Profund Advisors LLC Has $202,000 Position in Banc of California, Inc. (NYSE:BANC)

Profund Advisors LLC lessened its stake in shares of Banc of California, Inc. (NYSE:BANC) by 9.4% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 15,780 shares of the bank’s stock after selling 1,641 shares during the quarter. Profund Advisors LLC’s holdings in Banc of California were worth $202,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Fifth Third Bancorp lifted its position in Banc of California by 146.3% during 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 during the last quarter. Riverview Trust Co acquired a new stake in Banc of California during the 1st quarter worth approximately $29,000. Future Financial Wealth Managment LLC bought a new stake in Banc of California in the 1st quarter valued at $30,000. LifeSteps Financial Inc. acquired a new position in Banc of California in the 1st quarter valued at $60,000. Finally, Simplicity Wealth LLC bought a new position in Banc of California during the 2nd quarter worth $132,000. Institutional investors own 86.88% of the company’s stock.

Banc of California Stock Performance

NYSE:BANC opened at $14.79 on Monday. Banc of California, Inc. has a twelve month low of $9.96 and a twelve month high of $15.54. The company has a quick ratio of 0.83, a current ratio of 0.89 and a debt-to-equity ratio of 0.32. The stock’s 50-day simple moving average is $13.99 and its 200 day simple moving average is $13.90. The firm has a market capitalization of $2.33 billion, a PE ratio of -4.44 and a beta of 1.13.

Banc of California (NYSE:BANC) last posted its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.09). The company had revenue of $492.38 million during the quarter, compared to analyst estimates of $271.42 million. Banc of California had a negative net margin of 21.99% and a positive return on equity of 2.12%. During the same quarter in the previous year, the business posted $0.32 earnings per share. On average, analysts anticipate that Banc of California, Inc. will post 0.59 EPS for the current fiscal year.

Banc of California Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.70%. Banc of California’s payout ratio is presently -12.01%.

Insider Transactions at Banc of California

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

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Raymond James raised shares of Banc of California from a “market perform” rating to an “outperform” rating and set a $16.00 target price for the company in a research report on Tuesday, September 17th. Wells Fargo & Company decreased their target price on shares of Banc of California from $16.00 to $15.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 9th. Keefe, Bruyette & Woods dropped their price target on shares of Banc of California from $18.00 to $17.00 and set an “outperform” rating for the company in a research report on Tuesday, July 9th. Stephens reissued an “equal weight” rating and set a $14.00 price target on shares of Banc of California in a research report on Wednesday, September 4th. Finally, Truist Financial raised their price objective on 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 investment analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Banc of California has an average rating of “Hold” and a consensus target price of $16.50.

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.