Public Employees Retirement System of Ohio Invests $1.68 Million in Banc of California, Inc. $BANC

Key Points

• Public Employees Retirement System of Ohio bought 81,989 Banc of California shares worth approximately $1.68 million, while institutional investors collectively owned 86.88% of the company.
• Analyst sentiment remains broadly positive, with an average “Buy” rating and a $22.62 price target, although some firms recently downgraded the stock or lowered their targets.
• Banc of California reported a significant quarterly loss of $1.61 per share versus expectations for $0.40 in earnings, while revenue fell 94% year over year. The bank nevertheless declared a quarterly dividend of $0.12 per share, yielding about 2.5% annually.

Public Employees Retirement System of Ohio bought a new position in shares of Banc of California, Inc. (NYSE:BANC - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 81,989 shares of the bank's stock, valued at approximately $1,675,000. Public Employees Retirement System of Ohio owned 0.05% of Banc of California at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of Banc of California in the 2nd quarter valued at $462,252,000. Vanguard Group Inc. increased its position in shares of Banc of California by 4.6% during the 4th quarter. Vanguard Group Inc. now owns 9,951,795 shares of the bank's stock worth $191,970,000 after purchasing an additional 438,320 shares in the last quarter. UBS Group AG lifted its holdings in Banc of California by 28.4% during the 4th quarter. UBS Group AG now owns 598,427 shares of the bank's stock valued at $11,544,000 after purchasing an additional 132,328 shares during the last quarter. William Blair Investment Management LLC lifted its holdings in Banc of California by 8.8% during the 4th quarter. William Blair Investment Management LLC now owns 2,317,363 shares of the bank's stock valued at $44,702,000 after purchasing an additional 187,999 shares during the last quarter. Finally, Bridgeway Capital Management LLC lifted its holdings in Banc of California by 11.8% during the 4th quarter. Bridgeway Capital Management LLC now owns 915,325 shares of the bank's stock valued at $17,657,000 after purchasing an additional 96,372 shares during the last quarter. Institutional investors and hedge funds own 86.88% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on BANC shares. Weiss Ratings cut shares of Banc of California from a "hold (c+)" rating to a "hold (c-)" rating in a research note on Friday, August 21st. Citigroup cut their target price on shares of Banc of California from $23.50 to $22.00 and set a "buy" rating for the company in a research note on Friday, July 31st. Brean Capital downgraded Banc of California from a "buy" rating to a "neutral" rating in a report on Thursday, July 30th. Wall Street Zen lowered Banc of California from a "hold" rating to a "sell" rating in a research report on Saturday, August 15th. Finally, JPMorgan Chase & Co. increased their price target on Banc of California from $22.00 to $24.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 1st. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, Banc of California has an average rating of "Buy" and an average target price of $22.62.

Banc of California Stock Up 0.2%

Shares of NYSE BANC opened at $18.95 on Tuesday. The firm's 50-day simple moving average is $19.76 and its 200 day simple moving average is $19.04. The company has a market cap of $3.00 billion, a price-to-earnings ratio of -45.12 and a beta of 0.73. The company has a quick ratio of 0.86, a current ratio of 0.89 and a debt-to-equity ratio of 0.20. Banc of California, Inc. has a 12-month low of $15.33 and a 12-month high of $21.93.

Banc of California (NYSE:BANC - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The bank reported ($1.61) earnings per share for the quarter, missing the consensus estimate of $0.40 by ($2.01). Banc of California had a negative net margin of 1.44% and a positive return on equity of 7.98%. The company had revenue of $16.41 million during the quarter, compared to analyst estimates of $295.32 million. During the same quarter in the previous year, the business posted $0.31 EPS. The company's revenue was down 94.0% compared to the same quarter last year. On average, research analysts expect that Banc of California, Inc. will post 1.68 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend is Tuesday, September 15th. Banc of California's dividend payout ratio is -114.29%.

Insider Activity at Banc of California

In related news, insider Olivia Lindsay sold 6,000 shares of the firm's stock in a transaction that occurred 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 owned 32,842 shares of the company's stock, valued at $640,419. This trade represents a 15.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 2.78% of the stock is owned by company insiders.

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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