Quantbot Technologies LP Purchases Shares of 253,389 Banc of California, Inc. $BANC

Quantbot Technologies LP acquired a new position in shares of Banc of California, Inc. (NYSE:BANC) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 253,389 shares of the bank’s stock, valued at approximately $5,177,000.

Other institutional investors have also added to or reduced their stakes in the company. Navalign LLC acquired a new position in Banc of California in the 4th quarter worth $27,000. Triumph Capital Management acquired a new stake in shares of Banc of California in the third quarter valued at approximately $25,000. Western Wealth Management LLC bought a new stake in shares of Banc of California in the first quarter worth $29,000. Orion Capital Management LLC acquired a new position in Banc of California during the fourth quarter worth $35,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in Banc of California by 38.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank’s stock worth $39,000 after purchasing an additional 564 shares during the last quarter. 86.88% of the stock is owned by institutional investors.

Insider Transactions at Banc of California

In related news, insider Olivia I. Lindsay sold 6,000 shares of Banc of California stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $19.50, for a total transaction of $117,000.00. Following the completion of the transaction, the insider owned 32,842 shares in the company, valued at approximately $640,419. This trade represents a 15.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 2.78% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on BANC. Wells Fargo & Company assumed coverage on shares of Banc of California in a research note on Monday, August 10th. They issued an “overweight” rating and a $23.00 price target on the stock. Brean Capital cut Banc of California from a “buy” rating to a “neutral” rating in a report on Thursday, July 30th. Citigroup decreased their price objective on Banc of California from $23.50 to $22.00 and set a “buy” rating for the company in a report on Friday, July 31st. Weiss Ratings lowered Banc of California from a “hold (c+)” rating to a “hold (c-)” rating in a report on Friday. Finally, Barclays reduced their price target on Banc of California from $23.00 to $22.00 and set an “overweight” rating for the company in a research report on Monday, August 3rd. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $22.62.

Banc of California Price Performance

Shares of BANC opened at $18.64 on Friday. The company has a market cap of $2.95 billion, a price-to-earnings ratio of -44.38 and a beta of 0.74. Banc of California, Inc. has a 1-year low of $15.33 and a 1-year high of $21.93. The company’s fifty day simple moving average is $20.11 and its 200 day simple moving average is $19.17. The company has a current ratio of 0.89, a quick ratio of 0.86 and a debt-to-equity ratio of 0.20.

Banc of California (NYSE:BANC) last posted its quarterly earnings results on Wednesday, July 29th. The bank reported ($1.61) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($2.01). The firm had revenue of $16.41 million for the quarter, compared to the consensus estimate of $295.32 million. Banc of California had a positive return on equity of 7.98% and a negative net margin of 1.44%.The business’s revenue was down 94.0% compared to the same quarter last year. During the same period last year, the company posted $0.31 earnings per share. On average, research analysts forecast that Banc of California, Inc. will post 1.68 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 2.6%. The ex-dividend date is Tuesday, September 15th. Banc of California’s dividend payout ratio (DPR) is -114.29%.

Banc of California Profile

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.