New York State Teachers Retirement System Raises Stock Holdings in Banc of California, Inc. (NYSE:BANC)

New York State Teachers Retirement System boosted its stake in Banc of California, Inc. (NYSE:BANC) by 510.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 79,808 shares of the bank’s stock after buying an additional 66,739 shares during the period. New York State Teachers Retirement System owned approximately 0.14% of Banc of California worth $1,072,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD raised its holdings in Banc of California by 3.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 23,021 shares of the bank’s stock valued at $367,000 after buying an additional 829 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its holdings in Banc of California by 4.1% in the 3rd 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 period. Teachers Retirement System of The State of Kentucky raised its holdings in Banc of California by 5.7% in the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 18,167 shares of the bank’s stock valued at $210,000 after buying an additional 980 shares during the period. Advisor Group Holdings Inc. raised its holdings in Banc of California by 14.9% in the 4th quarter. Advisor Group Holdings Inc. now owns 7,649 shares of the bank’s stock valued at $122,000 after buying an additional 994 shares during the period. Finally, Tower Research Capital LLC TRC raised its holdings in Banc of California by 34.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 4,148 shares of the bank’s stock valued at $48,000 after buying an additional 1,067 shares during the period. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

BANC has been the subject of several research reports. Wedbush lifted their target price on Banc of California from $14.00 to $16.00 and gave the company a “neutral” rating in a research report on Friday, January 26th. Keefe, Bruyette & Woods raised Banc of California from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $16.00 to $18.00 in a research report on Friday, March 22nd. Barclays initiated coverage on Banc of California in a research report on Friday, March 8th. They issued an “equal weight” rating and a $16.00 target price for the company. StockNews.com initiated coverage on Banc of California in a research report on Monday, January 29th. They issued a “hold” rating for the company. Finally, Truist Financial reaffirmed a “hold” rating and issued a $16.00 target price on shares of Banc of California in a research report on Monday, April 1st. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $17.07.

Insider Buying and Selling

In other Banc of California news, Director Richard J. Lashley bought 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The stock was purchased at an average price of $21.40 per share, for a total transaction of $214,000.00. Following the completion of the purchase, the director now directly owns 10,000 shares in the company, valued at $214,000. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 2.80% of the stock is owned by company insiders.

Banc of California Stock Performance

Shares of Banc of California stock opened at $13.82 on Thursday. Banc of California, Inc. has a one year low of $9.72 and a one year high of $16.08. The company has a market cap of $2.17 billion, a PE ratio of -4.37 and a beta of 1.15. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.90. The business has a 50-day simple moving average of $14.44 and a 200-day simple moving average of $13.25.

Banc of California (NYSE:BANC) last announced its quarterly earnings data on Thursday, January 25th. The bank reported ($4.55) EPS for the quarter, missing analysts’ consensus estimates of ($0.28) by ($4.27). Banc of California had a positive return on equity of 1.14% and a negative net margin of 44.04%. The company had revenue of $193.06 million for the quarter, compared to analyst estimates of $163.11 million. During the same period in the prior year, the firm posted $0.45 earnings per share. On average, equities research analysts forecast that Banc of California, Inc. will post 1.5 EPS for the current fiscal year.

Banc of California Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.90%. The ex-dividend date of this dividend was Thursday, March 14th. Banc of California’s payout ratio is -12.66%.

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.