Banc of California, Inc. (NYSE:BANC) stock position was decreased by California State Teachers Retirement System

California State Teachers Retirement System reduced its position in shares of Banc of California, Inc. (NYSE:BANC – Free Report) by 9.0% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 141,211 shares of the bank’s stock after selling 13,921 shares during the period. California State Teachers Retirement System owned 0.09% of Banc of California worth $2,148,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. raised its stake in Banc of California by 17.6% in the first 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 last quarter. Dimensional Fund Advisors LP boosted its holdings in Banc of California by 49.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,853,903 shares of the bank’s stock worth $65,191,000 after buying an additional 1,615,478 shares during the period. PL Capital Advisors LLC boosted its holdings in Banc of California by 0.7% in the first quarter. PL Capital Advisors LLC now owns 3,224,219 shares of the bank’s stock worth $49,040,000 after purchasing an additional 22,500 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in Banc of California by 148.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,997,802 shares of the bank’s stock valued at $40,260,000 after purchasing an additional 1,791,992 shares during the period. Finally, William Blair Investment Management LLC boosted its holdings in shares of Banc of California by 42.1% in the first quarter. William Blair Investment Management LLC now owns 2,575,930 shares of the bank’s stock valued at $39,180,000 after buying an additional 762,959 shares during the last quarter. 86.88% of the shares are held by hedge funds and other institutional investors.

Banc of California shares fell 0.4%

BANC opened at $13.08 on Friday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.83, and a current ratio of 0.89. Banc of California, Inc. it has a fifty-two week low of $9.96 and a fifty-two week high of $15.54. The stock has a market cap of $2.06 billion, a price-to-earnings ratio of -3.92 and a beta of 1.14. The company’s fifty day moving average is $13.21 and its 200 day moving average is $13.89.

Banc of California (NYSE:BANC – Get Your Free Report ) last posted its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.10 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.09). Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. The company had revenue of $492.38 million for the quarter, compared to analysts’ expectations of $271.42 million. In the same quarter last year, the firm earned $0.32 EPS. On average, sell-side analysts expect that Banc of California, Inc. will post 0.68 earnings per share for the current fiscal year.

Banc of California announces dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Friday, June 14th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, June 14th. This represents a dividend of $0.40 on an annualized basis and a yield of 3.06%. Banc of California’s payout ratio is -12.01%.

The Wall Street analyst weighs in

A number of analysts have analyzed the shares. StockNews.com upgraded shares of Banc of California to a “sell” rating in a research report on Thursday, April 25th. Piper Sandler cut their price objective on Banc of California from $20.00 to $19.00 and set an “overweight” rating for the company in a research note on Monday, May 13th. Wells Fargo & Company cut their price target on Banc of California from $16.00 to $15.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 9th. Wedbush reissued a “neutral” rating and issued a $14.00 target price on shares of Banc of California in a research report on Wednesday, July 24th. Finally, DA Davidson cut their price objective on shares of Banc of California from $20.00 to $17.50 and set a “buy” rating on the stock in a report on Wednesday, May 15th . One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $15.69.

Get the latest analysis on BANC

Banc of California Company Profile

(Free Report)

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

Further reading

Want to see what other hedge funds BANC owns? Visit HoldingsChannel.com to get the latest 13F filings and insider trading for Banc of California, Inc. (NYSE:BANC – Free Report).

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