Mutual of America Capital Management LLC Takes Position in Banc of California, Inc. (NYSE:BANC)

Mutual of America Capital Management LLC purchased a new stake in Banc of California, Inc. (NYSE:BANC) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 22,892 shares of the bank’s stock, valued at approximately $307,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Versant Capital Management Inc raised its position in shares of Banc of California by 2,466.2% in the fourth 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 during the period. Anchor Investment Management LLC bought a new stake in shares of Banc of California in the fourth quarter valued at approximately $44,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Banc of California in the third quarter valued at approximately $145,000. Commonwealth Equity Services LLC bought a new stake in shares of Banc of California in the third quarter valued at approximately $178,000. Finally, Highland Financial Advisors LLC bought a new stake in shares of Banc of California in the fourth quarter valued at approximately $207,000. Institutional investors own 86.88% of the company’s stock.

Banc of California Price Performance

BANC stock opened at $13.94 on Wednesday. Banc of California, Inc. has a one year low of $9.72 and a one year high of $16.08. The stock has a market cap of $2.19 billion, a PE ratio of -4.41 and a beta of 1.15. The firm has a 50 day simple moving average of $14.49 and a two-hundred day simple moving average of $13.32. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.90 and a quick ratio of 0.89.

Banc of California (NYSE:BANC) last announced its quarterly earnings data on Thursday, January 25th. The bank reported ($4.55) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.28) by ($4.27). Banc of California had a negative net margin of 44.04% and a positive return on equity of 1.14%. The business had revenue of $193.06 million during the quarter, compared to analysts’ expectations of $163.11 million. During the same period last year, the company posted $0.45 EPS. On average, analysts predict that Banc of California, Inc. will post 1.5 EPS 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. Shareholders of record on Friday, March 15th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.40 annualized dividend and a yield of 2.87%. Banc of California’s payout ratio is currently -12.66%.

Insider Buying and Selling at Banc of California

In other news, Director James Andrew Barker purchased 10,000 shares of the company’s stock in a transaction on Wednesday, February 14th. The stock was acquired at an average price of $13.16 per share, with a total value of $131,600.00. Following the transaction, the director now directly owns 159,680 shares of the company’s stock, valued at approximately $2,101,388.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.80% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts recently weighed in on BANC shares. Barclays started coverage on shares of Banc of California in a report on Friday, March 8th. They set an “equal weight” rating and a $16.00 target price on the stock. Wedbush upped their target price on shares of Banc of California from $14.00 to $16.00 and gave the stock a “neutral” rating in a report on Friday, January 26th. Truist Financial reaffirmed a “hold” rating and set a $16.00 target price on shares of Banc of California in a report on Monday, April 1st. StockNews.com started coverage on shares of Banc of California in a report on Monday, January 29th. They set a “hold” rating on the stock. Finally, Wells Fargo & Company upped their target price on shares of Banc of California from $14.00 to $16.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 10th. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, Banc of California currently has an average rating of “Hold” and an average target price 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.