Mirabella Financial Services LLP Purchases New Stake in Banc of California, Inc. (NYSE:BANC)

Mirabella Financial Services LLP purchased a new stake in shares of Banc of California, Inc. (NYSE:BANC) in the third quarter, Holdings Channel reports. The firm purchased 150,893 shares of the bank’s stock, valued at approximately $2,223,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Banc of California by 17.6% in the 1st quarter. Vanguard Group Inc. now owns 10,597,751 shares of the bank’s stock worth $161,192,000 after buying an additional 1,582,941 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Banc of California by 394.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 331,076 shares of the bank’s stock worth $5,037,000 after buying an additional 264,070 shares during the period. Redwood Investment Management LLC purchased a new stake in shares of Banc of California in the 1st quarter worth about $630,000. Seven Eight Capital LP purchased a new stake in shares of Banc of California in the 2nd quarter worth about $549,000. Finally, Hodges Capital Management Inc. grew its position in shares of Banc of California by 13.6% in the 2nd quarter. Hodges Capital Management Inc. now owns 1,986,246 shares of the bank’s stock worth $25,384,000 after buying an additional 238,242 shares during the period. 86.88% of the stock is currently owned by institutional investors.

Insider Transactions at Banc of California

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of the firm’s 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 sale, the director now owns 719,826 shares in the company, valued at approximately $10,077,564. This trade represents a 9.44 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Citigroup began coverage on shares of Banc of California in a research report on Thursday, October 10th. They issued a “neutral” rating and a $15.00 target price on the stock. DA Davidson increased their price objective 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. Stephens increased their price objective on shares of Banc of California from $15.00 to $16.00 and gave the company an “equal weight” rating in a research report on Thursday, October 24th. Raymond James increased their price objective on shares of Banc of California from $16.00 to $17.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Finally, Truist Financial increased their price objective on shares of Banc of California from $15.00 to $16.00 and gave the company a “hold” rating in a research report on Friday, September 20th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $17.30.

Banc of California Trading Up 1.4 %

Shares of NYSE:BANC opened at $17.19 on Monday. The firm’s 50 day moving average price is $15.23 and its 200-day moving average price is $14.16. Banc of California, Inc. has a twelve month low of $11.36 and a twelve month high of $17.19. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31.

Banc of California (NYSE:BANC) last issued its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.25 earnings per share 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 firm had revenue of $431.44 million for the quarter, compared to analysts’ expectations of $229.46 million. During the same quarter in the prior year, the business earned $0.30 EPS. Research analysts predict that Banc of California, Inc. will post 0.7 EPS for the current year.

Banc of California Dividend Announcement

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 paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.33%. The ex-dividend date is Monday, December 16th. Banc of California’s dividend payout ratio (DPR) is presently -9.37%.

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.