Crescent Grove Advisors LLC Buys Shares of 96,994 Banc of California, Inc. (NYSE:BANC)

Crescent Grove Advisors LLC acquired a new position in shares of Banc of California, Inc. (NYSE:BANC - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 96,994 shares of the bank's stock, valued at approximately $1,303,000. Crescent Grove Advisors LLC owned approximately 0.17% of Banc of California at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Peregrine Capital Management LLC grew its holdings in shares of Banc of California by 22.2% during the fourth quarter. Peregrine Capital Management LLC now owns 628,950 shares of the bank's stock worth $8,447,000 after purchasing an additional 114,173 shares in the last quarter. Raymond James Financial Services Advisors Inc. purchased a new stake in Banc of California in the fourth quarter worth approximately $1,488,000. JCSD Capital LLC boosted its stake in Banc of California by 76.0% in the fourth quarter. JCSD Capital LLC now owns 243,117 shares of the bank's stock worth $3,265,000 after buying an additional 105,000 shares in the last quarter. Victory Capital Management Inc. boosted its stake in Banc of California by 69.7% in the third quarter. Victory Capital Management Inc. now owns 1,876,594 shares of the bank's stock worth $23,232,000 after buying an additional 770,938 shares in the last quarter. Finally, EJF Capital LLC boosted its stake in Banc of California by 75.3% in the third quarter. EJF Capital LLC now owns 648,463 shares of the bank's stock worth $8,028,000 after buying an additional 278,534 shares in the last quarter. Hedge funds and other institutional investors own 86.88% of the company's stock.

Insiders Place Their Bets

In other Banc of California news, insider Robert G. Dyck sold 10,000 shares of the stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $14.97, for a total value of $149,700.00. Following the completion of the transaction, the insider now owns 24,979 shares in the company, valued at $373,935.63. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 2.80% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have issued reports on BANC. Wedbush upped their target price on Banc of California from $14.00 to $16.00 and gave the stock a "neutral" rating in a research note on Friday, January 26th. Keefe, Bruyette & Woods raised Banc of California from a "market perform" rating to an "outperform" rating and upped their target price for the stock from $16.00 to $18.00 in a research note on Friday, March 22nd. StockNews.com initiated coverage on Banc of California in a research report on Monday, January 29th. They issued a "hold" rating for the company. Wells Fargo & Company boosted their price objective on Banc of California from $14.00 to $16.00 and gave the company an "equal weight" rating in a research report on Wednesday, April 10th. Finally, Truist Financial reiterated a "hold" rating and issued a $16.00 price objective on shares of Banc of California in a research report on Monday, April 1st. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $17.07.

Banc of California Trading Down 1.6 %

Shares of Banc of California stock traded down $0.23 during midday trading on Monday, reaching $13.93. 1,593,159 shares of the company's stock traded hands, compared to its average volume of 2,447,845. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.90. The company has a market cap of $2.19 billion, a PE ratio of -4.41 and a beta of 1.15. The stock has a 50 day moving average of $14.39 and a 200-day moving average of $13.23. Banc of California, Inc. has a 12 month low of $9.72 and a 12 month high of $16.08.

Banc of California (NYSE:BANC - Get Free Report) last announced its earnings results on Thursday, January 25th. The bank reported ($4.55) EPS for the quarter, missing analysts' consensus estimates of ($0.28) by ($4.27). The business had revenue of $193.06 million for the quarter, compared to the consensus estimate of $163.11 million. Banc of California had a negative net margin of 44.04% and a positive return on equity of 1.14%. During the same quarter in the prior year, the company earned $0.45 EPS. As a group, equities analysts expect that Banc of California, Inc. will post 1.5 EPS for the current fiscal year.

Banc of California Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were issued a $0.10 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.40 dividend on an annualized basis and a yield of 2.87%. Banc of California's dividend payout ratio (DPR) is -12.66%.

Banc of California Company 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.

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