Banc of California, Inc. (NYSE:BANC) Shares Acquired by New York State Teachers Retirement System

New York State Teachers Retirement System grew its position in Banc of California, Inc. (NYSE:BANC) by 510.7% during the 4th quarter, HoldingsChannel.com reports. The firm owned 79,808 shares of the bank’s stock after acquiring an additional 66,739 shares during the quarter. New York State Teachers Retirement System’s holdings in Banc of California were worth $1,072,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Versant Capital Management Inc lifted its stake in shares of Banc of California by 2,466.2% in the 4th quarter. Versant Capital Management Inc now owns 1,899 shares of the bank’s stock valued at $26,000 after purchasing an additional 1,825 shares in the last quarter. Anchor Investment Management LLC acquired a new position in Banc of California during the 4th quarter worth approximately $44,000. Tower Research Capital LLC TRC lifted its position in Banc of California by 34.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,148 shares of the bank’s stock worth $48,000 after acquiring an additional 1,067 shares in the last quarter. Quantbot Technologies LP lifted its position in Banc of California by 158.3% during the 2nd quarter. Quantbot Technologies LP now owns 3,100 shares of the bank’s stock worth $54,000 after acquiring an additional 1,900 shares in the last quarter. Finally, Point72 Middle East FZE acquired a new position in Banc of California during the 4th quarter worth approximately $54,000. 86.88% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director James Andrew Barker purchased 10,000 shares of the stock in a transaction dated Wednesday, February 14th. The stock was acquired at an average cost of $13.16 per share, for a total transaction of $131,600.00. Following the acquisition, the director now owns 159,680 shares of the company’s stock, valued at $2,101,388.80. The acquisition was disclosed in a filing with the SEC, which is available at this link. Company insiders own 2.80% of the company’s stock.

Banc of California Price Performance

BANC stock opened at $13.82 on Thursday. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.32. Banc of California, Inc. has a 52-week low of $9.72 and a 52-week high of $16.08. The stock’s 50 day moving average is $14.44 and its two-hundred day moving average is $13.25. The company has a market capitalization of $2.17 billion, a PE ratio of -4.37 and a beta of 1.15.

Banc of California (NYSE:BANC) last posted its quarterly earnings data on Thursday, January 25th. The bank reported ($4.55) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($4.27). Banc of California had a positive return on equity of 1.14% and a negative net margin of 44.04%. The business had revenue of $193.06 million for the quarter, compared to analysts’ expectations of $163.11 million. During the same quarter in the prior year, the firm earned $0.45 earnings per share. Analysts predict that Banc of California, Inc. will post 1.5 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were issued a $0.10 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.90%. Banc of California’s dividend payout ratio (DPR) is -12.66%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Wells Fargo & Company boosted their price target on Banc of California from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 10th. Wedbush boosted their price target on Banc of California from $14.00 to $16.00 and gave the stock a “neutral” rating in a research report on Friday, January 26th. Barclays assumed coverage on Banc of California in a research report on Friday, March 8th. They set an “equal weight” rating and a $16.00 price target on the stock. Truist Financial reissued a “hold” rating and set a $16.00 price target on shares of Banc of California in a research report on Monday, April 1st. Finally, Keefe, Bruyette & Woods raised Banc of California from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $16.00 to $18.00 in a research report on Friday, March 22nd. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $17.07.

Banc of California Company Profile

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.