Banc of California, Inc. $BANC Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. cut its holdings in Banc of California, Inc. (NYSE:BANC) by 1.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 72,537 shares of the bank’s stock after selling 1,419 shares during the quarter. Corebridge Financial Inc.’s holdings in Banc of California were worth $1,029,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the business. CWM LLC grew its stake in shares of Banc of California by 41.7% in the 1st quarter. CWM LLC now owns 8,049 shares of the bank’s stock worth $114,000 after purchasing an additional 2,367 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Banc of California in the first quarter worth approximately $123,000. Quantinno Capital Management LP bought a new position in shares of Banc of California in the fourth quarter valued at $156,000. Xponance Inc. bought a new position in shares of Banc of California in the first quarter valued at $148,000. Finally, Cetera Investment Advisers bought a new stake in shares of Banc of California during the 4th quarter worth $178,000. Institutional investors own 86.88% of the company’s stock.

Analysts Set New Price Targets

BANC has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $18.00 target price (up from $17.00) on shares of Banc of California in a research report on Friday, July 25th. Wells Fargo & Company boosted their price objective on Banc of California from $16.00 to $18.00 and gave the stock an “overweight” rating in a report on Tuesday, July 29th. Jefferies Financial Group assumed coverage on shares of Banc of California in a research note on Wednesday, May 21st. They set a “buy” rating and a $18.00 price objective for the company. Barclays lifted their target price on shares of Banc of California from $18.00 to $19.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 8th. Finally, JPMorgan Chase & Co. upped their price target on shares of Banc of California from $15.00 to $16.00 and gave the company a “neutral” rating in a research report on Tuesday, July 1st. Eight analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $17.33.

Banc of California Price Performance

Shares of BANC opened at $16.99 on Friday. The business’s 50-day moving average is $15.24 and its 200-day moving average is $14.31. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.90 and a quick ratio of 0.88. The company has a market capitalization of $2.51 billion, a price-to-earnings ratio of 26.13 and a beta of 0.71. Banc of California, Inc. has a fifty-two week low of $11.52 and a fifty-two week high of $18.08.

Banc of California (NYSE:BANC) last posted its quarterly earnings results on Wednesday, July 23rd. The bank reported $0.31 EPS for the quarter, topping the consensus estimate of $0.28 by $0.03. The business had revenue of $272.85 million during the quarter, compared to analysts’ expectations of $278.43 million. Banc of California had a net margin of 8.30% and a return on equity of 7.37%. The firm’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same period last year, the company posted $0.12 earnings per share. Equities research analysts expect that Banc of California, Inc. will post 1.31 EPS for the current fiscal year.

Banc of California Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.4%. Banc of California’s dividend payout ratio is 61.54%.

Insider Buying and Selling at Banc of California

In other news, insider Hamid Hussain sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $16.59, for a total transaction of $331,800.00. Following the completion of the sale, the insider directly owned 66,444 shares of the company’s stock, valued at $1,102,305.96. This trade represents a 23.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Richard J. Lashley sold 37,500 shares of the business’s stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $14.20, for a total value of $532,500.00. Following the completion of the sale, the director directly owned 2,280,280 shares of the company’s stock, valued at approximately $32,379,976. The trade was a 1.62% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 94,843 shares of company stock valued at $1,388,222. 2.69% of the stock is owned by corporate insiders.

About Banc of California

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.