Everence Capital Management Inc. Takes $179,000 Position in Banc of California, Inc. (NYSE:BANC)

Everence Capital Management Inc. acquired a new stake in shares of Banc of California, Inc. (NYSE:BANC) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 13,332 shares of the bank’s stock, valued at approximately $179,000.

A number of other hedge funds have also made changes to their positions in BANC. Versant Capital Management Inc boosted its stake in Banc of California by 2,466.2% during the 4th quarter. Versant Capital Management Inc now owns 1,899 shares of the bank’s stock valued at $26,000 after purchasing an additional 1,825 shares during the period. Anchor Investment Management LLC bought a new stake in Banc of California during the 4th quarter valued at approximately $44,000. Tower Research Capital LLC TRC boosted its stake in Banc of California by 34.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,148 shares of the bank’s stock valued at $48,000 after purchasing an additional 1,067 shares during the period. Quantbot Technologies LP boosted its stake in Banc of California by 158.3% during the 2nd quarter. Quantbot Technologies LP now owns 3,100 shares of the bank’s stock valued at $54,000 after purchasing an additional 1,900 shares during the period. Finally, Point72 Middle East FZE bought a new stake in Banc of California during the 4th quarter valued at approximately $54,000. Institutional investors and hedge funds own 86.88% of the company’s stock.

Insider Activity at Banc of California

In related news, insider Robert G. Dyck sold 10,000 shares of the firm’s stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $14.97, for a total transaction of $149,700.00. Following the completion of the sale, the insider now directly owns 24,979 shares of the company’s stock, valued at approximately $373,935.63. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 7.37% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Wedbush increased their target price on Banc of California from $14.00 to $16.00 and gave the company a “neutral” rating in a research note on Friday, January 26th. Truist Financial reiterated a “hold” rating and issued a $16.00 price objective on shares of Banc of California in a research report on Monday, April 1st. Barclays began coverage on Banc of California in a research report on Friday, March 8th. They issued an “equal weight” rating and a $16.00 price objective for the company. Wells Fargo & Company raised their price objective on Banc of California from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 10th. Finally, 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 report on Friday, March 22nd. Five analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $17.07.

Banc of California Price Performance

Banc of California stock opened at $13.86 on Friday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.90 and a quick ratio of 0.89. The company has a market capitalization of $2.18 billion, a PE ratio of -4.39 and a beta of 1.15. Banc of California, Inc. has a one year low of $9.72 and a one year high of $16.08. The business has a 50 day simple moving average of $14.47 and a 200 day simple moving average of $13.27.

Banc of California (NYSE:BANC) last posted its earnings results on Thursday, January 25th. The bank reported ($4.55) EPS for the quarter, missing the consensus estimate of ($0.28) by ($4.27). The company had revenue of $193.06 million for the quarter, compared to the consensus estimate of $163.11 million. Banc of California had a positive return on equity of 1.14% and a negative net margin of 44.04%. During the same quarter last year, the business earned $0.45 EPS. On average, sell-side analysts forecast that Banc of California, Inc. will post 1.5 EPS for the current fiscal year.

Banc of California Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were issued a dividend of $0.10 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.40 dividend on an annualized basis and a yield of 2.89%. Banc of California’s dividend payout ratio is -12.66%.

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.