Verition Fund Management Increases Stake in Banc of California

Verition Fund Management LLC has significantly increased its investment in Banc of California, Inc. (NYSE:BANC - Free Report) by 93.2% during the third quarter of the year. This information was revealed in their latest filing with the Securities and Exchange Commission (SEC).

As of the end of the most recent quarter, Verition Fund Management owned 2,476,387 shares of Banc of California's stock, having purchased an additional 1,194,839 shares during this period. This investment is now valued at approximately $36,477,000, which accounts for 1.56% of the company's total shares.

Additionally, several other institutional investors have recently adjusted their holdings in Banc of California. Future Financial Wealth Management LLC has acquired a new stake valued at $29,000 during the third quarter. Fifth Third Bancorp has also increased its holdings by 146.3% during the second quarter, bringing its total to 2,143 shares worth around $27,000 after purchasing an extra 1,273 shares. GAMMA Investing LLC raised its stake in the company by 32.3% during the third quarter, now owning 3,005 shares valued at approximately $44,000.

Furthermore, Mendon Capital Advisors Corp and Simplicity Wealth LLC acquired new positions valued at approximately $102,000 and $132,000, respectively, in the second quarter. Currently, institutional investors collectively own 86.88% of Banc of California's stock.

Insider Transactions

In other news regarding Banc of California, Director Richard J. Lashley sold 75,000 shares of company stock on September 4th for an average price of $14.00, totaling $1,050,000. Following this transaction, Lashley holds 719,826 shares valued at $10,077,564, representing a decrease of 9.44% in his ownership. This transaction was filed with the SEC and is available for public viewing.

Insiders currently own 7.37% of Banc of California's shares.

Analyst Ratings and Market Performance

Recent commentary from equity analysts suggests a generally positive outlook on Banc of California's stock. Stephens raised their price target from $15.00 to $16.00 and maintained an 'equal weight' rating. Citigroup initiated coverage with a 'neutral' rating and a target price of $15.00.

Moreover, Wells Fargo increased their price target to $17.00 and maintained an 'equal weight' rating, while Truist Financial raised their target from $15.00 to $16.00, rating it as a 'hold'. DA Davidson also raised their target from $16.50 to $19.00 with a 'buy' rating. Overall, one analyst rates the stock as a sell, four as a hold, and six as a buy, leading to an average rating of 'Hold' with a consensus price target of $17.30.

As of the latest trading day, shares of Banc of California opened at $17.30. The company's financial ratios indicate a current ratio of 0.89, a quick ratio of 0.89, and a debt-to-equity ratio of 0.31. Banc of California's moving averages are currently at $15.41 for the 50-day and $14.22 for the 200-day. The stock experienced a low of $11.36 and a high of $18.08 over the past year.

In their most recent earnings announcement on October 22, Banc of California reported earnings of $0.25 per share, outperforming analysts' expectations of $0.14 by $0.11. The company reported a revenue of $431.44 million compared to the anticipated $229.46 million, with a return on equity of 2.93% and a net margin of -20.75%. Analysts predict that Banc of California may post an earnings per share (EPS) of 0.7 for the current year.

Dividend Announcement

Banc of California also declared a quarterly dividend of $0.10 per share, set to be paid on January 2nd. Shareholders who are on record by December 16th will receive this dividend. The ex-dividend date also falls on December 16th, resulting in an annualized dividend yield of 2.31% with a payout ratio of -9.37%.

Company Overview

Banc of California, Inc. serves as a bank holding company that offers various banking services primarily in California. Their product offerings include checking and savings accounts, money market accounts, certificates of deposit, retirement accounts, and safe deposit boxes.

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