rating on the stock. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $16.71.

Read Our Latest Stock Analysis on BANC

About Banc of California

(Free Report)

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.

Further Reading

Want to see what other hedge funds are holding BANC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Banc of California, Inc. (NYSE:BANCFree Report).

Institutional Ownership by Quarter for Banc of California (NYSE:BANC)

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