Banc of California, Inc. (NYSE:BANC) Shares Bought by New York State Teachers Retirement System

New York State Teachers Retirement System boosted its holdings in shares of Banc of California, Inc. (NYSE:BANC - Free Report) by 510.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 79,808 shares of the bank's stock after purchasing an additional 66,739 shares during the period. New York State Teachers Retirement System owned about 0.14% of Banc of California worth $1,072,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Raymond James Financial Services Advisors Inc. purchased a new position in Banc of California during the 4th quarter valued at about $1,488,000. JCSD Capital LLC increased its holdings in Banc of California by 76.0% during the 4th quarter. JCSD Capital LLC now owns 243,117 shares of the bank's stock valued at $3,265,000 after purchasing an additional 105,000 shares during the period. Victory Capital Management Inc. boosted its position in Banc of California by 69.7% during the 3rd quarter. Victory Capital Management Inc. now owns 1,876,594 shares of the bank's stock valued at $23,232,000 after acquiring an additional 770,938 shares in the last quarter. EJF Capital LLC boosted its position in Banc of California by 75.3% during the 3rd quarter. EJF Capital LLC now owns 648,463 shares of the bank's stock valued at $8,028,000 after acquiring an additional 278,534 shares in the last quarter. Finally, Barclays PLC boosted its position in Banc of California by 40.8% during the 3rd quarter. Barclays PLC now owns 190,308 shares of the bank's stock valued at $2,357,000 after acquiring an additional 55,118 shares in the last quarter. Hedge funds and other institutional investors own 86.88% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on BANC shares. Keefe, Bruyette & Woods raised Banc of California from a "market perform" rating to an "outperform" rating and lifted their price objective for the company from $16.00 to $18.00 in a research report on Friday, March 22nd. Wedbush upped their price objective on Banc of California from $14.00 to $16.00 and gave the company a "neutral" rating in a research report on Friday, January 26th. Truist Financial restated a "hold" rating and issued a $16.00 price objective on shares of Banc of California in a research note on Monday, April 1st. Barclays assumed coverage on Banc of California in a report on Friday, March 8th. They issued an "equal weight" rating and a $16.00 target price on the stock. Finally, Wells Fargo & Company raised their target price on Banc of California from $14.00 to $16.00 and gave the stock an "equal weight" rating in a report on Wednesday, April 10th. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, Banc of California presently has an average rating of "Hold" and a consensus target price of $17.07.

Banc of California Price Performance

BANC stock traded down $0.02 during trading on Thursday, reaching $13.80. The company's stock had a trading volume of 1,237,517 shares, compared to its average volume of 2,411,791. Banc of California, Inc. has a 1 year low of $9.72 and a 1 year high of $16.08. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. The company's fifty day moving average is $14.44 and its 200-day moving average is $13.25.

Banc of California (NYSE:BANC - Get Free Report) last issued its quarterly earnings results on Thursday, January 25th. The bank reported ($4.55) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.28) by ($4.27). Banc of California had a positive return on equity of 1.14% and a negative net margin of 44.04%. The business had revenue of $193.06 million during the quarter, compared to analysts' expectations of $163.11 million. During the same quarter in the previous year, the company posted $0.45 EPS. Analysts predict that Banc of California, Inc. will post 1.5 EPS for the current year.

Banc of California Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were paid a $0.10 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.40 dividend on an annualized basis and a yield of 2.90%. Banc of California's payout ratio is presently -12.66%.

Insiders Place Their Bets

In other Banc of California news, Director James Andrew Barker purchased 10,000 shares of the business's stock in a transaction on Wednesday, February 14th. The stock was acquired at an average price of $13.16 per share, for a total transaction of $131,600.00. Following the purchase, the director now owns 159,680 shares of the company's stock, valued at approximately $2,101,388.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 7.37% of the stock is currently owned by company insiders.

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.