Mirae Asset Global Investments Co. Ltd. Increases Stock Position in Banc of California, Inc. (NYSE:BANC)

Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Banc of California, Inc. (NYSE:BANC) by 150.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 61,118 shares of the bank’s stock after buying an additional 36,683 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned 0.11% of Banc of California worth $821,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of BANC. Victory Capital Management Inc. boosted its stake in shares of Banc of California by 69.7% in the third quarter. Victory Capital Management Inc. now owns 1,876,594 shares of the bank’s stock valued at $23,232,000 after purchasing an additional 770,938 shares during the period. Kennedy Capital Management LLC boosted its stake in shares of Banc of California by 11.8% in the third quarter. Kennedy Capital Management LLC now owns 1,815,709 shares of the bank’s stock valued at $22,478,000 after purchasing an additional 191,521 shares during the period. Wellington Management Group LLP boosted its stake in shares of Banc of California by 3.4% in the third quarter. Wellington Management Group LLP now owns 1,618,848 shares of the bank’s stock valued at $20,041,000 after purchasing an additional 53,566 shares during the period. LSV Asset Management boosted its stake in shares of Banc of California by 5.5% in the third quarter. LSV Asset Management now owns 793,000 shares of the bank’s stock valued at $9,817,000 after purchasing an additional 41,400 shares during the period. Finally, Brandywine Global Investment Management LLC boosted its stake in shares of Banc of California by 290.3% in the third quarter. Brandywine Global Investment Management LLC now owns 727,452 shares of the bank’s stock valued at $9,006,000 after purchasing an additional 541,052 shares during the period. Hedge funds and other institutional investors 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 Banc of California stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $14.97, for a total value of $149,700.00. Following the transaction, the insider now directly owns 24,979 shares in the company, valued at approximately $373,935.63. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 7.37% of the stock is currently owned by insiders.

Banc of California Stock Performance

Shares of BANC opened at $14.08 on Thursday. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. The firm has a market cap of $2.21 billion, a PE ratio of -4.46 and a beta of 1.15. The company’s 50 day simple moving average is $14.49 and its 200-day simple moving average is $13.32. Banc of California, Inc. has a 12-month low of $9.72 and a 12-month high of $16.08.

Banc of California (NYSE:BANC) last announced its earnings results on Tuesday, April 23rd. The bank reported $0.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.07). The business 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 1.14% and a negative net margin of 44.04%. During the same quarter last year, the business posted $0.37 earnings per share. As a group, equities analysts predict that Banc of California, Inc. will post 1.5 EPS for the current year.

Banc of California Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were given a $0.10 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.40 dividend on an annualized basis and a yield of 2.84%. Banc of California’s dividend payout ratio (DPR) is -12.66%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on BANC shares. Keefe, Bruyette & Woods raised shares of Banc of California from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $16.00 to $18.00 in a research note on Friday, March 22nd. Barclays reduced their target price on shares of Banc of California from $16.00 to $15.00 and set an “equal weight” rating on the stock in a report on Wednesday. Wells Fargo & Company raised their target price on shares of Banc of California from $14.00 to $16.00 and gave the company an “equal weight” rating in a report on Wednesday, April 10th. Truist Financial reaffirmed a “hold” rating and issued a $16.00 target price on shares of Banc of California in a report on Monday, April 1st. Finally, Wedbush reduced their target price on shares of Banc of California from $16.00 to $15.00 and set a “neutral” rating on the stock in a report on Wednesday. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, Banc of California has an average rating of “Hold” and a consensus price target of $16.92.

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.