Cubist Systematic Strategies LLC Purchases New Holdings in Banc of California, Inc. (NYSE:BANC)

Cubist Systematic Strategies LLC purchased a new position in Banc of California, Inc. (NYSE:BANC - Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 308,854 shares of the bank's stock, valued at approximately $4,775,000. Cubist Systematic Strategies LLC owned 0.19% of Banc of California at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in BANC. Picton Mahoney Asset Management acquired a new stake in Banc of California during the fourth quarter valued at approximately $30,000. SBI Securities Co. Ltd. acquired a new stake in Banc of California during the fourth quarter valued at approximately $36,000. Jones Financial Companies Lllp lifted its stake in Banc of California by 35.1% during the fourth quarter. Jones Financial Companies Lllp now owns 3,574 shares of the bank's stock valued at $55,000 after purchasing an additional 928 shares during the last quarter. Smartleaf Asset Management LLC lifted its stake in Banc of California by 205.8% during the fourth quarter. Smartleaf Asset Management LLC now owns 4,348 shares of the bank's stock valued at $68,000 after purchasing an additional 2,926 shares during the last quarter. Finally, Summit Securities Group LLC acquired a new stake in Banc of California during the fourth quarter valued at approximately $97,000. 86.88% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently commented on BANC. Stephens reissued an "equal weight" rating and set a $15.00 target price on shares of Banc of California in a research note on Monday, April 28th. StockNews.com upgraded shares of Banc of California from a "sell" rating to a "hold" rating in a research report on Friday, January 24th. Wells Fargo & Company reduced their price target on shares of Banc of California from $20.00 to $16.00 and set an "overweight" rating for the company in a research report on Wednesday, April 9th. Barclays reduced their price target on shares of 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, Robert W. Baird reduced their price target on shares of Banc of California from $19.00 to $17.00 and set an "outperform" rating for the company in a research report on Friday, April 25th. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, Banc of California currently has a consensus rating of "Moderate Buy" and a consensus price target of $17.09.

Banc of California Trading Down 1.1%

Banc of California stock traded down $0.16 during mid-day trading on Thursday, hitting $14.43. 489,603 shares of the company's stock were exchanged, compared to its average volume of 2,310,533. The firm has a market capitalization of $2.29 billion, a P/E ratio of 25.78 and a beta of 0.69. Banc of California, Inc. has a fifty-two week low of $11.52 and a fifty-two week high of $18.08. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.31. The company's 50 day simple moving average is $13.52 and its 200-day simple moving average is $15.09.

Banc of California (NYSE:BANC - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The bank reported $0.26 EPS for the quarter, topping the consensus estimate of $0.24 by $0.02. The business had revenue of $266.01 million for the quarter, compared to the consensus estimate of $272.36 million. Banc of California had a return on equity of 6.20% and a net margin of 7.06%. The firm's revenue was up 1.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.19 EPS. On average, equities analysts anticipate that Banc of California, Inc. will post 1.31 earnings per share for the current year.

Banc of California Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Monday, June 16th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.77%. The ex-dividend date is Monday, June 16th. Banc of California's dividend payout ratio is 61.54%.

Insider Buying and Selling at Banc of California

In related news, Director James Andrew Barker bought 10,000 shares of the stock in a transaction that occurred on Tuesday, April 29th. The shares were acquired at an average price of $13.16 per share, with a total value of $131,600.00. Following the completion of the transaction, 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company 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.