Balyasny Asset Management L.P. Has $10.88 Million Stake in Banc of California, Inc. (NYSE:BANC)

Balyasny Asset Management L.P. reduced its stake in Banc of California, Inc. (NYSE:BANC - Free Report) by 11.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 703,450 shares of the bank's stock after selling 89,053 shares during the period. Balyasny Asset Management L.P. owned approximately 0.44% of Banc of California worth $10,875,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. SBI Securities Co. Ltd. acquired a new position in shares of Banc of California during the fourth quarter worth about $36,000. Swiss National Bank grew its position in shares of Banc of California by 0.9% during the fourth quarter. Swiss National Bank now owns 280,214 shares of the bank's stock worth $4,332,000 after buying an additional 2,600 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of 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 buying an additional 19,076 shares in the last quarter. Proficio Capital Partners LLC acquired a new position in shares of Banc of California during the 4th quarter worth about $360,000. Finally, Franklin Resources Inc. acquired a new position in shares of Banc of California during the 4th quarter worth about $332,000. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

Banc of California Price Performance

Shares of NYSE BANC traded up $0.04 during trading on Tuesday, hitting $14.63. The company had a trading volume of 1,249,792 shares, compared to its average volume of 2,350,337. The business's 50-day moving average is $13.49 and its 200 day moving average is $15.09. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.90. Banc of California, Inc. has a 52 week low of $11.52 and a 52 week high of $18.08. The company has a market cap of $2.32 billion, a P/E ratio of 26.13 and a beta of 0.69.

Banc of California (NYSE:BANC - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The bank reported $0.26 EPS for the quarter, beating the consensus estimate of $0.24 by $0.02. The business had revenue of $266.01 million for the quarter, compared to analysts' expectations of $272.36 million. Banc of California had a net margin of 7.06% and a return on equity of 6.20%. Banc of California's revenue was up 1.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.19 EPS. Equities research analysts predict that Banc of California, Inc. will post 1.31 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Monday, June 16th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.73%. The ex-dividend date of this dividend is Monday, June 16th. Banc of California's dividend payout ratio is currently 61.54%.

Analysts Set New Price Targets

BANC has been the subject of a number of research analyst reports. JPMorgan Chase & Co. decreased their target price on Banc of California from $16.00 to $15.00 and set a "neutral" rating for the company in a research report on Monday, April 28th. Stephens reissued an "equal weight" rating and issued a $15.00 target price on shares of Banc of California in a research report on Monday, April 28th. StockNews.com raised Banc of California from a "sell" rating to a "hold" rating in a research report on Friday, January 24th. Raymond James upped their price objective on Banc of California from $17.00 to $18.00 and gave the company an "outperform" rating in a research note on Friday, January 24th. Finally, Wells Fargo & Company reduced their price objective 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. Five research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $17.25.

Insider Activity

In related news, Director James Andrew Barker purchased 10,000 shares of the firm's stock in a transaction dated Tuesday, April 29th. The shares were acquired at an average cost of $13.16 per share, with a total value of $131,600.00. Following the completion of the purchase, the director now directly owns 169,680 shares of the company's stock, valued at $2,232,988.80. This trade represents a 6.26% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.69% of the stock is owned by company insiders.

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.