FJ Capital Management LLC has recently announced that it has increased stake in Banc of California Inc (NYSE:BANC) by 109.14%. After grabbing 2.86 million shares, the institutional investor is now in possession of 1.49 million shares of the Financial Company. The new investment brought the stake of investor firm to 5.02% having worth around $32.07 million. Moreover, Victory Capital Management, Inc. increased its share by 0.77 million to have a control over 1.88 million shares. And Kennedy Capital Management LLC raised its holdings to 0.19 million shares by acquiring 1.82 million shares or 3.19% of the stake.
Banc of California Inc (BANC) concluded trading on 12/14/23 at a closing price of $14.20, with 4.59 million shares of worth about $65.11 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 13.15% during that period and on Thursday the price saw a gain of about 8.23%. Currently the company’s common shares owned by public are about 157.98M shares, out of which, 142.27M shares are available for trading.
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According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 47 times over the past 12 months. They bought 308,374 shares in 31 of the transactions. In 16 selling transactions, insiders dumped 63,675 shares.
iShares Core S&P Small Cap ETF, MFS New Discovery Value Fund, and Vanguard Total Stock Market ETF are the top 3 mutual funds which are holding stakes in Banc of California Inc iShares Core S&P Small Cap ETF is currently holding 3.52 million shares of worth totaling $39.47 million. The company recently came selling 17587.0 shares which brought its stake up to 6.18% of the company’s outstanding shares. MFS New Discovery Value Fund bought 1.23 million shares, after which its hold over company’s outstanding shares expand to 2.87%, leaving 1.64 million shares with the mutual fund that have a worth of about $18.34 million. Vanguard Total Stock Market ETF, after buying 1.55 million shares, have now control over 2.72% of the stake in the company. It holds 0.0 shares of worth $17.38 million.
However, the stock later moved at a day high price of 14.24, or with a gain of 8.23%. Stock saw a price change of 13.69% in past 5 days and over the past one month there was a price change of 13.60%. Year-to-date (YTD), BANC shares are showing a performance of -10.86% which decreased to -10.30% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $9.72 but also hit the highest price of $18.26 during that period. The average intraday trading volume for Banc of California Inc shares is 2.33 million. The stock is currently trading 14.60% above its 20-day simple moving average (SMA20), while that difference is up 17.59% for SMA50 and it goes to 14.85% higher than SMA200.
FJ Capital Management LLC acquired 2.86 million shares of Banc of California Inc having value of about $32.07 million. Data submitted at the U.S SEC by FJ Capital Management LLC revealed that the firm now holds 1.49 million shares in the company valued at close to $21198668.8, or have control over 109.14% stake in the company. Banc of California Inc (NYSE: BANC) currently have 157.98M outstanding shares and institutions hold larger chunk of about 37.07% of that. Holding of mutual funds in the company is about 45.26% while other institutional holders and individual stake holders have control over 57.67% and 16.14% of the stake respectively.
The stock has a current market capitalization of $2.24B and its 3Y-monthly beta is at 1.16. PE ratio of stock for trailing 12 months is 8.11, while it has posted earnings per share of $1.75 in the same period. Its PEG reads 0.81 while making debt-to-equity ratio of 1.49. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for BANC, volatility over the week remained 4.35% while standing at 4.35% over the month.
Analysts are in expectations that Banc of California Inc (BANC) stock would likely to be making an EPS of $0.07 in the current quarter, while forecast for next quarter EPS is $0.29 and it is $1.55 for next year. For the current quarter EPS, analysts have given the company a lowest target -$0.17 which is $0.23 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $0.45 in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -128.84% while it is estimated to increase by 328.21% in next year. EPS is likely to shrink at an annualized rate of 10.00% for next 5-years, compared to annual growth of 33.90% made by the stock over the past 5-years.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Truist on December 04, 2023 offering a Hold rating for the stock and assigned a target price of $14 to it.
