Amalgamated Bank Cuts Stock Holdings in Banc of California, Inc. (NYSE:BANC)

Amalgamated Bank lowered its holdings in shares of Banc of California, Inc. (NYSE:BANC) by 3.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 42,360 shares of the bank’s stock after selling 1,363 shares during the quarter. Amalgamated Bank’s holdings in Banc of California were worth $541,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the company. Hsbc Holdings PLC boosted its position in Banc of California by 447.5% in the 4th quarter. Hsbc Holdings PLC now owns 151,750 shares of the bank’s stock valued at $2,052,000 after buying an additional 124,034 shares during the period. Rafferty Asset Management LLC raised its stake in shares of Banc of California by 355.9% during the 4th quarter. Rafferty Asset Management LLC now owns 443,559 shares of the bank’s stock worth $5,957,000 after acquiring an additional 346,260 shares in the last quarter. Carmignac Gestion acquired a new position in Banc of California during the 4th quarter valued at approximately $2,152,000. Banc Funds Co. LLC increased its stake in Banc of California by 54.7% during the 4th quarter. Banc Funds Co. LLC now owns 1,048,229 shares of the bank’s stock valued at $14,078,000 after purchasing an additional 370,817 shares in the last quarter. Finally, Seven Eight Capital LP acquired a new position in Banc of California during the 4th quarter valued at approximately $557,000. Institutional investors own 86.88% of the company’s stock.

Insider Buying and Selling at Banc of California

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of the business’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total transaction of $1,050,000.00. Following the sale, the director now directly owns 719,826 shares in the company, valued at approximately $10,077,564. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 7.37% of the stock is currently owned by corporate insiders.

Banc of California Stock Down 0.2 %

Shares of Banc of California stock opened at $14.79 on Monday. The company has a quick ratio of 0.83, a current ratio of 0.89 and a debt-to-equity ratio of 0.32. Banc of California, Inc. has a 52-week low of $9.96 and a 52-week high of $15.54. The company has a 50 day moving average of $13.99 and a 200 day moving average of $13.90. The company has a market capitalization of $2.33 billion, a P/E ratio of -4.44 and a beta of 1.13.

Banc of California (NYSE:BANC) last announced its earnings results on Tuesday, July 23rd. The bank reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.09). The business had revenue of $492.38 million during the quarter, compared to analyst estimates of $271.42 million. Banc of California had a negative net margin of 21.99% and a positive return on equity of 2.12%. During the same period in the previous year, the firm earned $0.32 earnings per share. As a group, research analysts forecast that Banc of California, Inc. will post 0.59 EPS for the current fiscal year.

Banc of California Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th will be paid a $0.10 dividend. The ex-dividend date is Monday, September 16th. This represents a $0.40 annualized dividend and a yield of 2.70%. Banc of California’s dividend payout ratio is currently -12.01%.

Analysts Set New Price Targets

A number of analysts recently issued reports on BANC shares. Stephens reissued an “equal weight” rating and set a $14.00 price target on shares of Banc of California in a report on Wednesday, September 4th. Wedbush upgraded shares of Banc of California from a “neutral” rating to an “outperform” rating and increased their target price for the company from $14.00 to $18.00 in a research report on Tuesday, September 24th. Wells Fargo & Company reduced their target price on shares of Banc of California from $16.00 to $15.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 9th. Barclays raised their price objective on shares of Banc of California from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Friday. Finally, Raymond James raised shares of Banc of California from a “market perform” rating to an “outperform” rating and set a $16.00 target price for the company in a research note on Tuesday, September 17th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $16.50.

About Banc of California

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.