Banc of California, Inc. $BANC Shares Bought by Summit Global Investments

Summit Global Investments lifted its stake in shares of Banc of California, Inc. (NYSE:BANC) by 109.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 72,556 shares of the bank’s stock after purchasing an additional 37,973 shares during the quarter. Summit Global Investments’ holdings in Banc of California were worth $1,250,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of BANC. BlackRock Inc. acquired a new position in Banc of California during the 2nd quarter valued at about $462,252,000. Hsbc Holdings PLC raised its position in shares of Banc of California by 118.4% during the 2nd quarter. Hsbc Holdings PLC now owns 224,746 shares of the bank’s stock worth $4,599,000 after buying an additional 121,826 shares in the last quarter. Bank of America Corp DE lifted its stake in shares of Banc of California by 219.1% in the 1st quarter. Bank of America Corp DE now owns 1,227,555 shares of the bank’s stock worth $21,580,000 after acquiring an additional 842,879 shares during the period. Walleye Capital LLC acquired a new stake in shares of Banc of California in the 1st quarter worth approximately $6,761,000. Finally, Jupiter Topco LLC acquired a new stake in shares of Banc of California in the 2nd quarter worth approximately $1,256,000. Institutional investors and hedge funds own 86.88% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Barclays raised their price objective on shares of Banc of California from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Monday, October 5th. UBS Group assumed coverage on Banc of California in a research report on Monday, September 14th. They set a “neutral” rating and a $20.00 price target on the stock. Wall Street Zen raised Banc of California from a “strong sell” rating to a “sell” rating in a research note on Sunday, September 27th. Citigroup cut their price objective on Banc of California from $23.50 to $22.00 and set a “buy” rating for the company in a report on Friday, July 31st. Finally, Piper Sandler decreased their target price on Banc of California from $23.00 to $22.00 and set an “overweight” rating for the company in a research note on Thursday, October 1st. Seven research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $22.50.

Insiders Place Their Bets

In other news, General Counsel Ido Dotan sold 10,541 shares of the firm’s stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $18.30, for a total transaction of $192,900.30. Following the completion of the sale, the general counsel directly owned 45,702 shares of the company’s stock, valued at $836,346.60. This trade represents a 18.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Olivia Lindsay sold 6,000 shares of Banc of California stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $19.50, for a total value of $117,000.00. Following the completion of the transaction, the insider owned 32,842 shares in the company, valued at $640,419. The trade was a 15.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 2.78% of the stock is currently owned by corporate insiders.

Banc of California Stock Performance

Shares of BANC opened at $18.20 on Monday. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.87 and a quick ratio of 0.85. The firm’s 50 day moving average is $18.01 and its 200-day moving average is $18.95. Banc of California, Inc. has a 12-month low of $16.12 and a 12-month high of $21.93. The stock has a market capitalization of $2.88 billion, a P/E ratio of -53.53 and a beta of 0.74.

Banc of California (NYSE:BANC) last released its earnings results on Tuesday, October 27th. The bank reported $0.46 EPS for the quarter, beating the consensus estimate of $0.45 by $0.01. The business had revenue of $303.07 million during the quarter, compared to analyst estimates of $306.27 million. Banc of California had a negative net margin of 0.58% and a positive return on equity of 8.51%. The business’s quarterly revenue was up 5.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.38 earnings per share. Equities research analysts anticipate that Banc of California, Inc. will post 1.70 EPS for the current fiscal year.

Banc of California Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date was Tuesday, September 15th. Banc of California’s dividend payout ratio is -141.18%.

Banc of California Profile

Banc of California, Inc is a bank holding company whose principal subsidiary, Banc of California, N.A., provides banking and financial services to businesses, professionals, nonprofit organizations and individuals. The bank operates as a full-service commercial bank, offering deposit accounts, commercial and consumer loans, home lending, treasury management, cash-management services and online and mobile banking.

The company primarily serves customers throughout California, with operations and relationships extending into select western markets.