Corebridge Financial Inc. Has $1.14 Million Stock Holdings in Banc of California, Inc. (NYSE:BANC)

Corebridge Financial Inc. reduced its stake in shares of Banc of California, Inc. (NYSE:BANC) by 7.2% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 73,956 shares of the bank’s stock after selling 5,772 shares during the period. Corebridge Financial Inc.’s holdings in Banc of California were worth $1,143,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the stock. Fox Run Management L.L.C. acquired a new stake in shares of Banc of California during the fourth quarter worth $346,000. KLP Kapitalforvaltning AS acquired a new stake in shares of Banc of California in the 4th quarter valued at about $467,000. Sei Investments Co. lifted its holdings in shares of Banc of California by 9.3% in the fourth quarter. Sei Investments Co. now owns 637,423 shares of the bank’s stock valued at $9,855,000 after purchasing an additional 54,238 shares in the last quarter. Blueshift Asset Management LLC acquired a new position in shares of Banc of California during the fourth quarter worth about $163,000. Finally, Intech Investment Management LLC grew its holdings in shares of Banc of California by 30.4% during the fourth quarter. Intech Investment Management LLC now owns 66,189 shares of the bank’s stock worth $1,023,000 after buying an additional 15,433 shares in the last quarter. Institutional investors own 86.88% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on BANC. JPMorgan Chase & Co. assumed coverage on Banc of California in a research report on Friday, February 7th. They set a “neutral” rating and a $18.00 price target for the company. Stephens decreased their target price on shares of Banc of California from $18.00 to $17.00 and set an “equal weight” rating for the company in a research report on Monday, January 27th. Wells Fargo & Company raised shares of Banc of California from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $17.00 to $20.00 in a research report on Monday, January 6th. Raymond James raised their price objective on Banc of California from $17.00 to $18.00 and gave the company an “outperform” rating in a report on Friday, January 24th. Finally, Barclays dropped their target price on Banc of California from $20.00 to $19.00 and set an “overweight” rating on the stock in a report on Friday, January 24th. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.18.

Banc of California Trading Down 5.0 %

BANC stock opened at $12.32 on Friday. Banc of California, Inc. has a one year low of $11.88 and a one year high of $18.08. The stock has a market cap of $1.96 billion, a price-to-earnings ratio of 21.99 and a beta of 1.18. The company has a fifty day moving average price of $14.84 and a two-hundred day moving average price of $15.39. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.90 and a quick ratio of 0.89.

Banc of California (NYSE:BANC) last announced its earnings results on Thursday, January 23rd. The bank reported $0.28 EPS for the quarter, topping the consensus estimate of $0.23 by $0.05. Banc of California had a net margin of 7.06% and a return on equity of 6.20%. Equities analysts anticipate that Banc of California, Inc. will post 1.31 EPS for the current year.

Banc of California Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.25%. Banc of California’s dividend payout ratio (DPR) is currently 71.43%.

Banc of California 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.