Truist Financial Corp Has $185,000 Holdings in Banc of California, Inc. (NYSE:BANC)

Truist Financial Corp lifted its holdings in Banc of California, Inc. (NYSE:BANC) by 9.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 13,747 shares of the bank’s stock after purchasing an additional 1,223 shares during the period. Truist Financial Corp’s holdings in Banc of California were worth $185,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Versant Capital Management Inc raised its holdings in Banc of California by 2,466.2% in the 4th quarter. Versant Capital Management Inc now owns 1,899 shares of the bank’s stock worth $26,000 after acquiring an additional 1,825 shares during the period. Anchor Investment Management LLC bought a new position in Banc of California in the 4th quarter worth $44,000. Avior Wealth Management LLC bought a new position in Banc of California in the 4th quarter worth $44,000. GAMMA Investing LLC bought a new position in Banc of California in the 4th quarter worth $52,000. Finally, CWM LLC raised its holdings in Banc of California by 872.1% in the 4th quarter. CWM LLC now owns 6,785 shares of the bank’s stock worth $91,000 after acquiring an additional 6,087 shares during the period. Institutional investors and hedge funds own 86.88% of the company’s stock.

Insider Buying and Selling at Banc of California

In other news, CEO Jared M. Wolff purchased 7,130 shares of Banc of California stock in a transaction on Thursday, April 25th. The shares were purchased at an average cost of $13.98 per share, for a total transaction of $99,677.40. Following the completion of the transaction, the chief executive officer now directly owns 268,695 shares in the company, valued at $3,756,356.10. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CEO Jared M. Wolff purchased 7,130 shares of Banc of California stock in a transaction on Thursday, April 25th. The shares were purchased at an average cost of $13.98 per share, for a total transaction of $99,677.40. Following the completion of the transaction, the chief executive officer now directly owns 268,695 shares in the company, valued at $3,756,356.10. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Richard J. Lashley purchased 10,000 shares of Banc of California stock in a transaction on Thursday, February 29th. The stock was purchased at an average price of $21.40 per share, for a total transaction of $214,000.00. Following the completion of the transaction, the director now owns 10,000 shares of the company’s stock, valued at $214,000. The disclosure for this purchase can be found here. Company insiders own 2.80% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on BANC. Wedbush dropped their target price on shares of Banc of California from $16.00 to $15.00 and set a “neutral” rating on the stock in a report on Wednesday, April 24th. Barclays dropped their target price on shares of Banc of California from $16.00 to $15.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 24th. Piper Sandler dropped their price objective on shares of Banc of California from $20.00 to $19.00 and set an “overweight” rating on the stock in a report on Monday, May 13th. Wells Fargo & Company boosted their price objective on shares of Banc of California from $14.00 to $16.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 10th. Finally, Stephens dropped their price objective on shares of Banc of California from $16.00 to $15.00 and set an “equal weight” rating on the stock in a report on Tuesday, May 14th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $16.31.

Banc of California Price Performance

Shares of Banc of California stock opened at $14.35 on Thursday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.89. The firm’s 50-day simple moving average is $14.39 and its 200-day simple moving average is $13.68. Banc of California, Inc. has a twelve month low of $9.96 and a twelve month high of $16.08. The firm has a market cap of $2.26 billion, a P/E ratio of -4.31 and a beta of 1.17.

Banc of California (NYSE:BANC) last issued its earnings results on Tuesday, April 23rd. The bank reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.07). Banc of California had a negative net margin of 29.10% and a positive return on equity of 2.25%. The business had revenue of $522.57 million for the quarter, compared to analyst estimates of $296.02 million. During the same quarter last year, the firm posted $0.37 earnings per share. As a group, research analysts expect that Banc of California, Inc. will post 1.14 EPS for the current fiscal year.

Banc of California Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be given a $0.10 dividend. The ex-dividend date is Friday, June 14th. This represents a $0.40 dividend on an annualized basis and a yield of 2.79%. Banc of California’s dividend payout ratio (DPR) is presently -12.01%.

About Banc of California

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.