BNP Paribas Financial Markets Purchases 62,014 Shares of Banc of California, Inc. (NYSE:BANC)

BNP Paribas Financial Markets increased its position in shares of Banc of California, Inc. (NYSE:BANC) by 34.4% during the 3rd quarter, Holdings Channel reports. The fund owned 242,534 shares of the bank’s stock after buying an additional 62,014 shares during the quarter. BNP Paribas Financial Markets’ holdings in Banc of California were worth $3,573,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. FMR LLC lifted its stake in Banc of California by 5.8% in the third quarter. FMR LLC now owns 20,659 shares of the bank’s stock valued at $304,000 after buying an additional 1,126 shares in the last quarter. Quantbot Technologies LP lifted its stake in Banc of California by 34.8% in the third quarter. Quantbot Technologies LP now owns 247,116 shares of the bank’s stock valued at $3,640,000 after buying an additional 63,780 shares in the last quarter. Mirabella Financial Services LLP bought a new position in Banc of California in the third quarter valued at approximately $2,223,000. Algert Global LLC lifted its stake in Banc of California by 735.1% in the third quarter. Algert Global LLC now owns 118,800 shares of the bank’s stock valued at $1,750,000 after buying an additional 104,575 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Banc of California by 3.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,233,452 shares of the bank’s stock valued at $18,169,000 after buying an additional 44,951 shares in the last quarter. Institutional investors own 86.88% of the company’s stock.

Analyst Upgrades and Downgrades

BANC has been the topic of a number of research reports. Barclays raised shares of Banc of California from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $17.00 to $18.00 in a research note on Thursday, October 31st. Wedbush lifted their price objective on shares of Banc of California from $18.00 to $19.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Keefe, Bruyette & Woods lifted their price objective on shares of Banc of California from $17.50 to $20.00 and gave the company an “outperform” rating in a report on Wednesday. Citigroup started coverage on shares of Banc of California in a report on Thursday, October 10th. They issued a “neutral” rating and a $15.00 price objective on the stock. Finally, Stephens boosted their target price on shares of Banc of California from $15.00 to $16.00 and gave the stock an “equal weight” rating in a report on Thursday, October 24th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued 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 target price of $17.60.

Banc of California Trading Up 0.6 %

BANC stock opened at $17.09 on Thursday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89. The company has a fifty day moving average price of $15.57 and a two-hundred day moving average price of $14.31. Banc of California, Inc. has a one year low of $11.88 and a one year high of $18.08. The stock has a market cap of $2.71 billion, a price-to-earnings ratio of -3.98 and a beta of 1.14.

Banc of California (NYSE:BANC) last released its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.25 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.11. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%. The firm had revenue of $431.44 million during the quarter, compared to analysts’ expectations of $229.46 million. During the same period in the previous year, the business posted $0.30 earnings per share. Equities analysts anticipate that Banc of California, Inc. will post 0.7 EPS for the current year.

Banc of California Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be given a dividend of $0.10 per share. The ex-dividend date is Monday, December 16th. This represents a $0.40 dividend on an annualized basis and a yield of 2.34%. Banc of California’s dividend payout ratio (DPR) is -9.37%.

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.