Louisiana State Employees Retirement System Has $892,000 Holdings in Banc of California, Inc. (NYSE:BANC)

Louisiana State Employees Retirement System increased its position in shares of Banc of California, Inc. (NYSE:BANC) by 1.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 69,800 shares of the bank’s stock after buying an additional 1,200 shares during the period. Louisiana State Employees Retirement System’s holdings in Banc of California were worth $892,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BANC. Vanguard Group Inc. lifted its position in shares of Banc of California by 143.4% in the fourth quarter. Vanguard Group Inc. now owns 9,014,810 shares of the bank’s stock valued at $121,069,000 after buying an additional 5,311,842 shares during the last quarter. Capital Research Global Investors acquired a new stake in Banc of California during the 1st quarter valued at $32,618,000. Bayview Asset Management LLC bought a new position in Banc of California during the fourth quarter worth $27,297,000. Goldman Sachs Group Inc. increased its holdings in shares of Banc of California by 148.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,997,802 shares of the bank’s stock valued at $40,260,000 after purchasing an additional 1,791,992 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its position in shares of Banc of California by 345.6% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,291,541 shares of the bank’s stock valued at $30,775,000 after purchasing an additional 1,777,330 shares during the period. 86.88% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts recently commented on BANC shares. Truist Financial lifted their target price on shares of Banc of California from $13.00 to $15.00 and gave the stock a “hold” rating in a report on Wednesday, July 24th. Stephens decreased their target price on Banc of California from $15.00 to $14.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 24th. DA Davidson dropped their price target on Banc of California from $20.00 to $17.50 and set a “buy” rating for the company in a report on Wednesday, May 15th. Piper Sandler reduced their price target on Banc of California from $20.00 to $19.00 and set an “overweight” rating for the company in a research note on Monday, May 13th. Finally, Wells Fargo & Company lowered 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 report on Tuesday, July 9th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Banc of California has an average rating of “Hold” and an average price target of $15.69.

Banc of California Price Performance

Shares of NYSE BANC opened at $14.31 on Thursday. The business has a fifty day moving average price of $13.43 and a two-hundred day moving average price of $13.92. The stock has a market capitalization of $2.25 billion, a PE ratio of -4.30 and a beta of 1.14. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.83. Banc of California, Inc. has a fifty-two week low of $9.96 and a fifty-two week high of $15.54.

Banc of California (NYSE:BANC) last posted its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.09). The firm had revenue of $492.38 million for the quarter, compared to the consensus estimate of $271.42 million. Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. During the same period in the prior year, the company earned $0.32 EPS. As a group, equities analysts predict that Banc of California, Inc. will post 0.68 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 16th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.40 dividend on an annualized basis and a yield of 2.80%. Banc of California’s dividend payout ratio (DPR) is -12.01%.

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.