Tectonic Advisors LLC Buys 3,059 Shares of Banc of California, Inc. (NYSE:BANC)

Tectonic Advisors LLC increased its stake in Banc of California, Inc. (NYSE:BANC) by 2.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 120,574 shares of the bank’s stock after purchasing an additional 3,059 shares during the period. Tectonic Advisors LLC owned 0.08% of Banc of California worth $1,776,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Fifth Third Bancorp raised its position in Banc of California by 146.3% in the 2nd quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock worth $27,000 after purchasing an additional 1,273 shares during the last quarter. Future Financial Wealth Managment LLC acquired a new stake in Banc of California during the 3rd quarter worth $29,000. GAMMA Investing LLC grew its holdings in Banc of California by 32.3% during the 3rd quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock worth $44,000 after acquiring an additional 734 shares during the period. Mendon Capital Advisors Corp acquired a new stake in Banc of California during the 2nd quarter worth $102,000. Finally, Simplicity Wealth LLC acquired a new stake in Banc of California during the 2nd quarter worth $132,000. Institutional investors own 86.88% of the company’s stock.

Banc of California Price Performance

Shares of NYSE BANC opened at $15.45 on Friday. The firm has a market cap of $2.43 billion, a PE ratio of -4.64 and a beta of 1.14. The company has a current ratio of 0.89, a quick ratio of 0.83 and a debt-to-equity ratio of 0.32. Banc of California, Inc. has a 1-year low of $10.03 and a 1-year high of $15.69. The company has a fifty day moving average price of $14.44 and a 200 day moving average price of $13.91.

Banc of California (NYSE:BANC) last announced its earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.11. Banc of California had a negative net margin of 21.99% and a positive return on equity of 2.12%. The firm had revenue of $431.44 million during the quarter, compared to analyst estimates of $229.46 million. During the same period in the prior year, the business earned $0.30 EPS. Research analysts predict that Banc of California, Inc. will post 0.61 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 Tuesday, October 1st. Shareholders of record on Monday, September 16th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.40 annualized dividend and a yield of 2.59%. Banc of California’s dividend payout ratio (DPR) is presently -12.01%.

Wall Street Analyst Weigh In

A number of analysts have commented on BANC shares. DA Davidson lifted their target price on shares of Banc of California from $16.50 to $19.00 and gave the stock a “buy” rating in a report on Wednesday. Truist Financial boosted their price target on shares of Banc of California from $15.00 to $16.00 and gave the company a “hold” rating in a report on Friday, September 20th. Citigroup began coverage on shares of Banc of California in a report on Thursday, October 10th. They issued a “neutral” rating and a $15.00 price target for the company. Stephens boosted their price target on shares of Banc of California from $15.00 to $16.00 and gave the company an “equal weight” rating in a report on Thursday. Finally, Raymond James boosted 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. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Banc of California currently has an average rating of “Hold” and a consensus price target of $17.20.

Insiders Place Their Bets

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 transaction of $1,050,000.00. Following the sale, the director now directly owns 719,826 shares of the company’s stock, valued at $10,077,564. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 7.37% of the company’s stock.

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.