Emerald Mutual Fund Advisers Trust Sells 330,599 Shares of Banc of California, Inc. (NYSE:BANC)

Emerald Mutual Fund Advisers Trust cut its position in shares of Banc of California, Inc. (NYSE:BANC) by 38.9% during the second quarter, HoldingsChannel.com reports. The firm owned 518,511 shares of the bank’s stock after selling 330,599 shares during the period. Emerald Mutual Fund Advisers Trust’s holdings in Banc of California were worth $6,627,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. lifted its stake in Banc of California by 17.6% during the first quarter. Vanguard Group Inc. now owns 10,597,751 shares of the bank’s stock worth $161,192,000 after purchasing an additional 1,582,941 shares during the period. Basswood Capital Management L.L.C. bought a new position in shares of Banc of California during the 4th quarter worth approximately $3,374,000. Carmignac Gestion acquired a new stake in Banc of California in the 4th quarter valued at $2,152,000. Sei Investments Co. grew its position in Banc of California by 86.0% in the first quarter. Sei Investments Co. now owns 506,202 shares of the bank’s stock valued at $7,699,000 after acquiring an additional 234,021 shares during the period. Finally, Swiss National Bank grew its position in Banc of California by 156.8% in the fourth quarter. Swiss National Bank now owns 295,114 shares of the bank’s stock valued at $3,963,000 after acquiring an additional 180,214 shares during the period. 86.88% of the stock is currently owned by institutional investors and hedge funds.

Banc of California Price Performance

BANC opened at $13.81 on Friday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.83. The stock has a market capitalization of $2.17 billion, a P/E ratio of -4.15 and a beta of 1.13. The company’s 50 day simple moving average is $13.65 and its 200-day simple moving average is $13.92. Banc of California, Inc. has a one year low of $9.96 and a one year high of $15.54.

Banc of California (NYSE:BANC) last posted its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.09). The firm had revenue of $492.38 million for the quarter, compared to analyst estimates of $271.42 million. Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. During the same period in the prior year, the company posted $0.32 EPS. Sell-side analysts anticipate that Banc of California, Inc. will post 0.61 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 16th will be given a $0.10 dividend. The ex-dividend date is Monday, September 16th. This represents a $0.40 dividend on an annualized basis and a yield of 2.90%. Banc of California’s payout ratio is -12.01%.

Insider Buying and Selling

In related news, Director Richard J. Lashley sold 75,000 shares of the business’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 completion of the sale, the director now directly owns 719,826 shares of the company’s stock, valued at $10,077,564. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 7.37% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on BANC. Truist Financial boosted their target price on shares of Banc of California from $13.00 to $15.00 and gave the company a “hold” rating in a research note on Wednesday, July 24th. Wells Fargo & Company reduced their price target on shares of 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 reaffirmed a “neutral” rating and set a $14.00 price objective on shares of Banc of California in a report on Wednesday, July 24th. DA Davidson reduced their target price on Banc of California from $20.00 to $17.50 and set a “buy” rating on the stock in a report on Wednesday, May 15th. Finally, Stephens restated an “equal weight” rating and set a $14.00 price target on shares of Banc of California in a research report on Wednesday. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Banc of California currently has an average rating of “Hold” and an average price target of $15.69.

Banc of California Company 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.