Texas Permanent School Fund Corp Lowers Stock Holdings in Banc of California, Inc. (NYSE:BANC)

Texas Permanent School Fund Corp trimmed its holdings in shares of Banc of California, Inc. (NYSE:BANC) by 10.9% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 108,125 shares of the bank’s stock after selling 13,176 shares during the period. Texas Permanent School Fund Corp’s holdings in Banc of California were worth $1,382,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in BANC. Truist Financial Corp raised its holdings in Banc of California by 9.8% in the 4th quarter. Truist Financial Corp now owns 13,747 shares of the bank’s stock worth $185,000 after acquiring an additional 1,223 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Banc of California by 144.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,071,139 shares of the bank’s stock worth $14,385,000 after acquiring an additional 633,132 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in Banc of California by 1,123.0% in the 4th quarter. BNP Paribas Financial Markets now owns 227,272 shares of the bank’s stock worth $3,052,000 after acquiring an additional 208,689 shares during the last quarter. Jump Financial LLC purchased a new position in Banc of California in the 4th quarter worth approximately $342,000. Finally, Dimensional Fund Advisors LP raised its holdings in Banc of California by 49.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,853,903 shares of the bank’s stock worth $65,191,000 after acquiring an additional 1,615,478 shares during the last quarter. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Keefe, Bruyette & Woods decreased their price objective on shares of Banc of California from $18.00 to $17.00 and set an “outperform” rating for the company in a report on Tuesday, July 9th. Wedbush restated a “neutral” rating and issued a $14.00 price objective on shares of Banc of California in a report on Wednesday, July 24th. Stephens restated an “equal weight” rating and issued a $14.00 price objective on shares of Banc of California in a report on Wednesday, September 4th. Truist Financial lifted their target price on shares of Banc of California from $13.00 to $15.00 and gave the stock a “hold” rating in a research report on Wednesday, July 24th. Finally, Barclays cut their target price on shares of Banc of California from $15.00 to $14.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $15.72.

Banc of California Trading Up 4.5 %

Shares of BANC stock opened at $15.38 on Friday. Banc of California, Inc. has a 1 year low of $9.96 and a 1 year high of $15.54. The firm has a fifty day moving average price of $13.87 and a 200-day moving average price of $13.90. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.83. The company has a market cap of $2.42 billion, a price-to-earnings ratio of -4.62 and a beta of 1.13.

Banc of California (NYSE:BANC) last issued its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.09). Banc of California had a negative net margin of 21.99% and a positive return on equity of 2.12%. The business had revenue of $492.38 million for the quarter, compared to the consensus estimate of $271.42 million. During the same period in the previous year, the firm earned $0.32 EPS. As a group, equities analysts predict that Banc of California, Inc. will post 0.61 earnings per share for the current year.

Banc of California Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 16th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.60%. The ex-dividend date is Monday, September 16th. Banc of California’s dividend payout ratio is currently -12.01%.

Insider Buying and Selling

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

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.