Algert Global LLC Has $1.75 Million Stake in Banc of California, Inc. (NYSE:BANC)

Algert Global LLC increased its stake in Banc of California, Inc. (NYSE:BANC) by 735.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 118,800 shares of the bank’s stock after purchasing an additional 104,575 shares during the period. Algert Global LLC owned approximately 0.07% of Banc of California worth $1,750,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in BANC. Fifth Third Bancorp boosted its position 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 buying an additional 1,273 shares during the period. Future Financial Wealth Managment LLC acquired a new stake in shares of Banc of California in the third quarter valued at about $29,000. GAMMA Investing LLC grew its stake in 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 purchasing an additional 734 shares in the last quarter. Mendon Capital Advisors Corp bought a new stake in shares of Banc of California during the 2nd quarter worth approximately $102,000. Finally, Simplicity Wealth LLC bought a new position in shares of Banc of California in the second quarter valued at $132,000. Institutional investors own 86.88% of the company’s stock.

Insider Buying and Selling

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of Banc of California stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total transaction of $1,050,000.00. Following the transaction, the director now owns 719,826 shares of the company’s stock, valued at $10,077,564. This trade represents a 9.44 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.80% of the stock is currently owned by company insiders.

Banc of California Stock Performance

Shares of Banc of California stock opened at $17.30 on Thursday. The company has a market cap of $2.75 billion, a P/E ratio of -4.14 and a beta of 1.13. 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 business has a 50-day moving average price of $15.36 and a two-hundred day moving average price of $14.20. 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 issued its 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 negative net margin of 20.75% and a positive return on equity of 2.93%. The business had revenue of $431.44 million for the quarter, compared to analyst estimates of $229.46 million. During the same period in the prior year, the firm earned $0.30 earnings per share. As a group, analysts anticipate 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. Stockholders of record on Monday, December 16th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date is Monday, December 16th. Banc of California’s dividend payout ratio is currently -9.37%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on BANC shares. Raymond James boosted their price objective on shares of Banc of California from $16.00 to $17.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Citigroup initiated coverage on shares of Banc of California in a report on Thursday, October 10th. They issued a “neutral” rating and a $15.00 price objective on the stock. Wedbush increased their price target on shares of Banc of California from $18.00 to $19.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Barclays upgraded Banc of California from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $17.00 to $18.00 in a research note on Thursday, October 31st. Finally, Stephens upped their price objective on Banc of California from $15.00 to $16.00 and gave the company an “equal weight” rating in a report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $17.30.

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.