Ameriprise Financial Inc. Has $16.23 Million Stake in Banc of California, Inc. (NYSE:BANC)

Ameriprise Financial Inc. increased its stake in Banc of California, Inc. (NYSE:BANC - Free Report) by 74.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,049,624 shares of the bank's stock after purchasing an additional 449,093 shares during the period. Ameriprise Financial Inc. owned approximately 0.66% of Banc of California worth $16,230,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of BANC. Picton Mahoney Asset Management acquired a new stake in Banc of California during the fourth quarter worth about $30,000. SBI Securities Co. Ltd. bought a new stake in shares of Banc of California during the 4th quarter worth approximately $36,000. Jones Financial Companies Lllp boosted its position in shares of Banc of California by 35.1% during the 4th quarter. Jones Financial Companies Lllp now owns 3,574 shares of the bank's stock worth $55,000 after acquiring an additional 928 shares in the last quarter. Smartleaf Asset Management LLC increased its stake in Banc of California by 205.8% in the fourth quarter. Smartleaf Asset Management LLC now owns 4,348 shares of the bank's stock valued at $68,000 after acquiring an additional 2,926 shares during the last quarter. Finally, Summit Securities Group LLC acquired a new position in Banc of California during the fourth quarter valued at approximately $97,000. Institutional investors and hedge funds own 86.88% of the company's stock.

Banc of California Trading Down 0.3%

Shares of BANC stock traded down $0.04 during mid-day trading on Thursday, reaching $13.79. 108,190 shares of the stock traded hands, compared to its average volume of 2,298,471. The stock's fifty day simple moving average is $13.60 and its two-hundred day simple moving average is $15.04. Banc of California, Inc. has a 1-year low of $11.52 and a 1-year high of $18.08. The company has a market cap of $2.03 billion, a price-to-earnings ratio of 24.59 and a beta of 0.69. 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 (NYSE:BANC - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The bank reported $0.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.24 by $0.02. Banc of California had a net margin of 7.06% and a return on equity of 6.20%. The business had revenue of $266.01 million during the quarter, compared to analyst estimates of $272.36 million. During the same quarter last year, the business earned $0.19 EPS. The firm's quarterly revenue was up 1.2% on a year-over-year basis. On average, research analysts anticipate that Banc of California, Inc. will post 1.31 EPS for the current fiscal year.

Banc of California Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Monday, June 16th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.90%. The ex-dividend date is Monday, June 16th. Banc of California's dividend payout ratio (DPR) is currently 61.54%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on BANC shares. Stephens reaffirmed an "equal weight" rating and issued a $15.00 target price on shares of Banc of California in a report on Monday, April 28th. Barclays dropped 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. JPMorgan Chase & Co. decreased their target price on Banc of California from $16.00 to $15.00 and set a "neutral" rating on the stock in a research report on Monday, April 28th. Wells Fargo & Company lowered their target price on Banc of California from $20.00 to $16.00 and set an "overweight" rating for the company in a research note on Wednesday, April 9th. Finally, Raymond James raised their price target on shares of Banc of California from $17.00 to $18.00 and gave the company an "outperform" rating in a research note on Friday, January 24th. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $17.17.

Insider Activity

In related news, Director James Andrew Barker purchased 10,000 shares of Banc of California stock in a transaction on Tuesday, April 29th. The shares were purchased at an average price of $13.16 per share, for a total transaction of $131,600.00. Following the transaction, the director now owns 169,680 shares of the company's stock, valued at approximately $2,232,988.80. This represents a 6.26% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 2.69% of the company's stock.

Banc of California Company 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.