LSV Asset Management Sells 478,185 Shares of Banc of California, Inc. (NYSE:BANC)

LSV Asset Management lessened its position in Banc of California, Inc. (NYSE:BANC) by 99.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,500 shares of the bank’s stock after selling 478,185 shares during the quarter. LSV Asset Management’s holdings in Banc of California were worth $68,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Mutual of America Capital Management LLC increased its stake in Banc of California by 4.3% in the first quarter. Mutual of America Capital Management LLC now owns 23,876 shares of the bank’s stock valued at $363,000 after acquiring an additional 984 shares during the last quarter. Truist Financial Corp increased 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 during the last quarter. Riverview Trust Co bought a new position in Banc of California in the first quarter valued at $29,000. Future Financial Wealth Managment LLC bought a new position in Banc of California in the first quarter valued at $30,000. Finally, Maryland State Retirement & Pension System increased its stake in Banc of California by 5.1% in the first quarter. Maryland State Retirement & Pension System now owns 49,943 shares of the bank’s stock valued at $691,000 after acquiring an additional 2,407 shares during the last quarter. Institutional investors own 86.88% of the company’s stock.

Wall Street Analyst Weigh In

BANC has been the subject of several analyst reports. Piper Sandler cut their price target on shares of Banc of California from $20.00 to $19.00 and set an “overweight” rating for the company in a research report on Monday, May 13th. Truist Financial cut their price target on shares of Banc of California from $15.00 to $13.00 and set a “hold” rating for the company in a research report on Monday, July 8th. DA Davidson cut their price target on shares of Banc of California from $20.00 to $17.50 and set a “buy” rating for the company in a research report on Wednesday, May 15th. Wells Fargo & Company cut their price target on shares of Banc of California from $16.00 to $15.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 9th. Finally, Stephens cut their price target on shares of Banc of California from $16.00 to $15.00 and set an “equal weight” rating for the company in a research report on Tuesday, May 14th. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Banc of California presently has a consensus rating of “Hold” and an average price target of $15.81.

Banc of California Price Performance

BANC stock opened at $13.61 on Monday. Banc of California, Inc. has a 1 year low of $9.96 and a 1 year high of $16.08. The firm has a 50-day moving average of $13.43 and a 200 day moving average of $13.79. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.89.

Banc of California (NYSE:BANC) last released its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.07). Banc of California had a positive return on equity of 2.25% and a negative net margin of 29.10%. The company had revenue of $522.57 million during the quarter, compared to the consensus estimate of $296.02 million. During the same period in the previous year, the company earned $0.37 earnings per share. As a group, equities research analysts anticipate that Banc of California, Inc. will post 1.02 EPS for the current fiscal year.

Banc of California Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Friday, June 14th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.94%. The ex-dividend date of this dividend was Friday, June 14th. Banc of California’s dividend payout ratio is -12.01%.

Insider Buying and Selling at Banc of California

In other Banc of California news, CEO Jared M. Wolff bought 7,130 shares of the firm’s stock in a transaction on Thursday, April 25th. The stock was acquired at an average price of $13.98 per share, with a total value of $99,677.40. Following the completion of the purchase, the chief executive officer now owns 268,695 shares of the company’s stock, valued at $3,756,356.10. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 7.37% of the company’s stock.

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.