Banc of California, Inc. $BANC Shares Sold by Thompson Siegel & Walmsley LLC

Thompson Siegel & Walmsley LLC lowered its holdings in shares of Banc of California, Inc. (NYSE:BANC) by 8.4% during the fourth quarter, HoldingsChannel.com reports. The firm owned 335,647 shares of the bank’s stock after selling 30,774 shares during the period. Thompson Siegel & Walmsley LLC’s holdings in Banc of California were worth $6,475,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Bank of America Corp DE lifted its stake in Banc of California by 243.9% in the 3rd quarter. Bank of America Corp DE now owns 3,430,938 shares of the bank’s stock worth $56,782,000 after purchasing an additional 2,433,394 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Banc of California by 45.4% during the third quarter. Dimensional Fund Advisors LP now owns 5,053,402 shares of the bank’s stock valued at $83,635,000 after acquiring an additional 1,576,914 shares during the last quarter. Balyasny Asset Management L.P. acquired a new stake in Banc of California in the 2nd quarter valued at approximately $17,400,000. Millennium Management LLC raised its holdings in shares of Banc of California by 276.5% in the 3rd quarter. Millennium Management LLC now owns 1,278,974 shares of the bank’s stock valued at $21,167,000 after buying an additional 939,318 shares during the period. Finally, Bridgeway Capital Management LLC acquired a new stake in shares of Banc of California during the third quarter worth about $13,554,000. 86.88% of the stock is owned by hedge funds and other institutional investors.

Banc of California Stock Performance

Banc of California stock opened at $18.83 on Tuesday. Banc of California, Inc. has a 52 week low of $13.24 and a 52 week high of $21.61. The stock has a fifty day moving average price of $18.39 and a 200 day moving average price of $18.88. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $2.90 billion, a P/E ratio of 14.37 and a beta of 0.75.

Banc of California (NYSE:BANC) last issued its earnings results on Wednesday, April 22nd. The bank reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.01. Banc of California had a return on equity of 9.25% and a net margin of 13.58%.The business had revenue of $286.95 million for the quarter, compared to analyst estimates of $291.28 million. During the same period last year, the company posted $0.26 EPS. The business’s quarterly revenue was up 7.9% on a year-over-year basis. Equities research analysts anticipate that Banc of California, Inc. will post 1.72 earnings per share for the current year.

Banc of California Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Monday, June 15th. Banc of California’s dividend payout ratio is presently 36.64%.

Analyst Ratings Changes

A number of research firms have issued reports on BANC. JPMorgan Chase & Co. increased their price target on Banc of California from $20.50 to $22.00 and gave the company an “overweight” rating in a research report on Friday, April 24th. Barclays decreased their price objective on shares of Banc of California from $25.00 to $23.00 and set an “overweight” rating for the company in a research note on Tuesday, April 7th. Piper Sandler raised their target price on shares of Banc of California from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Monday, April 27th. DA Davidson reissued a “buy” rating and set a $24.00 price target on shares of Banc of California in a report on Tuesday, April 28th. Finally, Wells Fargo & Company upped their price objective on shares of Banc of California from $20.00 to $22.00 and gave the stock an “overweight” rating in a research report on Monday, March 30th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $22.31.

About Banc of California

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.