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Banc of California, Inc. (NYSE:BANC) shares purchased from Zürcher Kantonalbank


Zürcher Kantonalbank increased its stake in shares of Banc of California, Inc. (NYSE:BANC – Free Report) by 224.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). emerges. The fund owned 33,185 shares of the bank's stock after purchasing an additional 22,955 shares during the period. Zürcher Kantonalbank's shares in Banc of California were worth $446,000 at the time of its last filing with the SEC.

Other institutional investors have also recently modified their holdings in the company. Mirae Asset Global Investments Co. Ltd. increased its stake in Banc of California by 4.1% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 24,435 shares of the bank's stock worth $303,000 after purchasing an additional 955 shares in the last quarter. Versant Capital Management Inc increased its holdings in Banc of California by 2,466.2% in the 4th quarter. Versant Capital Management Inc now owns 1,899 shares of the bank's stock worth $26,000 after purchasing an additional 1,825 shares in the last quarter. Anchor Investment Management LLC purchased a new position in Banc of California in the 4th quarter valued at $44,000. Connor Clark & ​​Lunn Investment Management Ltd. acquired a new position in Banc of California in the third quarter valued at $145,000. Finally, Everence Capital Management Inc. acquired a new position in Banc of California during the fourth quarter valued at $179,000. 86.88% of the shares are currently owned by institutional investors and hedge funds.

Analyst upgrades and downgrades

Several analysts recently issued reports on the stock. Truist Financial lowered their target price on shares of Banc of California from $16.00 to $15.00 and set a “hold” rating for the company in a research note on Thursday, April 25th. Barclays lowered their target price on shares of Banc of California from $16.00 to $15.00 and set an “equal weight” rating on the company in a research note on Wednesday, April 24th. Wells Fargo & Company increased their price objective on shares of Banc of California from $14.00 to $16.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 10. Keefe, Bruyette & Woods raised shares of Banc of California from a “market perform” rating to an “outperform” rating and set their price target for the company at $16.00 in a research note on Friday, March 22nd increased to $18.00. Finally, StockNews.com upgraded shares of Banc of California to a “sell” rating in a research note on Thursday, April 25th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company's stock. According to MarketBeat, Banc of California currently has a consensus rating of “Hold” and a consensus price target of $16.64.

Read our latest stock report on Banc of California

Banc of California shares rise 2.9%

Shares of Banc of California opened at $14.64 on Friday. The company has a 50-day moving average price of $14.45 and a 200-day moving average price of $13.38. The company has a current ratio of 0.89, a short-term ratio of 0.89 and a debt-to-equity ratio of 0.32. Banc of California, Inc. has a 12-month low of $9.72 and a 12-month high of $16.08. The stock has a market cap of $2.30 billion, a price-to-earnings ratio of -4.39 and a beta of 1.17.

Banc of California (NYSE:BANC – Get Free Report) last announced its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.19 earnings per share for the quarter, missing analysts' consensus estimates of $0.26 by ($0.07). Banc of California achieved a positive return on equity of 2.25% and a negative net margin of 29.10%. The company had revenue of $522.57 million for the quarter, compared to analysts' expectations of $296.02 million. During the same period last year, the company posted earnings per share of $0.37. Equities analysts forecast that Banc of California, Inc. will post 1.32 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were given a $0.10 dividend. The ex-dividend date was Thursday, March 14th. This equates to a dividend of $0.40 annualized and a yield of 2.73%. Banc of California's payout ratio is currently -12.01%.

Insider buying and selling at Banc of California

Also, Director Richard J. Lashley purchased 10,000 shares of the company's stock in a transaction on Thursday, February 29th. The stock was purchased at an average price of $21.40 per share, with a total value of $214,000.00. Following the transaction, the director now directly owns 10,000 shares in the company, valued at approximately $214,000. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Jared M. Wolff purchased 7,130 shares of the company's stock in a transaction dated Thursday, April 25. The shares were purchased at an average price of $13.98 per share, for a total transaction of $99,677.40. Following the purchase, the CEO now owns 268,695 shares of the company's stock, valued at approximately $3,756,356.10. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Richard J. Lashley purchased 10,000 shares of the company's stock in a transaction dated Thursday, February 29th. The stock was purchased at an average price of $21.40 per share, for a total transaction of $214,000.00. Following the purchase, the director now owns 10,000 shares in the company, valued at approximately $214,000. The disclosure for this purchase can be found here. Insiders purchased a total of 27,130 shares of company stock worth $445,277 in the last ninety days. Insiders own 7.37% of the company's shares.

Banc of California company profile

(Free Report)

Banc of California, Inc operates as the bank holding company for Banc of California, providing 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 lockers.

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Institutional Ownership by Quarter for Banc of California (NYSE:BANC)



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