canada africa partner reservation Natixis Advisors LP increases positions in Banc of California, Inc. (NYSE:BANC)

Natixis Advisors LP increases positions in Banc of California, Inc. (NYSE:BANC)

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Natixis Advisors LP has sold its interest in Banc of California, Inc. (NYSE:BANC – Free Report) increased 27.6% in the fourth quarter, the company said in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,813 shares of the bank, after purchasing an additional 6,011 shares during the quarter. Natixis Advisors LP’s holdings in Banc of California were worth $373,000 at the time of the most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. The Swiss National Bank increased its holdings in Banc of California shares by 156.8% in the fourth quarter. Swiss National Bank now owns 295,114 shares of the bank’s stock worth $3,963,000 after acquiring an additional 180,214 shares during the period. Russell Investments Group Ltd. strengthened its position in Banc of California shares by 203,843.2% in the 4th quarter. Russell Investments Group Ltd. now owns 75,459 shares of the bank worth $1,013,000 after purchasing an additional 75,422 shares in the last quarter. Truist Financial Corp grew its stake in Banc of California by 9.8% in the fourth quarter. Truist Financial Corp now owns 13,747 shares of the bank’s stock valued at $185,000 after acquiring an additional 1,223 shares in the last quarter. Alaska Permanent Fund Corp bought a new position in Banc of California in the fourth quarter valued at approximately $2,009,000. Finally, Yousif Capital Management LLC increased its position in Banc of California by 148.8% during the fourth quarter. Yousif Capital Management LLC now owns 64,641 shares of the bank’s stock worth $868,000 after acquiring an additional 38,659 shares in the last quarter. Institutional investors and hedge funds own 86.88% of the company’s shares.

Banc of California Price Performance

BANC opened at $14.59 on Monday. Banc of California, Inc. has a 1-year low of $9.96 and a 1-year high of $16.08. The company’s 50-day simple moving average is $14.42 and its 200-day simple moving average is $13.64. The stock has a market cap of $2.29 billion, a price-to-earnings ratio of -4.38 and a beta of 1.17. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.89.

Banc of California (NYSE:BANC – Get Free Report) last announced its quarterly results on Tuesday, April 23. The bank reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.07). The company had revenue of $522.57 million during the quarter, compared to analyst estimates of $296.02 million. Banc of California had a negative net margin of 29.10% and a positive return on equity of 2.25%. In the same quarter last year, the company earned earnings per share of $0.37. As a group, sell-side analysts expect Banc of California, Inc. will post earnings per share of 1.14 for the current year.

Dividend announcement from the Banc of California

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1. A dividend of $0.10 per share will be paid to shareholders of record on Friday, June 14. The ex-dividend date of this dividend is Friday, June 14. This represents a dividend of $0.40 annually and a yield of 2.74%. Banc of California’s dividend payout ratio currently stands at -12.01%.

Insider transactions at the Banc of California

In other news, Director Richard J. Lashley purchased 10,000 shares of the company’s stock in a transaction dated Thursday, February 29th. The shares were acquired at an average price of $21.40 per share, for a total transaction of $214,000.00. Following the acquisition, the director now owns 10,000 shares of the company, valued at $214,000. The transaction was disclosed in a document filed with the SEC, which can be accessed via this link. In other Banc of California news, CEO Jared M. Wolff acquired 7,130 shares of the company’s stock in a transaction dated Thursday, April 25th. The shares were purchased at an average price of $13.98 per share, for a total value of $99,677.40. Following the completion of the transaction, the CEO now directly owns 268,695 shares of the company’s stock, valued at $3,756,356.10. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Richard J. Lashley purchased 10,000 shares of Banc of California stock in a transaction that occurred on Thursday, February 29th. The shares were acquired at an average price of $21.40 per share, for a total transaction of $214,000.00. Following the acquisition, the director now directly owns 10,000 shares in the company, worth approximately $214,000. The explanation for this purchase can be found here. Company insiders own 7.37% of the company’s shares.

Analysts set new price targets

Several analysts have recently commented on BANC stock. Wedbush lowered their price target on shares of Banc of California from $16.00 to $15.00 in a research report on Wednesday, April 24. DA Davidson lowered his price target on Banc of California from $20.00 to $17.50 and set a “buy” rating on the company in a research report on Wednesday, May 15. Keefe, Bruyette & Woods upgraded Banc of California from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $16.00 to $18.00 in a research report on Friday, March 22. Wells Fargo & Company raised their target price on Banc of California from $14.00 to $16.00 and gave the stock an “equalweight” rating in a research report on Wednesday, April 10. Finally, Piper Sandler lowered their price target on shares of Banc of California from $20.00 to $19.00 in a research note on Monday, May 13th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Banc of California has an average rating of ‘Hold’ and a consensus price of $16.31.

Get our latest analysis on BANC

About Banc of California

(Free report)

Banc of California, Inc operates as a bank holding company for Banc of California and provides various banking products and services in California. The company offers deposit products such as checking, savings, money market deposits, demand deposits and time deposits; deposit slips; retirement accounts; and lockers.

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Quarterly Institutional Ownership for Banc of California (NYSE:BANC)



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