LSV Asset Management Sells 310,315 Shares of Banc of California, Inc. (NYSE:BANC)

LSV Asset Management trimmed its position in shares of Banc of California, Inc. (NYSE:BANC) by 39.1% during the 4th quarter, HoldingsChannel.com reports. The firm owned 482,685 shares of the bank’s stock after selling 310,315 shares during the quarter. LSV Asset Management’s holdings in Banc of California were worth $6,482,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in BANC. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Banc of California by 4.1% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 24,435 shares of the bank’s stock valued at $303,000 after buying an additional 955 shares during the last quarter. Truist Financial Corp boosted its holdings in Banc of California by 9.8% during the 4th quarter. Truist Financial Corp now owns 13,747 shares of the bank’s stock valued at $185,000 after acquiring an additional 1,223 shares during the period. Versant Capital Management Inc grew its position in Banc of California by 2,466.2% in the 4th quarter. Versant Capital Management Inc now owns 1,899 shares of the bank’s stock valued at $26,000 after acquiring an additional 1,825 shares during the last quarter. Anchor Investment Management LLC purchased a new stake in Banc of California in the fourth quarter worth $44,000. Finally, Avior Wealth Management LLC bought a new stake in shares of Banc of California during the fourth quarter worth $44,000. 86.88% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO Jared M. Wolff bought 7,130 shares of Banc of California stock in a transaction that occurred on Thursday, April 25th. The stock was bought at an average price of $13.98 per share, for a total transaction of $99,677.40. Following the purchase, the chief executive officer now directly owns 268,695 shares of the company’s stock, valued at approximately $3,756,356.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Banc of California news, Director Richard J. Lashley purchased 10,000 shares of the stock in a transaction on Thursday, February 29th. The shares were bought at an average cost of $21.40 per share, with a total value of $214,000.00. Following the completion of the acquisition, the director now owns 10,000 shares in the company, valued at $214,000. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Jared M. Wolff purchased 7,130 shares of the business’s stock in a transaction on Thursday, April 25th. The shares were bought at an average cost of $13.98 per share, for a total transaction of $99,677.40. Following the completion of the transaction, the chief executive officer now directly owns 268,695 shares in the company, valued at approximately $3,756,356.10. The disclosure for this purchase can be found here. Insiders purchased 27,130 shares of company stock worth $445,277 in the last three months. Corporate insiders own 2.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on BANC shares. Truist Financial decreased their price objective on shares of Banc of California from $16.00 to $15.00 and set a “hold” rating for the company in a report on Thursday, April 25th. Barclays dropped their price objective on Banc of California from $16.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 24th. StockNews.com raised Banc of California to a “sell” rating in a research report on Thursday, April 25th. Wells Fargo & Company raised their price target on Banc of California from $14.00 to $16.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 10th. Finally, Keefe, Bruyette & Woods raised shares of Banc of California from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $16.00 to $18.00 in a research note on Friday, March 22nd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, Banc of California currently has a consensus rating of “Hold” and an average price target of $16.64.

Banc of California Price Performance

NYSE BANC opened at $14.91 on Thursday. The firm’s fifty day simple moving average is $14.48 and its two-hundred day simple moving average is $13.46. The firm has a market capitalization of $2.34 billion, a P/E ratio of -4.48 and a beta of 1.17. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. Banc of California, Inc. has a 12-month low of $9.89 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 the consensus estimate of $0.26 by ($0.07). The business had revenue of $522.57 million for the quarter, compared to analyst estimates of $296.02 million. Banc of California had a negative net margin of 29.10% and a positive return on equity of 2.25%. During the same period in the prior year, the company earned $0.37 earnings per share. Analysts forecast that Banc of California, Inc. will post 1.32 EPS for the current fiscal year.

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.