Mirabella Financial Services LLP Takes $2.22 Million Position in Banc of California, Inc. (NYSE:BANC)

Mirabella Financial Services LLP bought a new stake in shares of Banc of California, Inc. (NYSE:BANC) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 150,893 shares of the bank’s stock, valued at approximately $2,223,000. Mirabella Financial Services LLP owned 0.10% of Banc of California as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in shares of Banc of California by 17.6% during the 1st quarter. Vanguard Group Inc. now owns 10,597,751 shares of the bank’s stock worth $161,192,000 after buying an additional 1,582,941 shares in the last quarter. American Century Companies Inc. increased its holdings in Banc of California by 25.9% in the 2nd quarter. American Century Companies Inc. now owns 3,222,376 shares of the bank’s stock worth $41,182,000 after purchasing an additional 663,061 shares in the last quarter. Hodges Capital Management Inc. increased its holdings in Banc of California by 13.6% in the 2nd quarter. Hodges Capital Management Inc. now owns 1,986,246 shares of the bank’s stock worth $25,384,000 after purchasing an additional 238,242 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Banc of California by 3.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,233,452 shares of the bank’s stock worth $18,169,000 after purchasing an additional 44,951 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its holdings in Banc of California by 461.6% in the 3rd 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 in the last quarter. 86.88% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director Richard J. Lashley sold 75,000 shares of the 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 sale, the director now directly owns 719,826 shares of the company’s stock, valued at approximately $10,077,564. This represents a 9.44 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 2.80% of the company’s stock.

Banc of California Price Performance

Shares of BANC opened at $17.19 on Monday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31. The stock has a 50 day moving average of $15.23 and a 200 day moving average of $14.16. Banc of California, Inc. has a 12 month low of $11.36 and a 12 month high of $17.19.

Banc of California (NYSE:BANC) last released its earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.11. Banc of California had a positive return on equity of 2.93% and a negative net margin of 20.75%. The business had revenue of $431.44 million during the quarter, compared to the consensus estimate of $229.46 million. During the same period last year, the business posted $0.30 earnings per share. As a group, analysts expect 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 announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date of this dividend is Monday, December 16th. Banc of California’s dividend payout ratio is currently -9.37%.

Wall Street Analyst Weigh In

BANC has been the subject of a number of recent research reports. Stephens upped their target price on Banc of California from $15.00 to $16.00 and gave the stock an “equal weight” rating in a report on Thursday, October 24th. Citigroup started coverage on Banc of California in a research report on Thursday, October 10th. They issued a “neutral” rating and a $15.00 price target on the stock. Wedbush upped their price target on Banc of California from $18.00 to $19.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. DA Davidson upped their target price on Banc of California from $16.50 to $19.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Finally, Truist Financial upped their target price on Banc of California from $15.00 to $16.00 and gave the company a “hold” rating in a research report on Friday, September 20th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Banc of California currently has a consensus rating of “Hold” and an average price target of $17.30.

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.