Redwood Investment Management LLC Has $513,000 Stake in Banc of California, Inc. (NYSE:BANC)

Redwood Investment Management LLC decreased its position in Banc of California, Inc. (NYSE:BANC) by 17.6% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 34,690 shares of the bank’s stock after selling 7,384 shares during the quarter. Redwood Investment Management LLC’s holdings in Banc of California were worth $513,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its position in shares of Banc of California by 32.3% in the third quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock worth $44,000 after buying an additional 734 shares during the last quarter. Crescent Grove Advisors LLC lifted its holdings in Banc of California by 0.8% in the 3rd quarter. Crescent Grove Advisors LLC now owns 98,420 shares of the bank’s stock worth $1,460,000 after purchasing an additional 772 shares during the last quarter. FMR LLC boosted its position in Banc of California by 5.8% during the third quarter. FMR LLC now owns 20,659 shares of the bank’s stock worth $304,000 after purchasing an additional 1,126 shares during the period. Louisiana State Employees Retirement System grew its holdings in Banc of California by 1.7% during the second quarter. Louisiana State Employees Retirement System now owns 69,800 shares of the bank’s stock valued at $892,000 after purchasing an additional 1,200 shares during the last quarter. Finally, Fifth Third Bancorp raised its position in shares of 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 purchasing an additional 1,273 shares during the period. Institutional investors and hedge funds own 86.88% of the company’s stock.

Banc of California Price Performance

Shares of BANC stock opened at $17.06 on Friday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31. Banc of California, Inc. has a 12 month low of $11.88 and a 12 month high of $18.08. The firm has a market cap of $2.71 billion, a price-to-earnings ratio of -4.00 and a beta of 1.14. The stock has a 50-day moving average price of $15.71 and a 200 day moving average price of $14.36.

Banc of California (NYSE:BANC) last announced its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.25 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.11. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%. The business had revenue of $431.44 million for the quarter, compared to analyst estimates of $229.46 million. During the same period in the prior year, the business posted $0.30 earnings per share. Research analysts expect that Banc of California, Inc. will post 0.7 EPS for the current year.

Banc of California Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 16th will be paid a dividend of $0.10 per share. The ex-dividend date is Monday, December 16th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.34%. Banc of California’s dividend payout ratio (DPR) is presently -9.37%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on BANC shares. Wedbush raised their target price on shares of Banc of California from $18.00 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Wells Fargo & Company lifted their price objective on Banc of California from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 23rd. Barclays increased their target price on Banc of California from $18.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday. Truist Financial lifted their price target on Banc of California from $15.00 to $16.00 and gave the stock a “hold” rating in a research report on Friday, September 20th. Finally, Keefe, Bruyette & Woods increased their price objective on Banc of California from $17.50 to $20.00 and gave the company an “outperform” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Banc of California presently has a consensus rating of “Hold” and a consensus price target of $17.80.

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.