Quantinno Capital Management LP Has $912,000 Position in Banc of California, Inc. $BANC

Quantinno Capital Management LP boosted its holdings in shares of Banc of California, Inc. (NYSE:BANC) by 121.0% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 51,873 shares of the bank’s stock after acquiring an additional 28,397 shares during the quarter. Quantinno Capital Management LP’s holdings in Banc of California were worth $912,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in BANC. Royal Bank of Canada grew its position in Banc of California by 9.4% in the first quarter. Royal Bank of Canada now owns 74,043 shares of the bank’s stock worth $1,050,000 after acquiring an additional 6,364 shares in the last quarter. AQR Capital Management LLC lifted its stake in shares of Banc of California by 209.4% in the 1st quarter. AQR Capital Management LLC now owns 103,044 shares of the bank’s stock valued at $1,462,000 after purchasing an additional 69,739 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Banc of California by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 82,689 shares of the bank’s stock valued at $1,173,000 after purchasing an additional 3,611 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Banc of California by 8.5% in the first quarter. Goldman Sachs Group Inc. now owns 3,796,996 shares of the bank’s stock worth $53,879,000 after purchasing an additional 297,680 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Banc of California by 1.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 441,856 shares of the bank’s stock worth $6,270,000 after purchasing an additional 4,263 shares in the last quarter. 86.88% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Banc of California

In other news, insider Olivia I. Lindsay sold 6,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $19.50, for a total transaction of $117,000.00. Following the completion of the transaction, the insider directly owned 32,842 shares in the company, valued at $640,419. The trade was a 15.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.78% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Citigroup reduced their price target on Banc of California from $23.50 to $22.00 and set a “buy” rating for the company in a research report on Friday, July 31st. Wall Street Zen lowered Banc of California from a “hold” rating to a “sell” rating in a report on Saturday. JPMorgan Chase & Co. raised their price objective on Banc of California from $22.00 to $24.00 and gave the company an “overweight” rating in a research note on Wednesday, July 1st. Piper Sandler boosted their target price on Banc of California from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Monday, April 27th. Finally, Weiss Ratings raised Banc of California from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Banc of California currently has a consensus rating of “Buy” and an average target price of $22.62.

Banc of California Stock Down 0.3%

BANC stock opened at $19.68 on Monday. The stock has a market capitalization of $3.12 billion, a price-to-earnings ratio of -46.85 and a beta of 0.74. The company has a 50-day moving average of $20.17 and a two-hundred day moving average of $19.20. Banc of California, Inc. has a 52-week low of $15.33 and a 52-week high of $21.93. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.89 and a quick ratio of 0.86.

Banc of California (NYSE:BANC) last posted its quarterly earnings data on Wednesday, July 29th. The bank reported ($1.61) EPS for the quarter, missing analysts’ consensus estimates of $0.40 by ($2.01). Banc of California had a positive return on equity of 7.98% and a negative net margin of 1.44%.The business had revenue of $16.41 million during the quarter, compared to the consensus estimate of $295.32 million. During the same quarter in the previous year, the firm posted $0.31 earnings per share. The company’s revenue for the quarter was down 94.0% on a year-over-year basis. As a group, equities research analysts anticipate that Banc of California, Inc. will post 1.68 EPS for the current year.

Banc of California Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend is Tuesday, September 15th. Banc of California’s payout ratio is currently -114.29%.

Banc of California 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.