Amalgamated Bank Sells 1,840 Shares of Banc of California, Inc. (NYSE:BANC)

Amalgamated Bank lessened its position in shares of Banc of California, Inc. (NYSE:BANC) by 4.3% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 40,520 shares of the bank’s stock after selling 1,840 shares during the quarter. Amalgamated Bank’s holdings in Banc of California were worth $597,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in BANC. GAMMA Investing LLC grew its holdings in shares of Banc of California by 32.3% in the third quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock valued at $44,000 after purchasing an additional 734 shares in the last quarter. Louisiana State Employees Retirement System lifted its position in Banc of California by 1.7% during the second quarter. Louisiana State Employees Retirement System now owns 69,800 shares of the bank’s stock valued at $892,000 after purchasing an additional 1,200 shares during the last quarter. Fifth Third Bancorp grew its stake in shares of Banc of California by 146.3% in the 2nd quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock worth $27,000 after buying an additional 1,273 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Banc of California by 2.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 77,384 shares of the bank’s stock worth $989,000 after buying an additional 1,939 shares during the last quarter. Finally, Future Financial Wealth Managment LLC purchased a new stake in shares of Banc of California during the 3rd quarter valued at about $29,000. Institutional investors own 86.88% of the company’s stock.

Insider Buying and Selling at Banc of California

In other news, Director Richard J. Lashley sold 75,000 shares of Banc of California stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total value of $1,050,000.00. Following the completion of the transaction, the director now directly owns 719,826 shares of the company’s stock, valued at approximately $10,077,564. The trade was a 9.44 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 7.37% of the stock is owned by company insiders.

Banc of California Stock Performance

Shares of BANC opened at $16.22 on Friday. The stock has a market capitalization of $2.57 billion, a P/E ratio of -3.80 and a beta of 1.13. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.89. Banc of California, Inc. has a 1 year low of $11.36 and a 1 year high of $16.92. The company’s fifty day moving average is $15.00 and its two-hundred day moving average is $14.10.

Banc of California (NYSE:BANC) last posted its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.11. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%. The company had revenue of $431.44 million during the quarter, compared to the consensus estimate of $229.46 million. During the same period last year, the firm earned $0.30 EPS. On average, sell-side analysts predict that Banc of California, Inc. will post 0.71 earnings per share for the current year.

Banc of California Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.47%. The ex-dividend date is Monday, December 16th. Banc of California’s dividend payout ratio is currently -9.37%.

Analyst Upgrades and Downgrades

BANC has been the subject of several recent research reports. Barclays upgraded Banc of California from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $17.00 to $18.00 in a research report on Thursday, October 31st. Stephens boosted their target price on Banc of California from $15.00 to $16.00 and gave the company an “equal weight” rating in a research report on Thursday, October 24th. Wells Fargo & Company raised their price target on Banc of California from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 23rd. Wedbush boosted their price objective on shares of Banc of California from $18.00 to $19.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Finally, Truist Financial raised their target price on shares of Banc of California from $15.00 to $16.00 and gave the stock a “hold” rating in a report on Friday, September 20th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $17.30.

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.