Verition Fund Management LLC Has $36.48 Million Stock Holdings in Banc of California, Inc. (NYSE:BANC)

Verition Fund Management LLC raised its stake in Banc of California, Inc. (NYSE:BANC) by 93.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,476,387 shares of the bank’s stock after buying an additional 1,194,839 shares during the period. Verition Fund Management LLC owned 1.56% of Banc of California worth $36,477,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Future Financial Wealth Managment LLC bought a new stake in Banc of California during the 3rd quarter worth $29,000. Fifth Third Bancorp grew its holdings in shares of Banc of California by 146.3% during the second quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock worth $27,000 after purchasing an additional 1,273 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Banc of California by 32.3% in the third quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock valued at $44,000 after buying an additional 734 shares during the period. Mendon Capital Advisors Corp bought a new position in Banc of California in the 2nd quarter valued at approximately $102,000. Finally, Simplicity Wealth LLC acquired a new stake in Banc of California during the 2nd quarter worth approximately $132,000. Institutional investors own 86.88% of the company’s stock.

Insider Buying and Selling at Banc of California

In other news, Director Richard J. Lashley sold 75,000 shares of the stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $14.00, for a total value of $1,050,000.00. Following the completion of the sale, the director now directly owns 719,826 shares of the company’s stock, valued at $10,077,564. This represents a 9.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 7.37% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Stephens lifted their price target on shares of Banc of California from $15.00 to $16.00 and gave the stock an “equal weight” rating in a report on Thursday, October 24th. Citigroup started coverage on Banc of California in a report on Thursday, October 10th. They set a “neutral” rating and a $15.00 target price on the stock. Wells Fargo & Company increased their price target on Banc of California from $16.00 to $17.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 23rd. Truist Financial lifted their price objective on Banc of California from $15.00 to $16.00 and gave the stock a “hold” rating in a research note on Friday, September 20th. Finally, DA Davidson increased their target price on shares of Banc of California from $16.50 to $19.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $17.30.

Banc of California Stock Performance

Shares of NYSE BANC opened at $17.30 on Friday. 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’s 50-day moving average price is $15.41 and its 200-day moving average price is $14.22. Banc of California, Inc. has a 1-year low of $11.36 and a 1-year high of $18.08.

Banc of California (NYSE:BANC) last announced its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.11. Banc of California had a positive return on equity of 2.93% and a negative net margin of 20.75%. The business had revenue of $431.44 million for the quarter, compared to analyst estimates of $229.46 million. During the same quarter in the prior year, the company earned $0.30 earnings per share. On average, equities research analysts expect that Banc of California, Inc. will post 0.7 EPS for the current year.

Banc of California Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be issued a dividend of $0.10 per share. The ex-dividend date is Monday, December 16th. This represents a $0.40 annualized dividend and a yield of 2.31%. Banc of California’s payout ratio is -9.37%.

Banc of California Company Profile

Banc of California, Inc operates as the bank holding company for Banc of California that provides various banking products and services in California. The company offers deposit products, such as checking, savings, money market, demand, and time deposits; certificates of deposit; retirement accounts; and safe deposit boxes.