LSV Asset Management Sells 310,315 Shares of Banc of California, Inc. (NYSE:BANC)

LSV Asset Management lowered its position in Banc of California, Inc. (NYSE:BANC - Free Report) by 39.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 482,685 shares of the bank's stock after selling 310,315 shares during the quarter. LSV Asset Management owned 0.84% of Banc of California worth $6,482,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Versant Capital Management Inc lifted its stake in shares of Banc of California by 2,466.2% in the fourth quarter. Versant Capital Management Inc now owns 1,899 shares of the bank's stock worth $26,000 after acquiring an additional 1,825 shares in the last quarter. Anchor Investment Management LLC acquired a new stake in shares of Banc of California during the fourth quarter worth approximately $44,000. Avior Wealth Management LLC bought a new stake in shares of Banc of California in the fourth quarter worth $44,000. GAMMA Investing LLC bought a new position in Banc of California during the 4th quarter valued at $52,000. Finally, CWM LLC grew its holdings in Banc of California by 872.1% during the 4th quarter. CWM LLC now owns 6,785 shares of the bank's stock worth $91,000 after acquiring an additional 6,087 shares in the last quarter. Hedge funds and other institutional investors own 86.88% of the company's stock.

Insider Transactions at Banc of California

In related news, CEO Jared M. Wolff acquired 7,130 shares of Banc of California stock in a transaction that occurred on Thursday, April 25th. The stock was acquired at an average price 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 of the company's stock, valued at approximately $3,756,356.10. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, Director James Andrew Barker acquired 10,000 shares of the company's stock in a transaction dated Wednesday, February 14th. The shares were bought at an average price of $13.16 per share, with a total value of $131,600.00. Following the purchase, the director now owns 159,680 shares of the company's stock, valued at $2,101,388.80. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Jared M. Wolff bought 7,130 shares of the firm's stock in a transaction that occurred on Thursday, April 25th. The shares were purchased at an average cost of $13.98 per share, with a total value of $99,677.40. Following the purchase, the chief executive officer now directly owns 268,695 shares of the company's stock, valued at $3,756,356.10. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 27,130 shares of company stock valued at $445,277. 2.80% of the stock is currently owned by corporate insiders.

Banc of California Stock Performance

NYSE:BANC traded up $0.03 during mid-day trading on Thursday, hitting $14.94. The stock had a trading volume of 1,868,812 shares, compared to its average volume of 2,433,242. Banc of California, Inc. has a 52 week low of $9.89 and a 52 week high of $16.08. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $2.35 billion, a price-to-earnings ratio of -4.46 and a beta of 1.17. The company has a 50 day simple moving average of $14.48 and a 200-day simple moving average of $13.46.

Banc of California (NYSE:BANC - Get Free Report) last issued its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.07). The business had revenue of $522.57 million for the quarter, compared to analyst estimates of $296.02 million. Banc of California had a positive return on equity of 2.25% and a negative net margin of 29.10%. During the same quarter in the prior year, the firm posted $0.37 earnings per share. On average, research analysts expect that Banc of California, Inc. will post 1.32 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms recently commented on BANC. 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 research note on Wednesday, April 24th. Truist Financial lowered their price target on Banc of California from $16.00 to $15.00 and set a "hold" rating for the company in a report on Thursday, April 25th. Keefe, Bruyette & Woods upgraded Banc of California from a "market perform" rating to an "outperform" rating and raised their price objective for the stock from $16.00 to $18.00 in a research note on Friday, March 22nd. Wells Fargo & Company boosted their target price on shares of Banc of California from $14.00 to $16.00 and gave the company an "equal weight" rating in a research note on Wednesday, April 10th. Finally, Stephens restated an "equal weight" rating and issued a $16.00 price target on shares of Banc of California in a research report on Thursday, April 25th. One research analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $16.64.

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.