Oregon Public Employees Retirement Fund Sells 1,000 Shares of Banc of California, Inc. (NYSE:BANC)

Posted by Defense World Staff on Oct 24th, 2023

Oregon Public Employees Retirement Fund lessened its stake in Banc of California, Inc. (NYSE:BANC – Free Report) by 5.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 16,654 shares of the bank’s stock after selling 1,000 shares during the period. Oregon Public Employees Retirement Fund’s holdings in Banc of California were worth $193,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Keeley Teton Advisors LLC grew its position in Banc of California by 10.1% in the 1st quarter. Keeley Teton Advisors LLC now owns 28,300 shares of the bank’s stock worth $355,000 after purchasing an additional 2,600 shares during the period. MQS Management LLC bought a new stake in Banc of California in the 1st quarter worth approximately $170,000. William Blair Investment Management LLC grew its position in Banc of California by 0.3% in the 1st quarter. William Blair Investment Management LLC now owns 1,955,357 shares of the bank’s stock worth $24,501,000 after purchasing an additional 6,318 shares during the period. LSV Asset Management bought a new stake in Banc of California in the 1st quarter worth approximately $8,264,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in Banc of California by 42.5% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,230 shares of the bank’s stock worth $128,000 after purchasing an additional 3,053 shares during the period. Institutional investors own 88.55% of the company’s stock.

Analyst Upgrades and Downgrades

BANC has been the subject of a number of recent research reports. StockNews.com initiated coverage on shares of Banc of California in a research report on Thursday, October 5th. They set a “sell” rating for the company. Wells Fargo & Company downgraded shares of Banc of California from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $21.00 to $13.50 in a research report on Tuesday, October 3rd. DA Davidson boosted their price objective on shares of Banc of California from $17.50 to $21.50 in a research report on Wednesday, July 26th. Finally, Keefe, Bruyette & Woods downgraded shares of Banc of California from an “outperform” rating to a “market perform” rating and set a $16.00 price objective for the company. in a research report on Monday, July 31st.

Get Our Latest Analysis on BANC

Banc of California Stock Down 1.0 %

BANC opened at $11.27 on Tuesday. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.05 and a current ratio of 1.05. Banc of California, Inc. has a fifty-two week low of $9.72 and a fifty-two week high of $18.26. The firm’s fifty day moving average is $12.31 and its 200 day moving average is $12.14. The stock has a market cap of $647.24 million, a price-to-earnings ratio of 7.99 and a beta of 1.25.

Banc of California (NYSE:BANC – Get Free Report) last released its earnings results on Tuesday, July 25th. The bank reported $0.32 earnings per share for the quarter, beating 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 company had revenue of $75.66 million for the quarter, compared to analysts’ expectations of $76.23 million. On average, sell-side analysts forecast that Banc of California, Inc. will post 1.26 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, October 2nd. Investors of record on Friday, September 15th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.55%. The ex-dividend date was Thursday, September 14th. Banc of California’s dividend payout ratio (DPR) is 28.37%.

Banc of California Company Profile

(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.