GSA Capital Partners LLP Makes New Investment in Banc of California, Inc. $BANC

GSA Capital Partners LLP bought a new stake in shares of Banc of California, Inc. (NYSE:BANC) in the 2nd quarter, HoldingsChannel reports. The fund bought 79,597 shares of the bank’s stock, valued at approximately $1,626,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Summit Global Investments bought a new position in shares of Banc of California in the 2nd quarter worth about $707,000. Assenagon Asset Management S.A. bought a new stake in shares of Banc of California during the 2nd quarter valued at about $21,767,000. GAMMA Investing LLC grew its position in shares of Banc of California by 22.8% during the 2nd quarter. GAMMA Investing LLC now owns 6,576 shares of the bank’s stock valued at $134,000 after buying an additional 1,222 shares during the last quarter. PVG Asset Management Corp raised its stake in Banc of California by 512.6% during the first quarter. PVG Asset Management Corp now owns 77,175 shares of the bank’s stock worth $1,357,000 after acquiring an additional 64,578 shares during the period. Finally, Glenmede Trust Co. NA acquired a new stake in Banc of California during the first quarter worth about $246,000. 86.88% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have commented on BANC shares. Piper Sandler lifted their target price on Banc of California from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Monday, April 27th. JPMorgan Chase & Co. raised their price target on Banc of California from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Wednesday, July 1st. Wall Street Zen lowered Banc of California from a “hold” rating to a “sell” rating in a research report on Saturday. Brean Capital downgraded Banc of California from a “buy” rating to a “neutral” rating in a research note on Thursday, July 30th. Finally, Barclays dropped their target price on Banc of California from $23.00 to $22.00 and set an “overweight” rating on the stock in a research report on Monday, August 3rd. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Banc of California currently has an average rating of “Buy” and a consensus target price of $22.62.

Banc of California Price Performance

Shares of NYSE BANC opened at $19.68 on Monday. The stock has a market cap of $3.12 billion, a P/E ratio of -46.85 and a beta of 0.74. The firm’s 50-day simple moving average is $20.17 and its 200 day simple moving average is $19.20. Banc of California, Inc. has a fifty-two week low of $15.33 and a fifty-two week high of $21.93. The company has a quick ratio of 0.86, a current ratio of 0.89 and a debt-to-equity ratio of 0.20.

Banc of California (NYSE:BANC) last announced its earnings results on Wednesday, July 29th. The bank reported ($1.61) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.40 by ($2.01). The company had revenue of $16.41 million during the quarter, compared to the consensus estimate of $295.32 million. Banc of California had a negative net margin of 1.44% and a positive return on equity of 7.98%. The business’s quarterly revenue was down 94.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.31 EPS. Equities analysts expect that Banc of California, Inc. will post 1.68 EPS for the current year.

Banc of California Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be issued a $0.12 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $0.48 annualized dividend and a dividend yield of 2.4%. Banc of California’s dividend payout ratio (DPR) is -114.29%.

Insider Activity

In related news, insider Olivia I. Lindsay sold 6,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $19.50, for a total transaction of $117,000.00. Following the transaction, the insider owned 32,842 shares in the company, valued at $640,419. This trade represents a 15.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.78% of the stock is owned by company insiders.

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.