Banc of California, Inc. $BANC Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System lowered its stake in Banc of California, Inc. (NYSE:BANC) by 37.4% in the first quarter, HoldingsChannel reports. The institutional investor owned 47,490 shares of the bank’s stock after selling 28,418 shares during the period. New York State Teachers Retirement System’s holdings in Banc of California were worth $835,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in BANC. Triumph Capital Management purchased a new stake in shares of Banc of California during the third quarter valued at $25,000. Navalign LLC purchased a new position in Banc of California in the 4th quarter worth $27,000. Orion Capital Management LLC purchased a new position in Banc of California in the 4th quarter worth $35,000. Advisory Services Network LLC acquired a new stake in Banc of California during the 3rd quarter worth about $36,000. Finally, EverSource Wealth Advisors LLC lifted its position in Banc of California by 38.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank’s stock worth $39,000 after acquiring an additional 564 shares during the period. 86.88% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on BANC shares. JPMorgan Chase & Co. increased their price objective on Banc of California from $22.00 to $24.00 and gave the company an “overweight” rating in a report on Wednesday, July 1st. DA Davidson reaffirmed a “buy” rating and set a $24.00 target price on shares of Banc of California in a report on Tuesday, April 28th. Weiss Ratings lowered Banc of California from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, June 4th. Wells Fargo & Company increased their price target on shares of Banc of California from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Monday, July 6th. Finally, Barclays decreased their price objective on shares of Banc of California from $25.00 to $23.00 and set an “overweight” rating for the company in a research note on Tuesday, April 7th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $22.69.

Banc of California Stock Performance

Shares of NYSE BANC opened at $20.48 on Monday. The company has a market capitalization of $3.16 billion, a PE ratio of 15.63 and a beta of 0.73. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.89. The company’s fifty day moving average price is $19.55 and its 200 day moving average price is $19.19. Banc of California, Inc. has a 1 year low of $13.96 and a 1 year high of $21.61.

Banc of California (NYSE:BANC) last released its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The company had revenue of $286.95 million during the quarter, compared to analysts’ expectations of $291.28 million. Banc of California had a net margin of 13.58% and a return on equity of 9.25%. The firm’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.26 earnings per share. On average, research analysts predict that Banc of California, Inc. will post 1.71 earnings per share for the current year.

Banc of California Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Monday, June 15th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 2.3%. The ex-dividend date was Monday, June 15th. Banc of California’s payout ratio is currently 36.64%.

About Banc of California

Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.

Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.