South Dakota Investment Council Grows Holdings in Banc of California, Inc. (NYSE:BANC)

South Dakota Investment Council boosted its position in Banc of California, Inc. (NYSE:BANC - Free Report) by 238.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 571,063 shares of the bank's stock after purchasing an additional 402,498 shares during the period. South Dakota Investment Council owned about 0.99% of Banc of California worth $7,669,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of BANC. GAMMA Investing LLC bought a new position in Banc of California during the fourth quarter worth about $52,000. New York State Common Retirement Fund lifted its position in shares of Banc of California by 193.3% during the fourth quarter. New York State Common Retirement Fund now owns 53,496 shares of the bank's stock worth $718,000 after acquiring an additional 35,256 shares in the last quarter. Illinois Municipal Retirement Fund boosted its holdings in shares of Banc of California by 132.2% in the fourth quarter. Illinois Municipal Retirement Fund now owns 73,290 shares of the bank's stock worth $984,000 after acquiring an additional 41,720 shares during the period. Foundry Partners LLC grew its position in shares of Banc of California by 16.2% in the fourth quarter. Foundry Partners LLC now owns 329,670 shares of the bank's stock valued at $4,427,000 after purchasing an additional 45,945 shares in the last quarter. Finally, Handelsbanken Fonder AB bought a new stake in shares of Banc of California during the 4th quarter valued at $172,000. 86.88% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. StockNews.com assumed coverage on shares of Banc of California in a report on Monday, January 29th. They set a "hold" rating on the stock. Wells Fargo & Company boosted their target price on Banc of California from $14.00 to $16.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 10th. Wedbush lowered their price target on Banc of California from $16.00 to $15.00 and set a "neutral" rating on the stock in a report on Wednesday. Truist Financial reiterated a "hold" rating and set a $16.00 price target on shares of Banc of California in a research report on Monday, April 1st. Finally, Keefe, Bruyette & Woods raised shares of Banc of California from a "market perform" rating to an "outperform" rating and raised their target price for the company from $16.00 to $18.00 in a research note on Friday, March 22nd. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, Banc of California has an average rating of "Hold" and a consensus price target of $16.79.

Banc of California Stock Up 0.9 %

BANC traded up $0.13 during trading on Wednesday, hitting $14.08. 3,730,342 shares of the company's stock traded hands, compared to its average volume of 2,477,006. Banc of California, Inc. has a 12-month low of $9.72 and a 12-month high of $16.08. The company's 50 day simple moving average is $14.49 and its two-hundred day simple moving average is $13.32. The stock has a market capitalization of $2.21 billion, a price-to-earnings ratio of -4.46 and a beta of 1.15. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32.

Banc of California (NYSE:BANC - Get Free Report) last posted its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.19 EPS for the quarter, missing analysts' consensus estimates of $0.26 by ($0.07). Banc of California had a negative net margin of 44.04% and a positive return on equity of 1.14%. The firm had revenue of $522.57 million for the quarter, compared to analysts' expectations of $296.02 million. During the same quarter last year, the company posted $0.37 EPS. Analysts predict that Banc of California, Inc. will post 1.5 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.84%. The ex-dividend date of this dividend was Thursday, March 14th. Banc of California's dividend payout ratio (DPR) is currently -12.66%.

Insider Activity

In other news, insider Robert G. Dyck sold 10,000 shares of the firm's stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $14.97, for a total transaction of $149,700.00. Following the sale, the insider now directly owns 24,979 shares in the company, valued at approximately $373,935.63. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 7.37% of the company's stock.

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.