World Investment Advisors LLC Purchases 779 Shares of Banc of California, Inc. (NYSE:BANC)

World Investment Advisors LLC boosted its stake in shares of Banc of California, Inc. (NYSE:BANC) by 4.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 18,082 shares of the bank’s stock after acquiring an additional 779 shares during the quarter. World Investment Advisors LLC’s holdings in Banc of California were worth $266,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Fifth Third Bancorp increased its position in shares of Banc of California by 146.3% during the 2nd 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 last quarter. Future Financial Wealth Managment LLC purchased a new position in Banc of California during the third quarter worth $29,000. GAMMA Investing LLC increased its position in Banc of California by 32.3% during the third quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock valued at $44,000 after acquiring an additional 734 shares during the last quarter. Mendon Capital Advisors Corp bought a new position in Banc of California during the second quarter valued at $102,000. Finally, Paloma Partners Management Co purchased a new stake in shares of Banc of California in the third quarter valued at $158,000. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. DA Davidson lifted their price target on shares of Banc of California from $16.50 to $19.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Barclays upped 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, December 5th. Stephens raised their price target on Banc of California from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 24th. Wedbush boosted their price objective on Banc of California from $18.00 to $19.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Finally, Truist Financial increased their target price 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 analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $17.80.

Banc of California Price Performance

Shares of BANC stock opened at $15.32 on Thursday. Banc of California, Inc. has a twelve month low of $11.88 and a twelve month high of $18.08. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. The stock has a fifty day simple moving average of $16.12 and a two-hundred day simple moving average of $14.52. The stock has a market capitalization of $2.43 billion, a price-to-earnings ratio of -3.59 and a beta of 1.14.

Banc of California (NYSE:BANC) last released its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.25 earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $431.44 million during the quarter, compared to analyst estimates of $229.46 million. During the same period in the prior year, the firm earned $0.30 earnings per share. On average, analysts predict that Banc of California, Inc. will post 0.7 EPS for the current fiscal year.

Banc of California Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be given a $0.10 dividend. The ex-dividend date of this dividend is Monday, December 16th. This represents a $0.40 annualized dividend and a dividend yield of 2.61%. Banc of California’s payout ratio is presently -9.37%.

About Banc of California

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.