PL Capital Advisors LLC Reduces Stake in Banc of California, Inc.

PL Capital Advisors LLC has reduced its investment in Banc of California, Inc. (NYSE:BANC - Free Report) by 6.2% during the third quarter, as stated in its recent 13F filing with the Securities and Exchange Commission. Following this decrease, the fund now holds 3,024,219 shares of the bank's stock, having sold 200,000 shares during the quarter.

Banc of California represents approximately 15.0% of PL Capital Advisors LLC's overall investment portfolio, making it the second largest holding for the company. As of the latest filing, PL Capital Advisors LLC's ownership represents 1.92% of Banc of California, valued at approximately $44,547,000.

Recent Changes by Other Investors

Several other major investors have also adjusted their positions in Banc of California recently. Vanguard Group Inc. significantly increased its holdings by 143.4% in the fourth quarter. Vanguard now owns 9,014,810 shares of the bank, amounting to an investment of $121,069,000 after acquiring an additional 5,311,842 shares during the period.

Additionally, Capital Research Global Investors made a new investment in Banc of California valued at roughly $32,618,000 in the first quarter. William Blair Investment Management LLC has also increased its holdings by 42.1%, bringing its total to 2,575,930 shares worth $39,180,000, following an addition of 762,959 shares in the last quarter.

American Century Companies Inc. expanded its position by 25.9% in the second quarter, now owning 3,222,376 shares valued at $41,182,000 after purchasing 663,061 shares. Furthermore, Assenagon Asset Management S.A. saw a dramatic increase in its position by 461.6% in the third quarter, now holding 651,695 shares valued at $9,599,000. Currently, institutional investors own 86.88% of Banc of California’s stock.

Analyst Ratings and Predictions

Various research firms have updated their ratings and price targets on Banc of California. Citigroup initiated coverage with a "neutral" rating and a target price of $15.00. Barclays upgraded Banc of California from an "equal weight" rating to an "overweight" rating, increasing their price target from $17.00 to $18.00.

Raymond James raised their price target from $16.00 to $17.00 while rating the stock as "outperform." DA Davidson elevated their forecast from $16.50 to $19.00 and assigned a "buy" rating. Wells Fargo & Company also raised their price target from $16.00 to $17.00, rating Banc of California as "equal weight." Overall, one analyst has rated the stock as a sell, four as hold, and six have given it a buy rating. According to MarketBeat.com, Banc of California has an average rating of "Hold" with an average price target of $17.30.

Current Trading Status

The shares of Banc of California (NYSE:BANC) opened at $15.30 on the last trading day. The company has a fifty-day moving average price of $14.61 and a 200-day moving average price of $13.95. The stock has seen a fifty-two week low of $11.10 and a high of $16.01. Banc of California has a debt-to-equity ratio of 0.31, quick ratio of 0.89, and current ratio of 0.89.

The company recently announced its quarterly earnings. For the quarter ending October 22nd, Banc of California reported $0.25 earnings per share, surpassing the estimated $0.14 by $0.11. The firm posted revenues of $431.44 million for the quarter, significantly exceeding analysts’ forecasts of $229.46 million. The company had a positive return on equity of 2.93%, and a negative net margin of 20.75%. Last year, the business recorded earnings per share of $0.30 during this same quarter. Equities analysts expect Banc of California to report an EPS of 0.70 for the current fiscal year.

Dividend Information

Banc of California has recently announced its quarterly dividend, which was paid on October 1st. Shareholders recorded as of September 16th received a dividend of $0.10 per share, leading to an annualized dividend of $0.40, representing a yield of 2.61%. The company’s dividend payout ratio is currently -9.37%.

Insider Transactions

In other developments, Director Richard J. Lashley sold 75,000 shares of the company on September 4th at an average price of $14.00, totaling $1,050,000. After this sale, he now directly holds 719,826 shares valued at approximately $10,077,564. This sale did not change his ownership percentage. Such transactions are disclosed to the SEC, where further details can be found. Currently, insiders own 7.37% of the stock.

Banc of California Overview

Banc of California, Inc. functions as the bank holding company for Banc of California, which provides a range of banking services and products across California. The offerings include various deposit products like checking and savings accounts, money market accounts, as well as certificates of deposit and retirement accounts.

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