Banc of California, Inc. (NYSE:BANC) Shares Sold by Bridgeway Capital Management LLC

Bridgeway Capital Management LLC lowered its holdings in Banc of California, Inc. (NYSE:BANC) by 16.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 396,169 shares of the bank’s stock after selling 77,639 shares during the quarter. Bridgeway Capital Management LLC owned 0.25% of Banc of California worth $6,125,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the business. PL Capital Advisors LLC increased its holdings in Banc of California by 1,446.0% in the fourth quarter. PL Capital Advisors LLC now owns 46,754,426 shares of the bank’s stock valued at $722,823,000 after buying an additional 43,730,207 shares in the last quarter. Wellington Management Group LLP grew its position in shares of Banc of California by 274.6% during the 4th quarter. Wellington Management Group LLP now owns 5,393,076 shares of the bank’s stock valued at $83,377,000 after acquiring an additional 3,953,380 shares during the period. Algert Global LLC increased its stake in shares of Banc of California by 701.9% in the 4th quarter. Algert Global LLC now owns 952,674 shares of the bank’s stock valued at $14,728,000 after purchasing an additional 833,874 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its holdings in Banc of California by 6.3% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 10,913,012 shares of the bank’s stock worth $168,716,000 after purchasing an additional 644,330 shares during the period. Finally, Penn Capital Management Company LLC purchased a new position in Banc of California during the fourth quarter worth approximately $9,326,000. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Insider Activity

In other news, Director James Andrew Barker acquired 10,000 shares of the firm’s stock in a transaction dated Tuesday, April 29th. The stock was acquired at an average cost of $13.16 per share, with a total value of $131,600.00. Following the transaction, the director now owns 169,680 shares in the company, valued at approximately $2,232,988.80. This trade represents a 6.26 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 2.69% of the company’s stock.

Banc of California Price Performance

Shares of BANC opened at $13.67 on Thursday. The company has a market cap of $2.17 billion, a P/E ratio of 24.41 and a beta of 0.69. Banc of California, Inc. has a fifty-two week low of $11.52 and a fifty-two week high of $18.08. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.31. The firm’s 50 day moving average price is $13.51 and its 200 day moving average price is $15.12.

Banc of California (NYSE:BANC) last posted its quarterly earnings data on Wednesday, April 23rd. The bank reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.02. The business had revenue of $266.01 million for the quarter, compared to analyst estimates of $272.36 million. Banc of California had a return on equity of 6.20% and a net margin of 7.06%. The company’s revenue was up 1.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.19 earnings per share. On average, research analysts forecast that Banc of California, Inc. will post 1.31 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.93%. The ex-dividend date of this dividend was Friday, March 14th. Banc of California’s dividend payout ratio is currently 61.54%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Wells Fargo & Company reduced their target price on Banc of California from $20.00 to $16.00 and set an “overweight” rating for the company in a research note on Wednesday, April 9th. Raymond James increased their price objective on Banc of California from $17.00 to $18.00 and gave the company an “outperform” rating in a research note on Friday, January 24th. StockNews.com upgraded Banc of California from a “sell” rating to a “hold” rating in a research report on Friday, January 24th. Stephens restated an “equal weight” rating and issued a $15.00 target price on shares of Banc of California in a research report on Monday, April 28th. Finally, Barclays cut their price objective on Banc of California from $19.00 to $18.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $17.25.

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.