Banc of California, Inc. (NYSE:BANC) Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC reduced its position in shares of Banc of California, Inc. (NYSE:BANC) by 9.2% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 20,714 shares of the bank’s stock after selling 2,103 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Banc of California were worth $305,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. boosted its position in Banc of California by 17.6% during the first quarter. Vanguard Group Inc. now owns 10,597,751 shares of the bank’s stock valued at $161,192,000 after purchasing an additional 1,582,941 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Banc of California by 394.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 331,076 shares of the bank’s stock worth $5,037,000 after buying an additional 264,070 shares in the last quarter. Seven Eight Capital LP acquired a new position in Banc of California during the 2nd quarter worth $549,000. Hodges Capital Management Inc. lifted its holdings in Banc of California by 13.6% during the 2nd quarter. Hodges Capital Management Inc. now owns 1,986,246 shares of the bank’s stock worth $25,384,000 after buying an additional 238,242 shares in the last quarter. Finally, Hollencrest Capital Management raised its position in shares of Banc of California by 71.4% during the 2nd quarter. Hollencrest Capital Management now owns 107,842 shares of the bank’s stock valued at $1,378,000 after acquiring an additional 44,920 shares during the last quarter. 86.88% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have commented on BANC. Raymond James upped their target price on shares of Banc of California from $16.00 to $17.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Stephens upped their target price on shares of 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. Wedbush upped their target price 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. Barclays upgraded shares of Banc of California from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $17.00 to $18.00 in a research report on Thursday, October 31st. Finally, Wells Fargo & Company upped their target price on shares of Banc of California from $16.00 to $17.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $17.30.

Banc of California Price Performance

BANC opened at $17.30 on Friday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31. Banc of California, Inc. has a 12 month low of $11.36 and a 12 month high of $18.08. The company has a fifty day simple moving average of $15.41 and a 200 day simple moving average of $14.22. The stock has a market cap of $2.75 billion, a P/E ratio of -4.05 and a beta of 1.13.

Banc of California (NYSE:BANC) last released its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.25 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 business had revenue of $431.44 million during the quarter, compared to analysts’ expectations of $229.46 million. During the same quarter in the prior year, the company earned $0.30 EPS. On average, research analysts expect that Banc of California, Inc. will post 0.7 EPS for the current year.

Banc of California Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date of this dividend is Monday, December 16th. Banc of California’s dividend payout ratio (DPR) is presently -9.37%.

Insiders Place Their Bets

In related news, Director Richard J. Lashley sold 75,000 shares of the firm’s 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 sale, the director now directly owns 719,826 shares in the company, valued at approximately $10,077,564. This trade represents a 9.44 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 2.80% of the company’s stock.

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.