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

Victory Capital Management Inc. lessened its holdings in Banc of California, Inc. (NYSE:BANC) by 8.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor 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 institutional investors have also added to or reduced their stakes in the company. Future Financial Wealth Managment LLC acquired a new stake in Banc of California in the third quarter worth about $29,000. Fifth Third Bancorp boosted its holdings in Banc of California by 146.3% in the second quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock worth $27,000 after acquiring an additional 1,273 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Banc of California by 32.3% in the third quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock worth $44,000 after acquiring an additional 734 shares in the last quarter. Mendon Capital Advisors Corp acquired a new stake in Banc of California in the second quarter worth about $102,000. Finally, Simplicity Wealth LLC acquired a new stake in Banc of California in the second quarter worth about $132,000. Institutional investors and hedge funds own 86.88% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Wedbush raised their price target on Banc of California from $18.00 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Raymond James raised their price objective on Banc of California from $16.00 to $17.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. DA Davidson raised their price objective on Banc of California from $16.50 to $19.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Wells Fargo & Company raised their price objective on Banc of California from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 23rd. Finally, Stephens raised their price objective on Banc of California from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $17.30.

Insider Activity

In other news, Director Richard J. Lashley sold 75,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $14.00, for a total value of $1,050,000.00. Following the completion of the sale, the director now directly owns 719,826 shares in the company, valued at $10,077,564. The trade was a 9.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 7.37% of the company’s stock.

Banc of California Stock Down 0.3 %

Shares of BANC stock opened at $17.26 on Friday. The stock has a 50 day moving average of $15.45 and a 200 day moving average of $14.24. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. The stock has a market cap of $2.74 billion, a P/E ratio of -4.04 and a beta of 1.13. Banc of California, Inc. has a twelve month low of $11.36 and a twelve month high of $18.08.

Banc of California (NYSE:BANC) last announced its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.11. The company had revenue of $431.44 million during the quarter, compared to analysts’ expectations 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 period last year, the business earned $0.30 earnings per share. As a group, sell-side analysts expect that Banc of California, Inc. will post 0.7 EPS for the current year.

Banc of California Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date of this dividend is Monday, December 16th. Banc of California’s dividend payout ratio (DPR) is presently -9.37%.

Banc of California Company Profile

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.