Foundry Partners LLC Acquires 5,005 Shares of Banc of California, Inc. (NYSE:BANC)

Foundry Partners LLC increased its holdings in shares of Banc of California, Inc. (NYSE:BANC) by 1.5% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 346,480 shares of the bank’s stock after purchasing an additional 5,005 shares during the quarter. Foundry Partners LLC owned 0.22% of Banc of California worth $5,104,000 as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of the business. GAMMA Investing LLC grew its stake in shares of Banc of California by 32.3% during the 3rd quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock worth $44,000 after acquiring an additional 734 shares in the last quarter. Crescent Grove Advisors LLC lifted its holdings in shares of Banc of California by 0.8% during the third quarter. Crescent Grove Advisors LLC now owns 98,420 shares of the bank’s stock worth $1,460,000 after buying an additional 772 shares in the last quarter. Louisiana State Employees Retirement System increased its position in shares of Banc of California by 1.7% in the second quarter. Louisiana State Employees Retirement System now owns 69,800 shares of the bank’s stock worth $892,000 after purchasing an additional 1,200 shares during the period. Fifth Third Bancorp increased 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 worth $27,000 after purchasing an additional 1,273 shares during the period. Finally, The Manufacturers Life Insurance Company grew its position in Banc of California by 2.6% in the second quarter. The Manufacturers Life Insurance Company now owns 77,384 shares of the bank’s stock valued at $989,000 after acquiring an additional 1,939 shares during the last quarter. 86.88% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Director Richard J. Lashley sold 75,000 shares of the stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 719,826 shares of the company’s stock, valued at approximately $10,077,564. This represents a 9.44 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 7.37% of the company’s stock.

Banc of California Stock Up 1.8 %

Banc of California stock opened at $16.36 on Friday. The stock has a market cap of $2.60 billion, a PE ratio of -3.83 and a beta of 1.13. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.89. Banc of California, Inc. has a one year low of $11.36 and a one year high of $16.92. The stock has a fifty day moving average of $15.18 and a 200 day moving average of $14.16.

Banc of California (NYSE:BANC) last issued its quarterly earnings results 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 during the quarter, compared to analysts’ expectations of $229.46 million. Banc of California had a positive return on equity of 2.93% and a negative net margin of 20.75%. During the same quarter in the prior year, the business posted $0.30 earnings per share. As a group, sell-side analysts predict that Banc of California, Inc. will post 0.7 EPS for the current year.

Banc of California Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders 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 2.44%. The ex-dividend date of this dividend is Monday, December 16th. Banc of California’s payout ratio is -9.37%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Truist Financial lifted their target price on Banc of California from $15.00 to $16.00 and gave the company a “hold” rating in a research report on Friday, September 20th. Barclays raised Banc of California from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $17.00 to $18.00 in a research note on Thursday, October 31st. Raymond James boosted their price objective on Banc of California from $16.00 to $17.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. DA Davidson boosted their price objective on Banc of California from $16.50 to $19.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Finally, Wells Fargo & Company upped their price target on Banc of California from $16.00 to $17.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Banc of California currently has an average rating of “Hold” and a consensus price target of $17.30.

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.