State of New Jersey Common Pension Fund D Lowers Stake in Banc of California, Inc. (NYSE:BANC)

State of New Jersey Common Pension Fund D cut its stake in Banc of California, Inc. (NYSE:BANC) by 3.4% during the fourth quarter, HoldingsChannel reports. The fund owned 192,680 shares of the bank’s stock after selling 6,699 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Banc of California were worth $2,834,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Kathmere Capital Management LLC purchased a new stake in shares of Banc of California during the 3rd quarter worth $31,000. BNP Paribas Arbitrage SA grew its position in shares of Banc of California by 337.4% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 11,394 shares of the bank’s stock worth $115,000 after buying an additional 8,789 shares during the last quarter. Beese Fulmer Investment Management Inc. purchased a new position in shares of Banc of California in the 4th quarter worth approximately $150,000. GSA Capital Partners LLP bought a new position in shares of Banc of California during the 3rd quarter worth approximately $158,000. Finally, Paloma Partners Management Co purchased a new stake in Banc of California during the third quarter valued at approximately $172,000. 87.42% of the stock is owned by hedge funds and other institutional investors.

BANC opened at $19.32 on Tuesday. Banc of California, Inc. has a 12-month low of $6.44 and a 12-month high of $20.00. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 1.06. The firm has a market capitalization of $970.64 million, a PE ratio of -101.68, a P/E/G ratio of 2.16 and a beta of 1.85. The firm has a 50 day moving average of $17.84 and a two-hundred day moving average of $13.74.

Banc of California (NYSE:BANC) last posted its quarterly earnings results on Wednesday, January 20th. The bank reported $0.35 EPS for the quarter, beating the consensus estimate of $0.18 by $0.17. Banc of California had a net margin of 1.62% and a return on equity of 3.88%. The company had revenue of $68.54 million for the quarter, compared to analyst estimates of $61.34 million. As a group, analysts predict that Banc of California, Inc. will post 0.23 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 1st. Shareholders of record on Monday, March 15th will be issued a dividend of $0.06 per share. The ex-dividend date is Friday, March 12th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.24%. Banc of California’s payout ratio is currently 30.38%.

BANC has been the topic of a number of recent analyst reports. Piper Sandler upped their price target on Banc of California from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Friday, January 8th. B. Riley upped their target price on Banc of California from $14.00 to $17.00 and gave the company a “neutral” rating in a research report on Monday, January 25th. Zacks Investment Research raised Banc of California from a “hold” rating to a “buy” rating and set a $14.00 price target for the company in a report on Tuesday, October 27th. Janney Montgomery Scott upgraded shares of Banc of California from a “neutral” rating to a “buy” rating and set a $22.00 price objective on the stock in a report on Thursday, February 11th. Finally, TheStreet upgraded shares of Banc of California from a “d+” rating to a “c-” rating in a research note on Thursday, January 21st. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $16.75.

Banc of California Profile

Banc of California, Inc operates as the bank holding company for Banc of California, National Association that provides banking products and services in the United States. The company offers deposit products, including checking, savings, money market, retirement, and interest-bearing and noninterest-bearing demand accounts, as well as certificate of deposits.

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Institutional Ownership by Quarter for Banc of California (NYSE:BANC)

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