Verition Fund Management Reduces $5M in Banc of California, Inc. ($BANC)
Verition Fund Management reduced its stake in Banc of California by 30.9%, according to a recent SEC filing.
Key Points
- Verition Fund Management reduced its stake in Banc of California by 30.9%, selling 226,516 shares and holding 506,134 shares worth $10.38 million.
- On Wednesday, Banc of California's shares traded near $20.51, with a market cap of $3.12 billion and a P/E ratio of 15.5.
- Analysts maintain a 'buy' rating on Banc of California, with price targets ranging from $20.5 to $25.0.
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Verition Fund Management has reduced its stake in Banc of California, Inc. (NYSE:BANC) by 30.9%, according to its latest 13F filing with the SEC. The fund sold 226,516 shares, bringing its total holdings to 506,134 shares valued at approximately $10.38 million as of the reporting period.
Verition Fund Management vs. the S&P 500
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What Changed in Verition Fund Management's Banc of California Position
Verition Fund Management cut its position in Banc of California by 30.9%, reducing its holdings from 732,650 shares to 506,134 shares. The total value of the remaining shares is about $10.38 million.
Other Institutional Activity in Banc of California
BlackRock, Inc. increased its holdings in Banc of California by 1,027,953 shares, ending with 20,621,416 shares valued at $362.52 million. T. Rowe Price Investment Management, Inc. added 86,503 shares for a total of 13,038,264 shares worth around $229.21 million. State Street Corp also grew its position, adding 450,178 shares to hold 9,073,888 shares valued at about $160.55 million. In a significant move, Millennium Management LLC increased its holdings by 5,566,518 shares, totaling 7,281,230 shares valued at $128.00 million. Dimensional Fund Advisors LP added 600,791 shares, reaching a total of 6,464,447 shares worth approximately $113.64 million.
Banc of California, Inc. Stock Up 11.9%
Shares of Banc of California traded near $20.51 on Wednesday. The company has a market capitalization of about $3.12 billion and a P/E ratio of 15.5. With a beta of 1.321, its stock has ranged from a 52-week low of $13.57 to a high of $21.61. The 50-day moving average is $18.96, while the 200-day average stands at $18.41.
$BANC stock price
Daily closing prices, year to date. Not investment advice.
Recent Earnings
Banc of California reported revenue of approximately $1.07 billion, reflecting growth of 8%. The net margin was 23.1%, with a return on equity of 6.99%. Earnings per share stood at $1.30. The company's next earnings report is expected on July 22, 2026.
Dividend
Banc of California offers an annual dividend rate of $0.48, yielding 2.39%. The dividend payout ratio is 32.31%.
Insider Buying and Selling at Banc of California, Inc.
Recent insider activity at Banc of California includes sales by Chief Credit Officer Bryan Corsini, who sold 14,988 shares on May 26, 2026, at an average price of $19.06, and 9,677 shares on May 9, 2026, at $19.04. On May 6, 2026, insiders Vania Schlogel, Paul Robert Burke, Mary Curran, and Susan Lester each bought 4,780 shares.
Analysts Set New Price Targets
On April 28, 2026, DA Davidson maintained its 'buy' rating for Banc of California with a price target of $24. Piper Sandler also maintained a 'buy' rating, setting a target of $23 on April 27, 2026. JP Morgan maintained a 'buy' rating with a $22 target on April 24, 2026. The consensus among analysts is a 'buy' recommendation, with an average target price of $22.68 from 11 analysts.
About Banc of California
Banc of California, Inc. is a regional bank based in Los Angeles, California, serving small to middle-market businesses, venture capital and private equity firms, non-profit organizations, and high-net-worth individuals. The bank offers various deposit products, real estate loans, commercial loans, and electronic payment services. It operates branches throughout California, Denver, Colorado, and Durham, North Carolina.
Bottom Line
Verition Fund Management's decision to trim its stake in Banc of California reflects a strategic adjustment in its portfolio. Investors often monitor such filings to gauge institutional sentiment, but it's important to remember that 13F filings are backward-looking and may not represent current positions. Banc of California remains a company with analyst support, maintaining a 'buy' rating and a positive outlook.
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