Royce & Associates LP Sells 164,845 Shares of Banc of California, Inc. (NYSE:BANC)

Royce & Associates LP reduced its stake in shares of Banc of California, Inc. (NYSE:BANC) by 10.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,423,118 shares of the bank’s stock after selling 164,845 shares during the quarter. Royce & Associates LP’s holdings in Banc of California were worth $20,963,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Fifth Third Bancorp lifted 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 valued at $27,000 after buying an additional 1,273 shares during the period. Future Financial Wealth Managment LLC acquired a new position in Banc of California in the third quarter valued at approximately $29,000. GAMMA Investing LLC lifted 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 valued at $44,000 after buying an additional 734 shares during the period. Mendon Capital Advisors Corp acquired a new position in Banc of California in the second quarter valued at approximately $102,000. Finally, Simplicity Wealth LLC acquired a new position in Banc of California in the second quarter valued at approximately $132,000. 86.88% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on BANC. DA Davidson increased their target price on shares of Banc of California from $16.50 to $19.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Barclays upgraded shares of Banc of California from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $17.00 to $18.00 in a report on Thursday, October 31st. Raymond James increased their target price on shares of Banc of California from $16.00 to $17.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Wedbush increased their target price on shares of Banc of California from $18.00 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Finally, Citigroup began coverage on shares of Banc of California in a report on Thursday, October 10th. They issued a “neutral” rating and a $15.00 target price on the stock. One equities research 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 MarketBeat, Banc of California currently has an average rating of “Hold” and an average price target of $17.30.

Insider Activity at Banc of California

In related news, Director Richard J. Lashley sold 75,000 shares of the firm’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total value of $1,050,000.00. Following the completion of the transaction, the director now owns 719,826 shares of the company’s stock, valued at approximately $10,077,564. This trade represents a 9.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 7.37% of the stock is owned by insiders.

Banc of California Trading Down 0.5 %

Shares of NYSE:BANC opened at $16.22 on Friday. Banc of California, Inc. has a 12 month low of $11.36 and a 12 month high of $16.92. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31. The company’s fifty day simple moving average is $15.00 and its 200 day simple moving average is $14.10. The firm has a market cap of $2.57 billion, a price-to-earnings ratio of -3.80 and a beta of 1.13.

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 business had revenue of $431.44 million for the quarter, compared to analyst estimates of $229.46 million. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%. During the same period last year, the business posted $0.30 earnings per share. As a group, research analysts forecast that Banc of California, Inc. will post 0.71 EPS for the current fiscal year.

Banc of California Dividend Announcement

The firm also recently announced 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 2.47%. The ex-dividend date is Monday, December 16th. Banc of California’s dividend payout ratio (DPR) is currently -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.