Victory Capital Management Inc. Sells 11,058 Shares of Banc of California, Inc. (NYSE:BANC)

Posted by Defense World Staff on Oct 23rd, 2023

Victory Capital Management Inc. cut its position in shares of Banc of California, Inc. (NYSE:BANC – Free Report) by 1.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,105,656 shares of the bank’s stock after selling 11,058 shares during the quarter. Victory Capital Management Inc. owned approximately 1.90% of Banc of California worth $12,803,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Quantbot Technologies LP lifted its stake in Banc of California by 158.3% in the second quarter. Quantbot Technologies LP now owns 3,100 shares of the bank’s stock worth $54,000 after purchasing an additional 1,900 shares during the last quarter. Point72 Middle East FZE purchased a new stake in Banc of California during the 4th quarter valued at about $54,000. Captrust Financial Advisors grew its position in Banc of California by 63.5% during the 1st quarter. Captrust Financial Advisors now owns 3,663 shares of the bank’s stock worth $71,000 after acquiring an additional 1,423 shares during the last quarter. Advisor Group Holdings Inc. increased its stake in Banc of California by 14.9% in the 4th quarter. Advisor Group Holdings Inc. now owns 7,649 shares of the bank’s stock worth $122,000 after purchasing an additional 994 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Banc of California by 42.5% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,230 shares of the bank’s stock valued at $128,000 after purchasing an additional 3,053 shares during the last quarter. 88.55% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Wells Fargo & Company cut shares of Banc of California from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $21.00 to $13.50 in a research report on Tuesday, October 3rd. DA Davidson raised their target price on Banc of California from $17.50 to $21.50 in a research note on Wednesday, July 26th. StockNews.com started coverage on Banc of California in a research report on Thursday, October 5th. They set a “sell” rating for the company. Finally, Keefe, Bruyette & Woods lowered Banc of California from an “outperform” rating to a “market perform” rating and set a $16.00 price objective on the stock. in a research report on Monday, July 31st.

Check Out Our Latest Report on Banc of California

Banc of California Stock Performance

Shares of Banc of California stock opened at $11.38 on Monday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.49. The business has a fifty day simple moving average of $12.35 and a two-hundred day simple moving average of $12.15. The firm has a market capitalization of $653.60 million, a P/E ratio of 8.07 and a beta of 1.25. Banc of California, Inc. has a 12 month low of $9.72 and a 12 month high of $18.26.

Banc of California (NYSE:BANC – Get Free Report) last announced its quarterly earnings data on Tuesday, July 25th. The bank reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.31 by $0.01. Banc of California had a net margin of 19.01% and a return on equity of 9.78%. The business had revenue of $75.66 million for the quarter, compared to analysts’ expectations of $76.23 million. On average, equities analysts forecast that Banc of California, Inc. will post 1.26 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Friday, September 15th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.51%. The ex-dividend date of this dividend was Thursday, September 14th. Banc of California’s payout ratio is currently 28.37%.

About Banc of California

(Free Report)

Banc of California, Inc operates as the bank holding company for Banc of California, National Association that provides banking and financial products and services in the United States. The company offers deposit products, including interest-bearing and noninterest-bearing demand, checking, savings, and money market deposits accounts; certificate of deposits; and retirement accounts and safe deposit boxes.