Banc of California, Inc. (NYSE:BANC) Shares Bought by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. raised its position in Banc of California, Inc. (NYSE:BANC) by 150.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 61,118 shares of the bank’s stock after acquiring an additional 36,683 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Banc of California were worth $821,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the company. New York State Teachers Retirement System grew its position in shares of Banc of California by 510.7% during the fourth quarter. New York State Teachers Retirement System now owns 79,808 shares of the bank’s stock worth $1,072,000 after buying an additional 66,739 shares in the last quarter. Arizona State Retirement System grew its position in shares of Banc of California by 183.7% during the fourth quarter. Arizona State Retirement System now owns 41,870 shares of the bank’s stock worth $562,000 after buying an additional 27,110 shares in the last quarter. MBA Advisors LLC acquired a new stake in shares of Banc of California during the fourth quarter worth approximately $348,000. JCSD Capital LLC grew its position in shares of Banc of California by 76.0% during the fourth quarter. JCSD Capital LLC now owns 243,117 shares of the bank’s stock worth $3,265,000 after buying an additional 105,000 shares in the last quarter. Finally, State of Alaska Department of Revenue grew its position in shares of Banc of California by 146.2% during the fourth quarter. State of Alaska Department of Revenue now owns 80,463 shares of the bank’s stock worth $1,080,000 after buying an additional 47,787 shares in the last quarter. Institutional investors and hedge funds own 86.88% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on BANC shares. StockNews.com started coverage on shares of Banc of California in a research report on Monday, January 29th. They set a “hold” rating for the company. Barclays reduced their price objective on Banc of California from $16.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Wednesday. Keefe, Bruyette & Woods upgraded Banc of California from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $16.00 to $18.00 in a research note on Friday, March 22nd. Wells Fargo & Company raised their price objective on Banc of California from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 10th. Finally, Truist Financial restated a “hold” rating and set a $16.00 price objective on shares of Banc of California in a research note on Monday, April 1st. 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 data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $16.92.

Insider Buying and Selling

In other news, Director Richard J. Lashley bought 10,000 shares of the stock in a transaction that occurred on Thursday, February 29th. The shares were purchased at an average cost of $21.40 per share, with a total value of $214,000.00. Following the completion of the acquisition, the director now directly owns 10,000 shares in the company, valued at $214,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 7.37% of the stock is owned by corporate insiders.

Banc of California Price Performance

Shares of BANC opened at $14.08 on Thursday. The firm has a market capitalization of $2.21 billion, a price-to-earnings ratio of -4.46 and a beta of 1.15. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.90. Banc of California, Inc. has a one year low of $9.72 and a one year high of $16.08. The stock’s fifty day moving average is $14.49 and its 200-day moving average is $13.32.

Banc of California (NYSE:BANC) last issued its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.07). The business had revenue of $522.57 million for the quarter, compared to analyst estimates of $296.02 million. Banc of California had a negative net margin of 44.04% and a positive return on equity of 1.14%. During the same period last year, the business posted $0.37 earnings per share. Equities analysts anticipate that Banc of California, Inc. will post 1.5 EPS for the current year.

Banc of California Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.84%. The ex-dividend date of this dividend was Thursday, March 14th. Banc of California’s payout ratio is currently -12.66%.

Banc of California 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.