Janus Henderson Group PLC Has $1.08 Million Stake in Banc of California, Inc. $BANC

Janus Henderson Group PLC reduced its position in shares of Banc of California, Inc. (NYSE:BANC) by 91.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 61,448 shares of the bank’s stock after selling 697,009 shares during the period. Janus Henderson Group PLC’s holdings in Banc of California were worth $1,081,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Triumph Capital Management bought a new stake in Banc of California in the 3rd quarter valued at $25,000. Navalign LLC bought a new stake in Banc of California in the 4th quarter valued at $27,000. Orion Capital Management LLC acquired a new position in Banc of California in the 4th quarter valued at $35,000. Advisory Services Network LLC acquired a new position in Banc of California in the 3rd quarter valued at $36,000. Finally, EverSource Wealth Advisors LLC increased its position in Banc of California by 38.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank’s stock worth $39,000 after buying an additional 564 shares during the period. Institutional investors own 86.88% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on BANC shares. Wells Fargo & Company began coverage on shares of Banc of California in a research report on Monday. They issued an “overweight” rating and a $23.00 target price for the company. Weiss Ratings upgraded shares of Banc of California from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday. JPMorgan Chase & Co. boosted their price objective on shares of Banc of California from $22.00 to $24.00 and gave the company an “overweight” rating in a report on Wednesday, July 1st. DA Davidson restated a “buy” rating and set a $24.00 target price on shares of Banc of California in a research report on Tuesday, April 28th. Finally, Citigroup lowered their target price on shares of Banc of California from $23.50 to $22.00 and set a “buy” rating on the stock in a report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $22.62.

Banc of California Trading Up 1.0%

Shares of BANC opened at $18.92 on Tuesday. Banc of California, Inc. has a 52-week low of $14.35 and a 52-week high of $21.93. The business’s fifty day moving average is $20.13 and its 200-day moving average is $19.22. 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 firm has a market cap of $2.92 billion, a price-to-earnings ratio of -45.05 and a beta of 0.74.

Banc of California (NYSE:BANC) last announced its quarterly earnings data on Wednesday, July 29th. The bank reported ($1.61) earnings per share for the quarter, missing the consensus estimate of $0.40 by ($2.01). The business had revenue of $16.41 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 quarterly revenue was down 94.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.31 earnings per share. Equities analysts anticipate that Banc of California, Inc. will post 1.68 EPS for the current fiscal year.

Banc of California Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.5%. Banc of California’s dividend payout ratio is -114.29%.

Insider Buying and Selling at Banc of California

In other news, insider Olivia I. Lindsay sold 6,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $19.50, for a total value of $117,000.00. Following the sale, the insider directly owned 32,842 shares in the company, valued at approximately $640,419. This trade represents a 15.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 2.78% of the company’s stock.

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.