Sei Investments Co. Buys 27,311 Shares of Banc of California, Inc. $BANC

Sei Investments Co. lifted its stake in Banc of California, Inc. (NYSE:BANC) by 8.9% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 335,588 shares of the bank’s stock after buying an additional 27,311 shares during the quarter. Sei Investments Co. owned about 0.22% of Banc of California worth $5,900,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in BANC. Vanguard Group Inc. raised its stake in Banc of California by 4.6% during the 4th quarter. Vanguard Group Inc. now owns 9,951,795 shares of the bank’s stock worth $191,970,000 after acquiring an additional 438,320 shares during the period. UBS Group AG lifted its holdings in Banc of California by 28.4% during the fourth quarter. UBS Group AG now owns 598,427 shares of the bank’s stock valued at $11,544,000 after purchasing an additional 132,328 shares in the last quarter. Bridgeway Capital Management LLC boosted its position in shares of Banc of California by 11.8% in the fourth quarter. Bridgeway Capital Management LLC now owns 915,325 shares of the bank’s stock worth $17,657,000 after purchasing an additional 96,372 shares during the period. William Blair Investment Management LLC boosted its position in shares of Banc of California by 8.8% in the fourth quarter. William Blair Investment Management LLC now owns 2,317,363 shares of the bank’s stock worth $44,702,000 after purchasing an additional 187,999 shares during the period. Finally, LSV Asset Management purchased a new stake in shares of Banc of California in the fourth quarter worth $3,740,000. Institutional investors own 86.88% of the company’s stock.

Insider Activity at Banc of California

In other Banc of California news, insider Olivia I. Lindsay sold 6,000 shares of the stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $19.50, for a total transaction of $117,000.00. Following the completion of the transaction, the insider owned 32,842 shares of the company’s stock, valued at $640,419. This represents a 15.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.78% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Citigroup decreased their price objective on shares of Banc of California from $23.50 to $22.00 and set a “buy” rating on the stock in a research report on Friday. Wells Fargo & Company increased their price target on Banc of California from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Monday, July 6th. Piper Sandler raised their price target on Banc of California from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Monday, April 27th. DA Davidson restated a “buy” rating and issued a $24.00 price objective on shares of Banc of California in a research report on Tuesday, April 28th. Finally, Brean Capital lowered Banc of California from a “buy” rating to a “neutral” rating in a research note on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $22.62.

Banc of California Price Performance

BANC stock opened at $19.52 on Wednesday. Banc of California, Inc. has a one year low of $14.20 and a one year high of $21.93. The company’s fifty day moving average price is $20.13 and its 200-day moving average price is $19.27. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.86 and a current ratio of 0.89. The company has a market capitalization of $3.01 billion, a PE ratio of -46.46 and a beta of 0.74.

Banc of California (NYSE:BANC) last issued its earnings results on Wednesday, July 29th. The bank reported ($1.61) earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($2.01). The company had revenue of $164.05 million for the quarter, compared to the consensus estimate of $295.32 million. Banc of California had a positive return on equity of 7.98% and a negative net margin of 1.44%.Banc of California’s revenue was down 94.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.31 EPS. On average, equities analysts anticipate that Banc of California, Inc. will post 1.68 EPS for the current fiscal year.

Banc of California Company Profile

Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.

Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.