Banc of California, Inc. (NYSE:BANC) Holdings Lowered by Rhumbline Advisers

Rhumbline Advisers reduced its stake in Banc of California, Inc. (NYSE:BANC) by 3.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 413,624 shares of the bank’s stock after selling 16,570 shares during the period. Rhumbline Advisers’ holdings in Banc of California were worth $5,869,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. SBI Securities Co. Ltd. bought a new position in Banc of California during the 4th quarter valued at $36,000. Swiss National Bank boosted its stake in Banc of California by 0.9% during the fourth quarter. Swiss National Bank now owns 280,214 shares of the bank’s stock valued at $4,332,000 after buying an additional 2,600 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Banc of California by 1.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,252,528 shares of the bank’s stock worth $19,364,000 after acquiring an additional 19,076 shares during the period. Proficio Capital Partners LLC acquired a new position in Banc of California during the fourth quarter worth about $360,000. Finally, Franklin Resources Inc. bought a new stake in Banc of California in the fourth quarter worth about $332,000. 86.88% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on BANC. Stephens restated an “equal weight” rating and set a $15.00 price objective on shares of Banc of California in a research report on Monday, April 28th. Wells Fargo & Company reduced their target price on shares of Banc of California from $20.00 to $16.00 and set an “overweight” rating for the company in a report on Wednesday, April 9th. Robert W. Baird dropped their price target on Banc of California from $19.00 to $17.00 and set an “outperform” rating on the stock in a report on Friday, April 25th. Barclays cut their price objective on Banc of California from $19.00 to $18.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Finally, Jefferies Financial Group began coverage on Banc of California in a report on Wednesday, May 21st. They issued a “buy” rating and a $18.00 target price on the stock. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, Banc of California presently has a consensus rating of “Moderate Buy” and a consensus price target of $17.17.

Banc of California Price Performance

BANC opened at $14.05 on Friday. The firm has a market capitalization of $2.07 billion, a P/E ratio of 25.09 and a beta of 0.67. The stock has a fifty day moving average of $13.58 and a 200-day moving average of $14.77. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.31. Banc of California, Inc. has a 12-month low of $11.52 and a 12-month high of $18.08.

Banc of California (NYSE:BANC) last announced its quarterly earnings data on Wednesday, April 23rd. The bank reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.02. Banc of California had a return on equity of 6.20% and a net margin of 7.06%. The firm had revenue of $266.01 million during the quarter, compared to analyst estimates of $272.36 million. During the same period last year, the company posted $0.19 EPS. The business’s quarterly revenue was up 1.2% compared to the same quarter last year. Equities analysts forecast that Banc of California, Inc. will post 1.31 EPS for the current fiscal year.

Banc of California Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Monday, June 16th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.85%. The ex-dividend date of this dividend is Monday, June 16th. Banc of California’s dividend payout ratio is currently 61.54%.

Insider Activity at Banc of California

In other news, Director Richard J. Lashley sold 37,500 shares of the firm’s stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $14.20, for a total transaction of $532,500.00. Following the completion of the sale, the director now directly owns 2,280,280 shares of the company’s stock, valued at $32,379,976. This trade represents a 1.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James Andrew Barker purchased 10,000 shares of Banc of California stock in a transaction dated Tuesday, April 29th. The shares were purchased at an average price of $13.16 per share, with a total value of $131,600.00. Following the completion of the acquisition, the director now owns 169,680 shares in the company, valued at $2,232,988.80. The trade was a 6.26% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 86,000 shares of company stock valued at $1,208,000. Corporate insiders own 2.69% of the company’s stock.

Banc of California 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.