Everence Capital Management Inc. Makes New Investment in Banc of California, Inc. (NYSE:BANC)

Everence Capital Management Inc. bought a new stake in Banc of California, Inc. (NYSE:BANC) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 13,332 shares of the bank’s stock, valued at approximately $179,000.

Several other institutional investors and hedge funds also recently made changes to their positions in BANC. Versant Capital Management Inc grew its position in shares of Banc of California by 2,466.2% in the fourth quarter. Versant Capital Management Inc now owns 1,899 shares of the bank’s stock valued at $26,000 after purchasing an additional 1,825 shares during the last quarter. Anchor Investment Management LLC acquired a new position in shares of Banc of California in the fourth quarter valued at approximately $44,000. Tower Research Capital LLC TRC grew its position in shares of Banc of California by 34.6% in the second quarter. Tower Research Capital LLC TRC now owns 4,148 shares of the bank’s stock valued at $48,000 after purchasing an additional 1,067 shares during the last quarter. Quantbot Technologies LP grew its position in shares of Banc of California by 158.3% in the second quarter. Quantbot Technologies LP now owns 3,100 shares of the bank’s stock valued at $54,000 after purchasing an additional 1,900 shares during the last quarter. Finally, Point72 Middle East FZE acquired a new position in shares of Banc of California in the fourth quarter valued at approximately $54,000. Institutional investors and hedge funds own 86.88% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on BANC. StockNews.com began coverage on Banc of California in a research report on Monday, January 29th. They issued a “hold” rating on the stock. Barclays started coverage on Banc of California in a research note on Friday, March 8th. They issued an “equal weight” rating and a $16.00 price target for the company. Wedbush boosted their price target on Banc of California from $14.00 to $16.00 and gave the company a “neutral” rating in a research note on Friday, January 26th. Keefe, Bruyette & Woods upgraded Banc of California from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $16.00 to $18.00 in a research note on Friday, March 22nd. Finally, Truist Financial reiterated a “hold” rating and issued a $16.00 price target on shares of Banc of California in a research note on Monday, April 1st. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $17.07.

Banc of California Stock Up 0.4 %

NYSE BANC opened at $13.86 on Friday. The business has a fifty day moving average price of $14.47 and a two-hundred day moving average price of $13.27. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.90 and a quick ratio of 0.89. Banc of California, Inc. has a fifty-two week low of $9.72 and a fifty-two week high of $16.08. The stock has a market capitalization of $2.18 billion, a PE ratio of -4.39 and a beta of 1.15.

Banc of California (NYSE:BANC) last released its earnings results on Thursday, January 25th. The bank reported ($4.55) earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $193.06 million for the quarter, compared to the consensus estimate of $163.11 million. During the same quarter in the previous year, the company earned $0.45 earnings per share. Equities analysts expect that Banc of California, Inc. will post 1.5 earnings per share 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. Shareholders 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 2.89%. The ex-dividend date of this dividend was Thursday, March 14th. Banc of California’s payout ratio is presently -12.66%.

Insiders Place Their Bets

In other Banc of California news, Director Richard J. Lashley bought 10,000 shares of the business’s stock in a transaction on Thursday, February 29th. The stock was purchased at an average cost 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 of the company’s stock, valued at $214,000. The acquisition was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 7.37% of the company’s stock.

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.