Banc of California, Inc. (NYSE:BANC) is Black Maple Capital Management LP's 2nd Largest Position

Black Maple Capital Management LP decreased its holdings in shares of Banc of California, Inc. (NYSE:BANC - Free Report) by 6.0% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 501,074 shares of the bank's stock after selling 32,116 shares during the period. Banc of California makes up approximately 4.1% of Black Maple Capital Management LP's investment portfolio, making the stock its 2nd largest holding. Black Maple Capital Management LP owned 0.32% of Banc of California worth $7,747,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. SBI Securities Co. Ltd. purchased a new stake in Banc of California during the 4th quarter worth approximately $36,000. Swiss National Bank lifted its stake 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 during the period. Charles Schwab Investment Management Inc. grew its holdings 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 valued at $19,364,000 after buying an additional 19,076 shares during the last quarter. Proficio Capital Partners LLC purchased a new position in Banc of California in the 4th quarter worth $360,000. Finally, Sei Investments Co. lifted its position in Banc of California by 9.3% during the 4th quarter. Sei Investments Co. now owns 637,423 shares of the bank's stock worth $9,855,000 after acquiring an additional 54,238 shares during the period. Institutional investors and hedge funds own 86.88% of the company's stock.

Insider Buying and Selling at Banc of California

In other news, Director James Andrew Barker purchased 10,000 shares of the company's stock in a transaction that occurred on Tuesday, April 29th. The stock was purchased at an average cost of $13.16 per share, for a total transaction of $131,600.00. Following the completion of the transaction, the director now 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 filing with the SEC, which is available through the SEC website. Insiders own 2.69% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Raymond James raised their price objective on Banc of California from $17.00 to $18.00 and gave the stock an "outperform" rating in a research note on Friday, January 24th. JPMorgan Chase & Co. reduced their price target on shares of 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. Robert W. Baird dropped their price objective on shares of Banc of California from $19.00 to $17.00 and set an "outperform" rating on the stock in a report on Friday, April 25th. Stephens reissued an "equal weight" rating and set a $15.00 target price on shares of Banc of California in a report on Monday, April 28th. Finally, Barclays lowered their price target on shares of Banc of California from $19.00 to $18.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $17.25.

Banc of California Trading Up 2.5 %

Shares of BANC stock opened at $13.73 on Friday. 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 $2.18 billion, a price-to-earnings ratio of 24.52 and a beta of 0.85. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.90 and a quick ratio of 0.89. The stock has a 50 day simple moving average of $13.57 and a 200-day simple moving average of $15.15.

Banc of California (NYSE:BANC - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The bank reported $0.26 earnings per share for the quarter, topping analysts' consensus estimates of $0.24 by $0.02. The company had revenue of $266.01 million during 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%. The firm's revenue for the quarter was up 1.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.19 earnings per share. On average, equities research analysts expect that Banc of California, Inc. will post 1.31 EPS for the current fiscal year.

Banc of California Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.40 annualized dividend and a yield of 2.91%. Banc of California's dividend payout ratio (DPR) is currently 61.54%.

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.

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