Arrowstreet Capital Limited Partnership Has $2.15 Million Stake in Banc of California, Inc. $BANC

Key Points

• Arrowstreet Capital cut its Banc of California stake by 51% in the first quarter, selling 127,351 shares and retaining 122,203 shares valued at approximately $2.15 million. Institutional investors collectively own 86.88% of the company.
• Banc of California reported a significant quarterly miss, posting a $1.61 loss per share versus the expected $0.40 profit, while revenue fell 94% year over year to $164.05 million.
• Analyst sentiment remains generally positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $22.62, compared with an opening price of $19.37.

Arrowstreet Capital Limited Partnership lowered its stake in shares of Banc of California, Inc. (NYSE:BANC - Free Report) by 51.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 122,203 shares of the bank's stock after selling 127,351 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 0.08% of Banc of California worth $2,148,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Navalign LLC acquired a new position in Banc of California in the 4th quarter valued at $27,000. Triumph Capital Management acquired a new stake in shares of Banc of California during the 3rd quarter worth $25,000. Orion Capital Management LLC bought a new position in shares of Banc of California in the fourth quarter worth $35,000. EverSource Wealth Advisors LLC increased its position in shares of Banc of California by 38.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank's stock worth $39,000 after purchasing an additional 564 shares during the period. Finally, Hantz Financial Services Inc. raised its stake in Banc of California by 199.0% in the fourth quarter. Hantz Financial Services Inc. now owns 2,159 shares of the bank's stock valued at $42,000 after purchasing an additional 1,437 shares in the last quarter. Institutional investors own 86.88% of the company's stock.

Insider Buying and Selling

In other Banc of California news, insider Olivia I. Lindsay sold 6,000 shares of the firm's stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $19.50, for a total value of $117,000.00. Following the completion of the sale, the insider directly owned 32,842 shares in the company, valued at approximately $640,419. This trade represents a 15.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 2.78% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on BANC. Citigroup reduced their price objective on shares of Banc of California from $23.50 to $22.00 and set a "buy" rating on the stock in a research note on Friday, July 31st. Brean Capital cut shares of Banc of California from a "buy" rating to a "neutral" rating in a research note on Thursday, July 30th. DA Davidson restated a "buy" rating and set a $24.00 target price on shares of Banc of California in a research note on Tuesday, April 28th. Piper Sandler raised their target price on Banc of California from $22.00 to $23.00 and gave the company an "overweight" rating in a report on Monday, April 27th. Finally, Wells Fargo & Company boosted their price target on Banc of California from $22.00 to $23.00 and gave the stock an "overweight" rating in a report on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $22.62.

Banc of California Stock Performance

BANC stock opened at $19.37 on Thursday. The firm has a market cap of $2.99 billion, a PE ratio of -46.12 and a beta of 0.74. The company has a current ratio of 0.89, a quick ratio of 0.86 and a debt-to-equity ratio of 0.20. The stock has a 50-day moving average price of $20.13 and a 200-day moving average price of $19.26. Banc of California, Inc. has a 1-year low of $14.31 and a 1-year high of $21.93.

Banc of California (NYSE:BANC - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The bank reported ($1.61) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.40 by ($2.01). Banc of California had a positive return on equity of 7.98% and a negative net margin of 1.44%.The business had revenue of $164.05 million for the quarter, compared to the consensus estimate of $295.32 million. During the same quarter in the previous year, the company posted $0.31 earnings per share. Banc of California's quarterly revenue was down 94.0% on a year-over-year basis. As a group, equities research analysts expect that Banc of California, Inc. will post 1.68 earnings per share for the current year.

Banc of California Company Profile

Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.

Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source