California State Teachers Retirement System Buys 66,381 Shares of Banc of California, Inc. $BANC

Key Points

• California State Teachers Retirement System increased its Banc of California stake by 55.4% in the first quarter, adding 66,381 shares to own 186,246 shares worth approximately $3.27 million. Institutional investors collectively own 86.88% of the bank.
• Banc of California reported a significant quarterly loss, with EPS of -$1.61 versus the $0.40 consensus estimate and revenue of $16.41 million, down 94% year over year. Analysts nevertheless maintain a “Moderate Buy” consensus rating with an average price target of $22.62.
• The bank declared a quarterly dividend of $0.12 per share, equivalent to an annualized $0.48 dividend and a 2.6% yield. Shares opened at $18.72, compared with a 12-month range of $14.35 to $21.93.

California State Teachers Retirement System increased its stake in Banc of California, Inc. (NYSE:BANC - Free Report) by 55.4% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 186,246 shares of the bank's stock after acquiring an additional 66,381 shares during the period. California State Teachers Retirement System owned about 0.12% of Banc of California worth $3,274,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Triumph Capital Management purchased a new position in shares of Banc of California in the 3rd quarter worth about $25,000. Navalign LLC bought a new stake in Banc of California in the 4th quarter worth approximately $27,000. Orion Capital Management LLC purchased a new stake in Banc of California in the fourth quarter worth approximately $35,000. Advisory Services Network LLC purchased a new stake in Banc of California in the third quarter worth approximately $36,000. Finally, EverSource Wealth Advisors LLC grew its position in Banc of California by 38.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank's stock valued at $39,000 after acquiring an additional 564 shares during the last quarter. Institutional investors own 86.88% of the company's stock.

Insider Activity at Banc of California

In other Banc of California news, insider Olivia I. Lindsay sold 6,000 shares of Banc of California stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $19.50, for a total transaction of $117,000.00. Following the completion of the transaction, the insider owned 32,842 shares in the company, valued at approximately $640,419. The trade was a 15.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.78% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have commented on BANC shares. Wells Fargo & Company lifted their price target on shares of Banc of California from $22.00 to $23.00 and gave the stock an "overweight" rating in a research note on Monday, July 6th. Piper Sandler upped their price target on shares of Banc of California from $22.00 to $23.00 and gave the company an "overweight" rating in a research report on Monday, April 27th. Citigroup reduced their price objective on 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. Weiss Ratings raised Banc of California from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday. Finally, Barclays reduced their price target on Banc of California from $23.00 to $22.00 and set an "overweight" rating on the stock in a research report on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, Banc of California has a consensus rating of "Moderate Buy" and a consensus target price of $22.62.

Banc of California Stock Performance

Shares of NYSE:BANC opened at $18.72 on Monday. 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 company has a 50-day moving average price of $20.13 and a 200-day moving average price of $19.23. The company has a market cap of $2.89 billion, a price-to-earnings ratio of -44.58 and a beta of 0.74. Banc of California, Inc. has a 12 month low of $14.35 and a 12 month high of $21.93.

Banc of California (NYSE:BANC - Get Free Report) last posted its earnings results on Wednesday, July 29th. The bank reported ($1.61) earnings per share (EPS) for the quarter, missing the consensus estimate 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 $16.41 million during the quarter, compared to the consensus estimate of $295.32 million. During the same period in the previous year, the business earned $0.31 earnings per share. The firm's revenue for the quarter was down 94.0% compared to the same quarter last year. As a group, equities analysts anticipate that Banc of California, Inc. will post 1.68 EPS for the current year.

Banc of California Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.48 annualized dividend and a yield of 2.6%. Banc of California's payout ratio is presently -114.29%.

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.

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