Russell Investments Group Ltd. Has $1.01 Million Stock Position in Banc of California, Inc. (NYSE:BANC)

Russell Investments Group Ltd. grew its holdings in Banc of California, Inc. (NYSE:BANC - Free Report) by 203,843.2% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 75,459 shares of the bank's stock after acquiring an additional 75,422 shares during the period. Russell Investments Group Ltd. owned 0.13% of Banc of California worth $1,013,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Versant Capital Management Inc boosted its position in Banc of California by 2,466.2% during the fourth quarter. Versant Capital Management Inc now owns 1,899 shares of the bank's stock worth $26,000 after purchasing an additional 1,825 shares during the period. Anchor Investment Management LLC acquired a new position in Banc of California in the 4th quarter valued at $44,000. Avior Wealth Management LLC bought a new position in Banc of California in the 4th quarter worth $44,000. GAMMA Investing LLC acquired a new position in Banc of California during the 4th quarter worth $52,000. Finally, CWM LLC lifted its position 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 during the last quarter. Institutional investors and hedge funds own 86.88% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on BANC shares. Wells Fargo & Company lifted their price objective on Banc of California from $14.00 to $16.00 and gave the stock an "equal weight" rating in a research note on Wednesday, April 10th. Truist Financial dropped their price objective on shares of Banc of California from $16.00 to $15.00 and set a "hold" rating on the stock in a report on Thursday, April 25th. Stephens decreased their target price on Banc of California from $16.00 to $15.00 and set an "equal weight" rating on the stock in a research report on Tuesday, May 14th. Barclays cut their price target on Banc of California from $16.00 to $15.00 and set an "equal weight" rating for the company in a report on Wednesday, April 24th. Finally, Keefe, Bruyette & Woods raised Banc of California from a "market perform" rating to an "outperform" rating and lifted their price objective for the stock from $16.00 to $18.00 in a report on Friday, March 22nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $16.31.

Insider Transactions at Banc of California

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

Banc of California Price Performance

Shares of Banc of California stock traded up $0.50 during midday trading on Friday, hitting $14.59. 2,232,839 shares of the company were exchanged, compared to its average volume of 2,832,829. The firm has a 50 day simple moving average of $14.42 and a 200-day simple moving average of $13.64. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.89. The firm has a market cap of $2.29 billion, a P/E ratio of -4.38 and a beta of 1.17. Banc of California, Inc. has a 52 week low of $9.96 and a 52 week high of $16.08.

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 analysts' consensus estimates of $0.26 by ($0.07). Banc of California had a negative net margin of 29.10% and a positive return on equity of 2.25%. The company had revenue of $522.57 million for the quarter, compared to the consensus estimate of $296.02 million. During the same period in the previous year, the business posted $0.37 earnings per share. Research analysts forecast that Banc of California, Inc. will post 1.14 earnings per share for the current year.

Banc of California Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be paid a dividend of $0.10 per share. The ex-dividend date is Friday, June 14th. This represents a $0.40 annualized dividend and a yield of 2.74%. Banc of California's dividend payout ratio is -12.01%.

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.