State Street Corp Has $140.66 Million Position in Banc of California, Inc. (NYSE:BANC)

State Street Corp trimmed its stake in shares of Banc of California, Inc. (NYSE:BANC) by 4.4% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 9,480,166 shares of the bank’s stock after selling 433,646 shares during the quarter. State Street Corp owned about 5.97% of Banc of California worth $140,661,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Basswood Capital Management L.L.C. lifted its stake in Banc of California by 589.8% during the third quarter. Basswood Capital Management L.L.C. now owns 1,732,894 shares of the bank’s stock worth $25,526,000 after purchasing an additional 1,481,692 shares during the last quarter. Verition Fund Management LLC lifted its position in shares of Banc of California by 93.2% during the 3rd quarter. Verition Fund Management LLC now owns 2,476,387 shares of the bank’s stock worth $36,477,000 after buying an additional 1,194,839 shares during the last quarter. Azora Capital LP acquired a new stake in Banc of California in the third quarter valued at about $12,494,000. American Century Companies Inc. grew its position in Banc of California by 25.9% in the second quarter. American Century Companies Inc. now owns 3,222,376 shares of the bank’s stock valued at $41,182,000 after acquiring an additional 663,061 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its stake in Banc of California by 461.6% during the third quarter. Assenagon Asset Management S.A. now owns 651,695 shares of the bank’s stock worth $9,599,000 after acquiring an additional 535,654 shares in the last quarter. 86.88% of the stock is owned by institutional investors and hedge funds.

Banc of California Trading Down 0.1 %

NYSE:BANC opened at $16.72 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89. Banc of California, Inc. has a one year low of $11.88 and a one year high of $18.08. The company has a market cap of $2.66 billion, a PE ratio of -3.92 and a beta of 1.14. The firm has a 50-day moving average of $15.98 and a 200-day moving average of $14.47.

Banc of California (NYSE:BANC) last issued its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.25 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.11. The firm had revenue of $431.44 million during the quarter, compared to analyst estimates 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 in the previous year, the company posted $0.30 EPS. As a group, equities research analysts expect that Banc of California, Inc. will post 0.7 EPS for the current fiscal year.

Banc of California Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors 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 yield of 2.39%. The ex-dividend date of this dividend is Monday, December 16th. Banc of California’s payout ratio is currently -9.37%.

Wall Street Analysts Forecast Growth

BANC has been the topic of several research reports. Citigroup assumed coverage on shares of Banc of California in a report on Thursday, October 10th. They set a “neutral” rating and a $15.00 price target on the stock. Raymond James boosted their price target on Banc of California from $16.00 to $17.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Barclays raised their price objective on shares of Banc of California from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Wedbush increased 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. Finally, Truist Financial increased their target price on shares of Banc of California from $15.00 to $16.00 and gave the stock a “hold” rating in a research note on Friday, September 20th. One analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $17.80.

Banc of California 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.