Hollencrest Capital Management Grows Position in Banc of California, Inc. (NYSE:BANC)

Hollencrest Capital Management grew its stake in Banc of California, Inc. (NYSE:BANC) by 4.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 112,780 shares of the bank’s stock after purchasing an additional 4,938 shares during the period. Hollencrest Capital Management’s holdings in Banc of California were worth $1,661,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Capital Research Global Investors acquired a new position in shares of Banc of California during the 1st quarter worth approximately $32,618,000. Vanguard Group Inc. grew its holdings in shares of Banc of California by 17.6% during the 1st quarter. Vanguard Group Inc. now owns 10,597,751 shares of the bank’s stock worth $161,192,000 after purchasing an additional 1,582,941 shares during the period. William Blair Investment Management LLC grew its holdings in shares of Banc of California by 42.1% during the 1st quarter. William Blair Investment Management LLC now owns 2,575,930 shares of the bank’s stock worth $39,180,000 after purchasing an additional 762,959 shares during the period. American Century Companies Inc. grew its position in Banc of California by 25.9% in the 2nd quarter. American Century Companies Inc. now owns 3,222,376 shares of the bank’s stock valued at $41,182,000 after acquiring an additional 663,061 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its position in Banc of California by 461.6% in the 3rd quarter. Assenagon Asset Management S.A. now owns 651,695 shares of the bank’s stock valued at $9,599,000 after acquiring an additional 535,654 shares in the last quarter. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Insider Transactions at Banc of California

In other news, Director Richard J. Lashley sold 75,000 shares of the stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $14.00, for a total value of $1,050,000.00. Following the completion of the sale, the director now owns 719,826 shares in the company, valued at approximately $10,077,564. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.80% of the company’s stock.

Banc of California Price Performance

Shares of NYSE:BANC traded up $0.14 on Friday, hitting $16.29. The company had a trading volume of 387,054 shares, compared to its average volume of 2,345,210. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. Banc of California, Inc. has a 52-week low of $11.10 and a 52-week high of $16.92. The business has a 50 day moving average of $14.72 and a 200 day moving average of $14.01. The company has a market cap of $2.59 billion, a PE ratio of -3.78 and a beta of 1.13.

Banc of California (NYSE:BANC) last released its earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.11. Banc of California had a positive return on equity of 2.93% and a negative net margin of 20.75%. The firm had revenue of $431.44 million for the quarter, compared to the consensus estimate of $229.46 million. During the same period in the prior year, the business posted $0.30 earnings per share. As a group, equities analysts anticipate that Banc of California, Inc. will post 0.7 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th were issued a $0.10 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.46%. Banc of California’s dividend payout ratio (DPR) is -9.37%.

Analyst Upgrades and Downgrades

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