Jefferies Financial Group Inc. Buys 28,358 Shares of Banc of California, Inc. $BANC

Jefferies Financial Group Inc. raised its stake in Banc of California, Inc. (NYSE:BANC) by 198.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 42,625 shares of the bank’s stock after buying an additional 28,358 shares during the period. Jefferies Financial Group Inc.’s holdings in Banc of California were worth $734,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in shares of Banc of California during the second quarter valued at approximately $462,252,000. Hsbc Holdings PLC boosted its holdings in shares of Banc of California by 118.4% in the second quarter. Hsbc Holdings PLC now owns 224,746 shares of the bank’s stock valued at $4,599,000 after purchasing an additional 121,826 shares during the period. Bank of America Corp DE boosted its holdings in shares of Banc of California by 219.1% in the first quarter. Bank of America Corp DE now owns 1,227,555 shares of the bank’s stock valued at $21,580,000 after purchasing an additional 842,879 shares during the period. Walleye Capital LLC bought a new position in Banc of California in the first quarter worth approximately $6,761,000. Finally, Jupiter Topco LLC bought a new position in Banc of California in the second quarter worth approximately $1,256,000. 86.88% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Banc of California

In related news, CEO Jared Wolff acquired 5,487 shares of the firm’s stock in a transaction that occurred on Friday, October 30th. The stock was purchased at an average cost of $18.18 per share, for a total transaction of $99,753.66. Following the purchase, the chief executive officer directly owned 333,456 shares of the company’s stock, valued at $6,062,230.08. This trade represents a 1.67% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Also, General Counsel Ido Dotan sold 10,541 shares of the firm’s stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $18.30, for a total value of $192,900.30. Following the sale, the general counsel directly owned 45,702 shares in the company, valued at approximately $836,346.60. The trade was a 18.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 2.78% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Barclays lifted their target price on Banc of California from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Monday, October 5th. Wall Street Zen raised Banc of California from a “sell” rating to a “hold” rating in a research report on Saturday. Brean Capital lowered Banc of California from a “buy” rating to a “neutral” rating in a research note on Thursday, July 30th. Piper Sandler decreased their price objective on Banc of California from $23.00 to $22.00 and set an “overweight” rating for the company in a report on Thursday, October 1st. Finally, Citigroup lowered their price objective on shares of Banc of California from $23.50 to $22.00 and set a “buy” rating for the company in a research note on Friday, July 31st. Seven analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.38.

Banc of California Stock Up 0.3%

Shares of NYSE BANC traded up $0.06 during midday trading on Friday, reaching $17.86. 1,539,826 shares of the company’s stock traded hands, compared to its average volume of 2,214,104. The company has a quick ratio of 0.85, a current ratio of 0.87 and a debt-to-equity ratio of 0.20. The stock’s 50 day simple moving average is $17.90 and its 200-day simple moving average is $18.84. Banc of California, Inc. has a one year low of $16.12 and a one year high of $21.93. The company has a market cap of $2.83 billion, a price-to-earnings ratio of -52.51 and a beta of 0.74.

Banc of California (NYSE:BANC) last issued its quarterly earnings data on Tuesday, October 27th. The bank reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.01. The company had revenue of $303.07 million for the quarter, compared to analyst estimates of $306.27 million. Banc of California had a negative net margin of 0.58% and a positive return on equity of 8.51%. Banc of California’s revenue was up 5.6% compared to the same quarter last year. During the same period last year, the company posted $0.38 earnings per share. On average, analysts predict that Banc of California, Inc. will post 1.70 EPS for the current fiscal year.

Banc of California Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, January 4th. Stockholders of record on Tuesday, December 15th will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Tuesday, December 15th. Banc of California’s payout ratio is presently -141.18%.

About Banc of California

Banc of California, Inc. is a bank holding company headquartered in Los Angeles. Through its banking subsidiary, Banc of California, N.A., it provides commercial banking services to businesses, professionals and individuals, with a focus on customers in California. The company offers business and consumer deposit accounts, commercial and real estate lending, and treasury management services. Its lending activities include financing for commercial real estate and businesses, along with specialized financing solutions.