GSA Capital Partners LLP Makes New Investment in Banc of California, Inc. $BANC

GSA Capital Partners LLP acquired a new stake in Banc of California, Inc. (NYSE:BANC) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 79,597 shares of the bank’s stock, valued at approximately $1,626,000. GSA Capital Partners LLP owned 0.05% of Banc of California as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Banc of California by 4.6% in the 4th quarter. Vanguard Group Inc. now owns 9,951,795 shares of the bank’s stock valued at $191,970,000 after buying an additional 438,320 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Banc of California by 10.2% in the first quarter. Dimensional Fund Advisors LP now owns 6,464,447 shares of the bank’s stock worth $113,640,000 after acquiring an additional 600,791 shares during the last quarter. Invesco Ltd. boosted its position in shares of Banc of California by 3.1% in the fourth quarter. Invesco Ltd. now owns 6,010,260 shares of the bank’s stock worth $115,938,000 after acquiring an additional 181,029 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in Banc of California by 8.5% in the first quarter. Goldman Sachs Group Inc. now owns 3,796,996 shares of the bank’s stock valued at $53,879,000 after purchasing an additional 297,680 shares during the period. Finally, Bank of America Corp DE grew its holdings in Banc of California by 243.9% in the third quarter. Bank of America Corp DE now owns 3,430,938 shares of the bank’s stock valued at $56,782,000 after purchasing an additional 2,433,394 shares during the period. 86.88% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

BANC has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. increased their price target on shares of Banc of California from $22.00 to $24.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 1st. Barclays reduced their target price on Banc of California from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Monday, August 3rd. Brean Capital downgraded Banc of California from a “buy” rating to a “neutral” rating in a research report on Thursday, July 30th. Citigroup cut their price objective on Banc of California from $23.50 to $22.00 and set a “buy” rating on the stock in a report on Friday, July 31st. Finally, Weiss Ratings raised shares of Banc of California from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, August 7th. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Banc of California currently has an average rating of “Buy” and an average price target of $22.62.

Banc of California Stock Down 0.3%

Shares of NYSE:BANC opened at $19.68 on Monday. The firm has a market cap of $3.12 billion, a PE ratio of -46.85 and a beta of 0.74. The company has a fifty day simple moving average of $20.17 and a 200 day simple moving average of $19.20. The company has a current ratio of 0.89, a quick ratio of 0.86 and a debt-to-equity ratio of 0.20. Banc of California, Inc. has a 12-month low of $15.33 and a 12-month high of $21.93.

Banc of California (NYSE:BANC) last posted its quarterly earnings data on Wednesday, July 29th. The bank reported ($1.61) EPS for the quarter, missing analysts’ consensus estimates of $0.40 by ($2.01). The company had revenue of $16.41 million for the quarter, compared to the consensus estimate of $295.32 million. Banc of California had a negative net margin of 1.44% and a positive return on equity of 7.98%. The company’s revenue was down 94.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.31 earnings per share. On average, equities research analysts anticipate that Banc of California, Inc. will post 1.68 EPS for the current fiscal year.

Banc of California Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Tuesday, September 15th. Banc of California’s dividend payout ratio (DPR) is -114.29%.

Insider Buying and Selling

In related news, insider Olivia I. Lindsay sold 6,000 shares of the business’s stock in a transaction dated 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 sale, the insider directly owned 32,842 shares of the company’s stock, valued at $640,419. The trade was a 15.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 2.78% of the company’s stock.

About Banc of California

Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.

Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.