Picton Mahoney Asset Management Makes New Investment in Banc of California, Inc. (NYSE:BANC)

Picton Mahoney Asset Management bought a new stake in shares of Banc of California, Inc. (NYSE:BANC) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 29,636 shares of the bank’s stock, valued at approximately $398,000.

Several other hedge funds have also made changes to their positions in the stock. Versant Capital Management Inc increased its position in Banc of California by 2,466.2% in the 4th quarter. Versant Capital Management Inc now owns 1,899 shares of the bank’s stock valued at $26,000 after acquiring an additional 1,825 shares during the period. Anchor Investment Management LLC bought a new stake in shares of Banc of California during the fourth quarter valued at about $44,000. Avior Wealth Management LLC bought a new stake in shares of Banc of California during the fourth quarter valued at about $44,000. GAMMA Investing LLC acquired a new stake in Banc of California in the fourth quarter worth about $52,000. Finally, CWM LLC grew its position in Banc of California by 872.1% in the 4th quarter. CWM LLC now owns 6,785 shares of the bank’s stock valued at $91,000 after buying an additional 6,087 shares in the last quarter. Institutional investors own 86.88% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on BANC shares. Wells Fargo & Company boosted their price target on shares of Banc of California from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 10th. Barclays cut their target price on Banc of California from $16.00 to $15.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 24th. StockNews.com raised Banc of California to a “sell” rating in a research note on Thursday, April 25th. Truist Financial decreased their target price on Banc of California from $16.00 to $15.00 and set a “hold” rating for the company in a research note on Thursday, April 25th. Finally, Stephens reiterated an “equal weight” rating and issued a $16.00 price target on shares of Banc of California in a research report on Thursday, April 25th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $16.64.

Insider Buying and Selling

In other Banc of California news, Director Richard J. Lashley purchased 10,000 shares of the stock in a transaction dated Thursday, February 29th. The shares were acquired at an average price of $21.40 per share, for a total transaction of $214,000.00. Following the completion of the acquisition, the director now owns 10,000 shares of the company’s stock, valued at approximately $214,000. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Jared M. Wolff bought 7,130 shares of the firm’s stock in a transaction on Thursday, April 25th. The stock was bought at an average price of $13.98 per share, with a total value of $99,677.40. Following the purchase, the chief executive officer now directly owns 268,695 shares of the company’s stock, valued at approximately $3,756,356.10. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Richard J. Lashley purchased 10,000 shares of the stock in a transaction dated Thursday, February 29th. The shares were bought at an average price of $21.40 per share, for a total transaction of $214,000.00. Following the completion of the acquisition, the director now owns 10,000 shares in the company, valued at $214,000. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 27,130 shares of company stock valued at $445,277. Company insiders own 2.80% of the company’s stock.

Banc of California Trading Up 0.5 %

NYSE:BANC opened at $14.91 on Thursday. The stock has a fifty day simple moving average of $14.48 and a 200 day simple moving average of $13.46. The firm has a market capitalization of $2.34 billion, a price-to-earnings ratio of -4.48 and a beta of 1.17. Banc of California, Inc. has a 1-year low of $9.89 and a 1-year high of $16.08. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.32.

Banc of California (NYSE:BANC) last announced its earnings results on Tuesday, April 23rd. The bank reported $0.19 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.07). The firm had revenue of $522.57 million during the quarter, compared to analyst estimates of $296.02 million. Banc of California had a positive return on equity of 2.25% and a negative net margin of 29.10%. During the same quarter in the previous year, the business earned $0.37 earnings per share. Sell-side analysts forecast that Banc of California, Inc. will post 1.32 earnings per share for the current year.

About Banc of California

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.