Victory Capital Management Inc. Sells 2,356 Shares of Banc of California, Inc. (NYSE:BANC)

Victory Capital Management Inc. reduced its position in shares of Banc of California, Inc. (NYSE:BANC) by 8.1% in the third quarter, according to its most recent filing with the SEC. The fund owned 26,603 shares of the bank’s stock after selling 2,356 shares during the quarter. Victory Capital Management Inc.’s holdings in Banc of California were worth $392,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Banc of California by 17.6% during the 1st quarter. Vanguard Group Inc. now owns 10,597,751 shares of the bank’s stock valued at $161,192,000 after acquiring an additional 1,582,941 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Banc of California by 394.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 331,076 shares of the bank’s stock valued at $5,037,000 after acquiring an additional 264,070 shares during the last quarter. Seven Eight Capital LP bought a new position in shares of Banc of California during the 2nd quarter valued at approximately $549,000. Hodges Capital Management Inc. boosted its position in shares of Banc of California by 13.6% during the 2nd quarter. Hodges Capital Management Inc. now owns 1,986,246 shares of the bank’s stock valued at $25,384,000 after acquiring an additional 238,242 shares during the last quarter. Finally, Hollencrest Capital Management boosted its position in shares of Banc of California by 71.4% during the 2nd quarter. Hollencrest Capital Management now owns 107,842 shares of the bank’s stock valued at $1,378,000 after acquiring an additional 44,920 shares during the last quarter. 86.88% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Richard J. Lashley sold 75,000 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $14.00, for a total transaction of $1,050,000.00. Following the sale, the director now owns 719,826 shares of the company’s stock, valued at $10,077,564. This trade represents a 9.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 7.37% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on BANC. Wedbush increased their price target on Banc of California from $18.00 to $19.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. DA Davidson increased their price target on Banc of California from $16.50 to $19.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Truist Financial increased their price target on Banc of California from $15.00 to $16.00 and gave the company a “hold” rating in a report on Friday, September 20th. Raymond James increased their price target on Banc of California from $16.00 to $17.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Finally, Barclays upgraded Banc of California from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $17.00 to $18.00 in a report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $17.30.

Banc of California Stock Performance

Shares of Banc of California stock opened at $17.26 on Friday. The firm has a market cap of $2.74 billion, a P/E ratio of -4.04 and a beta of 1.13. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. Banc of California, Inc. has a 12 month low of $11.36 and a 12 month high of $18.08. The stock’s fifty day moving average price is $15.45 and its 200-day moving average price is $14.24.

Banc of California (NYSE:BANC) last announced its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.25 EPS for the quarter, beating the consensus estimate of $0.14 by $0.11. The firm had revenue of $431.44 million for the quarter, compared to analyst estimates of $229.46 million. Banc of California had a positive return on equity of 2.93% and a negative net margin of 20.75%. During the same quarter last year, the firm posted $0.30 earnings per share. On average, equities research analysts expect that Banc of California, Inc. will post 0.7 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, December 16th. This represents a $0.40 annualized dividend and a dividend yield of 2.32%. Banc of California’s dividend payout ratio is currently -9.37%.

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.