Hollencrest Capital Management Buys 4,938 Shares of Banc of California, Inc. (NYSE:BANC)

Hollencrest Capital Management grew its stake in Banc of California, Inc. (NYSE:BANC) by 4.6% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 112,780 shares of the bank’s stock after acquiring an additional 4,938 shares during the quarter. Hollencrest Capital Management owned 0.07% of Banc of California worth $1,661,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. Crescent Grove Advisors LLC increased its position in shares of Banc of California by 0.8% during the third quarter. Crescent Grove Advisors LLC now owns 98,420 shares of the bank’s stock valued at $1,460,000 after acquiring an additional 772 shares in the last quarter. Sippican Capital Advisors boosted its stake in Banc of California by 7.5% during the 3rd quarter. Sippican Capital Advisors now owns 121,610 shares of the bank’s stock valued at $1,791,000 after purchasing an additional 8,475 shares during the last quarter. Tectonic Advisors LLC increased its holdings in shares of Banc of California by 2.6% in the 3rd quarter. Tectonic Advisors LLC now owns 120,574 shares of the bank’s stock worth $1,776,000 after purchasing an additional 3,059 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in shares of Banc of California by 461.6% in the third quarter. Assenagon Asset Management S.A. now owns 651,695 shares of the bank’s stock worth $9,599,000 after purchasing an additional 535,654 shares during the last quarter. Finally, Everence Capital Management Inc. boosted its position in shares of Banc of California by 47.7% during the third quarter. Everence Capital Management Inc. now owns 19,671 shares of the bank’s stock valued at $290,000 after buying an additional 6,350 shares during the last quarter. 86.88% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

BANC has been the topic of a number of recent analyst reports. DA Davidson raised their price target on shares of Banc of California from $16.50 to $19.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Wedbush raised their price target on shares of Banc of California from $18.00 to $19.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Barclays raised shares of Banc of California from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $17.00 to $18.00 in a report on Thursday, October 31st. Raymond James raised their price target on shares of Banc of California from $16.00 to $17.00 and gave the company an “outperform” rating in a 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 stock a “hold” rating in a research note on Friday, September 20th. One 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 data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $17.30.

Insider Activity at Banc of California

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of the business’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total value of $1,050,000.00. Following the completion of the transaction, the director now directly owns 719,826 shares in the company, valued at approximately $10,077,564. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.80% of the stock is currently owned by corporate insiders.

Banc of California Price Performance

Shares of BANC stock traded up $0.14 on Friday, reaching $16.29. The company’s stock had a trading volume of 387,054 shares, compared to its average volume of 2,345,210. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. The stock’s fifty day simple moving average is $14.72 and its 200-day simple moving average is $14.01. The company has a market capitalization of $2.59 billion, a price-to-earnings ratio of -3.78 and a beta of 1.13. Banc of California, Inc. has a 1 year low of $11.10 and a 1 year high of $16.92.

Banc of California (NYSE:BANC) last posted its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.25 EPS for the quarter, topping the consensus estimate of $0.14 by $0.11. The company had revenue of $431.44 million during the quarter, compared to analyst estimates of $229.46 million. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%. During the same period in the previous year, the firm earned $0.30 earnings per share. Analysts forecast that Banc of California, Inc. will post 0.7 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 Tuesday, October 1st. Investors of record on Monday, September 16th were issued a $0.10 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.40 annualized dividend and a dividend yield of 2.46%. Banc of California’s payout ratio is currently -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.