Alaska Permanent Fund Corp Invests $2.01 Million in Banc of California, Inc. (NYSE:BANC)

Alaska Permanent Fund Corp bought a new position in shares of Banc of California, Inc. (NYSE:BANC - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 149,610 shares of the bank's stock, valued at approximately $2,009,000. Alaska Permanent Fund Corp owned about 0.26% of Banc of California as of its most recent SEC filing.

Several other large investors have also bought and sold shares of BANC. Victory Capital Management Inc. raised 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 worth $23,232,000 after purchasing an additional 770,938 shares during the last quarter. Brandywine Global Investment Management LLC grew its holdings in Banc of California by 290.3% during the 3rd quarter. Brandywine Global Investment Management LLC now owns 727,452 shares of the bank's stock worth $9,006,000 after acquiring an additional 541,052 shares during the period. Peregrine Capital Management LLC acquired a new stake in Banc of California during the 3rd quarter worth about $6,373,000. Massachusetts Financial Services Co. MA acquired a new stake in Banc of California during the 3rd quarter worth about $6,366,000. Finally, One Fin Capital Management LP acquired a new stake in Banc of California during the 3rd quarter worth about $5,132,000. 86.88% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

BANC has been the subject of a number of recent analyst reports. StockNews.com upgraded Banc of California to a "sell" rating in a report on Thursday. Wedbush decreased their price target on Banc of California from $16.00 to $15.00 and set a "neutral" rating for the company in a report on Wednesday. Keefe, Bruyette & Woods upgraded 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. Truist Financial reduced their target price on Banc of California from $16.00 to $15.00 and set a "hold" rating for the company in a research note on Thursday. Finally, Stephens restated an "equal weight" rating and issued a $16.00 target price on shares of Banc of California in a research note on Thursday. One analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $16.64.

Insider Buying and Selling at Banc of California

In other Banc of California news, CEO Jared M. Wolff bought 7,130 shares of Banc of California stock in a transaction dated Thursday, April 25th. The stock was bought at an average cost of $13.98 per share, with a total value of $99,677.40. Following the completion of the acquisition, the chief executive officer now directly owns 268,695 shares in the company, valued at approximately $3,756,356.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Banc of California news, CEO Jared M. Wolff purchased 7,130 shares of the company's stock in a transaction that occurred on Thursday, April 25th. The shares were acquired at an average cost of $13.98 per share, for a total transaction of $99,677.40. Following the completion of the acquisition, the chief executive officer now owns 268,695 shares of the company's stock, valued at approximately $3,756,356.10. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Richard J. Lashley purchased 10,000 shares of the company's stock in a transaction that occurred on Thursday, February 29th. The shares were acquired at an average price of $21.40 per share, for a total transaction of $214,000.00. Following the completion of the acquisition, the director now directly owns 10,000 shares of the company's stock, valued at approximately $214,000. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 27,130 shares of company stock worth $445,277. Insiders own 7.37% of the company's stock.

Banc of California Stock Up 1.6 %

BANC stock traded up $0.22 during mid-day trading on Friday, reaching $14.32. 1,714,285 shares of the company traded hands, compared to its average volume of 2,476,352. The stock has a market cap of $2.25 billion, a price-to-earnings ratio of -4.30 and a beta of 1.15. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.32. Banc of California, Inc. has a fifty-two week low of $9.72 and a fifty-two week high of $16.08. The firm's 50 day moving average price is $14.49 and its 200 day moving average price is $13.34.

Banc of California (NYSE:BANC - Get Free Report) last released its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.19 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.26 by ($0.07). The company had revenue of $522.57 million for the quarter, compared to analyst estimates of $296.02 million. Banc of California had a negative net margin of 29.10% and a positive return on equity of 2.25%. During the same quarter last year, the firm posted $0.37 EPS. As a group, equities research analysts predict that Banc of California, Inc. will post 1.5 EPS for the current fiscal year.

Banc of California Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were paid a dividend of $0.10 per share. 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 2.79%. Banc of California's dividend payout ratio (DPR) is currently -12.01%.

About Banc of California

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.