LSV Asset Management Sells 310,315 Shares of Banc of California, Inc. (NYSE:BANC)

LSV Asset Management lowered its stake in Banc of California, Inc. (NYSE:BANC) by 39.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 482,685 shares of the bank’s stock after selling 310,315 shares during the quarter. LSV Asset Management owned approximately 0.84% of Banc of California worth $6,482,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Versant Capital Management Inc grew its position in Banc of California by 2,466.2% during the fourth quarter. Versant Capital Management Inc now owns 1,899 shares of the bank’s stock worth $26,000 after buying an additional 1,825 shares in the last quarter. Anchor Investment Management LLC purchased a new stake in Banc of California in the fourth quarter valued at approximately $44,000. Avior Wealth Management LLC bought a new stake in Banc of California during the fourth quarter valued at approximately $44,000. GAMMA Investing LLC purchased a new position in Banc of California in the 4th quarter worth approximately $52,000. Finally, CWM LLC increased its holdings in shares of Banc of California by 872.1% in the 4th quarter. CWM LLC now owns 6,785 shares of the bank’s stock worth $91,000 after buying an additional 6,087 shares during the last quarter. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Jared M. Wolff bought 7,130 shares of the firm’s stock in a transaction dated Thursday, April 25th. The stock was purchased at an average price of $13.98 per share, with a total value of $99,677.40. Following the transaction, the chief executive officer now owns 268,695 shares of the company’s stock, valued at $3,756,356.10. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Banc of California news, Director James Andrew Barker bought 10,000 shares of the firm’s stock in a transaction on Wednesday, February 14th. The stock was acquired at an average price of $13.16 per share, with a total value of $131,600.00. Following the completion of the purchase, the director now owns 159,680 shares of the company’s stock, valued at $2,101,388.80. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Jared M. Wolff purchased 7,130 shares of the company’s stock in a transaction dated Thursday, April 25th. The stock was bought at an average cost of $13.98 per share, for a total transaction of $99,677.40. Following the completion of the transaction, the chief executive officer now owns 268,695 shares in the company, valued at $3,756,356.10. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 27,130 shares of company stock worth $445,277. 2.80% of the stock is currently owned by corporate insiders.

Banc of California Stock Performance

Shares of NYSE:BANC opened at $14.91 on Thursday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. The company has a market cap of $2.34 billion, a price-to-earnings ratio of -4.48 and a beta of 1.17. Banc of California, Inc. has a 12 month low of $9.89 and a 12 month high of $16.08. The company has a 50-day moving average price of $14.48 and a 200-day moving average price of $13.46.

Banc of California (NYSE:BANC) last issued its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.07). The business had revenue of $522.57 million during the quarter, compared to the consensus estimate of $296.02 million. Banc of California had a positive return on equity of 2.25% and a negative net margin of 29.10%. During the same quarter in the prior year, the business posted $0.37 earnings per share. As a group, equities analysts anticipate that Banc of California, Inc. will post 1.32 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Wedbush cut their target price on shares of Banc of California from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Wednesday, April 24th. Barclays decreased their price objective on Banc of California from $16.00 to $15.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 24th. Keefe, Bruyette & Woods raised Banc of California from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $16.00 to $18.00 in a research note on Friday, March 22nd. Stephens restated an “equal weight” rating and issued a $16.00 price objective on shares of Banc of California in a report on Thursday, April 25th. Finally, Truist Financial reduced their target price on shares of Banc of California from $16.00 to $15.00 and set a “hold” rating on the stock in a report on Thursday, April 25th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, Banc of California has an average rating of “Hold” and an average price target of $16.64.

Banc of California 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.