Handelsbanken Fonder AB Takes $172,000 Position in Banc of California, Inc. (NYSE:BANC)

Handelsbanken Fonder AB purchased a new stake in Banc of California, Inc. (NYSE:BANC) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 12,816 shares of the bank’s stock, valued at approximately $172,000.

Several other institutional investors have also modified their holdings of the business. CWM LLC increased its holdings in shares of Banc of California by 872.1% in the 4th quarter. CWM LLC now owns 6,785 shares of the bank’s stock valued at $91,000 after acquiring an additional 6,087 shares during the last quarter. Cable Hill Partners LLC acquired a new position in Banc of California during the fourth quarter worth approximately $719,000. Avior Wealth Management LLC purchased a new stake in Banc of California in the fourth quarter valued at approximately $44,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Banc of California by 224.4% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 33,185 shares of the bank’s stock valued at $446,000 after acquiring an additional 22,955 shares during the period. Finally, Everence Capital Management Inc. purchased a new position in shares of Banc of California during the fourth quarter worth approximately $179,000. Institutional investors and hedge funds own 86.88% of the company’s stock.

Insider Activity

In other Banc of California news, Director James Andrew Barker bought 10,000 shares of the business’s stock in a transaction on Wednesday, February 14th. The stock was bought at an average price of $13.16 per share, for a total transaction of $131,600.00. Following the completion of the transaction, the director now owns 159,680 shares in the company, valued at approximately $2,101,388.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director James Andrew Barker acquired 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 14th. The stock was purchased at an average price of $13.16 per share, for a total transaction of $131,600.00. Following the transaction, the director now owns 159,680 shares in the company, valued at approximately $2,101,388.80. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jared M. Wolff purchased 7,130 shares of the stock in a transaction dated Thursday, April 25th. The shares were purchased 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 owns 268,695 shares of the company’s stock, valued at $3,756,356.10. The disclosure for this purchase can be found here. Insiders bought a total of 27,130 shares of company stock worth $445,277 over the last 90 days. 7.37% of the stock is currently owned by corporate insiders.

Banc of California Trading Up 2.9 %

Shares of BANC stock opened at $14.64 on Friday. The business’s fifty day moving average price is $14.45 and its 200 day moving average price is $13.38. The firm has a market capitalization of $2.30 billion, a PE ratio of -4.39 and a beta of 1.17. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.89. Banc of California, Inc. has a 1-year low of $9.72 and a 1-year high of $16.08.

Banc of California (NYSE:BANC) last issued its earnings results on Tuesday, April 23rd. The bank reported $0.19 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.07). The company had revenue of $522.57 million for the quarter, compared to analysts’ expectations 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 previous year, the firm posted $0.37 earnings per share. As a group, sell-side analysts forecast that Banc of California, Inc. will post 1.32 EPS for the current fiscal year.

Banc of California Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.73%. The ex-dividend date was Thursday, March 14th. Banc of California’s dividend payout ratio is currently -12.01%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on BANC shares. Barclays reduced their price target on shares of Banc of California from $16.00 to $15.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 24th. StockNews.com raised Banc of California to a “sell” rating in a report on Thursday, April 25th. Keefe, Bruyette & Woods raised Banc of California from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $16.00 to $18.00 in a research note on Friday, March 22nd. Truist Financial lowered their target price on Banc of California from $16.00 to $15.00 and set a “hold” rating on the stock in a research note on Thursday, April 25th. Finally, Wells Fargo & Company upped their price target 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. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $16.64.

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.