Victory Capital Management Inc. cut its position in Banc of California Inc (NYSE:BANC) by 3.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,399,982 shares of the bank’s stock after selling 89,220 shares during the quarter. Victory Capital Management Inc. owned about 4.74% of Banc of California worth $45,360,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also recently bought and sold shares of BANC. BlackRock Inc. increased its holdings in shares of Banc of California by 7.6% in the 2nd quarter. BlackRock Inc. now owns 6,003,930 shares of the bank’s stock worth $117,376,000 after buying an additional 422,637 shares during the last quarter. Millennium Management LLC increased its holdings in shares of Banc of California by 63.1% in the 2nd quarter. Millennium Management LLC now owns 984,317 shares of the bank’s stock worth $19,243,000 after buying an additional 380,740 shares during the last quarter. EJF Capital LLC increased its holdings in shares of Banc of California by 61.7% in the 2nd quarter. EJF Capital LLC now owns 982,512 shares of the bank’s stock worth $19,208,000 after buying an additional 374,712 shares during the last quarter. United Services Automobile Association increased its holdings in shares of Banc of California by 43.5% in the 2nd quarter. United Services Automobile Association now owns 559,041 shares of the bank’s stock worth $10,929,000 after buying an additional 169,600 shares during the last quarter. Finally, Wells Fargo & Company MN increased its holdings in shares of Banc of California by 25.5% in the 2nd quarter. Wells Fargo & Company MN now owns 394,960 shares of the bank’s stock worth $7,721,000 after buying an additional 80,278 shares during the last quarter.
BANC stock opened at $16.85 on Friday. The company has a debt-to-equity ratio of 2.53, a quick ratio of 1.01 and a current ratio of 1.01. Banc of California Inc has a 52 week low of $14.11 and a 52 week high of $23.40. The firm has a market cap of $855.61 million, a P/E ratio of 23.14, a price-to-earnings-growth ratio of 2.06 and a beta of 0.93.
In related news, Director W Kirk Wycoff sold 140,656 shares of the stock in a transaction on Tuesday, August 21st. The shares were sold at an average price of $20.08, for a total transaction of $2,824,372.48. Following the transaction, the director now owns 4,748 shares of the company’s stock, valued at approximately $95,339.84. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Michael Alan Smith bought 4,600 shares of Banc of California stock in a transaction that occurred on Friday, November 2nd. The shares were acquired at an average cost of $16.50 per share, for a total transaction of $75,900.00. Following the acquisition, the chief accounting officer now owns 13,959 shares in the company, valued at approximately $230,323.50. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 640,656 shares of company stock worth $12,808,384. 18.08% of the stock is owned by insiders.
BANC has been the topic of a number of research analyst reports. ValuEngine raised shares of Banc of California from a “hold” rating to a “buy” rating in a report on Friday, August 10th. Zacks Investment Research raised shares of Banc of California from a “hold” rating to a “buy” rating and set a $20.00 target price on the stock in a report on Friday, October 12th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. Banc of California has a consensus rating of “Hold” and an average price target of $20.75.
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Banc of California Company Profile
Banc of California, Inc operates as the bank holding company for Banc of California, National Association that provides banking products and services in the United States. The company's deposits consist of checking, savings, money market, retirement, and interest and non-interest bearing demand accounts, as well as certificates of deposit; and commercial and consumer loan products include commercial and industrial loans, commercial real estate loans, multi-family loans, small business administration (SBA) guaranteed business loans, construction and renovation loans, single family residential mortgage loans, warehouse loans, asset-insurance-or security backed loans, home equity lines of credit, consumer and business lines of credit, home equity loans, and other consumer loans.
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