Cubist Systematic Strategies LLC Takes $4.78 Million Position in Banc of California, Inc. (NYSE:BANC)

Cubist Systematic Strategies LLC acquired a new position in shares of Banc of California, Inc. (NYSE:BANC - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 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 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. PL Capital Advisors LLC increased its stake in shares of Banc of California by 1,446.0% in the 4th quarter. PL Capital Advisors LLC now owns 46,754,426 shares of the bank's stock valued at $722,823,000 after acquiring an additional 43,730,207 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its stake in Banc of California by 6.3% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 10,913,012 shares of the bank's stock valued at $168,716,000 after purchasing an additional 644,330 shares in the last quarter. Wellington Management Group LLP raised its holdings in Banc of California by 274.6% in the fourth quarter. Wellington Management Group LLP now owns 5,393,076 shares of the bank's stock worth $83,377,000 after purchasing an additional 3,953,380 shares during the period. William Blair Investment Management LLC boosted its position in shares of Banc of California by 2.5% during the fourth quarter. William Blair Investment Management LLC now owns 2,556,614 shares of the bank's stock worth $39,525,000 after purchasing an additional 62,269 shares in the last quarter. Finally, Hodges Capital Management Inc. grew its holdings in shares of Banc of California by 10.7% in the 4th quarter. Hodges Capital Management Inc. now owns 2,281,410 shares of the bank's stock valued at $35,270,000 after buying an additional 221,125 shares during the period. Institutional investors own 86.88% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Barclays reduced their target price on Banc of California from $19.00 to $18.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Raymond James upped their price target on shares of Banc of California from $17.00 to $18.00 and gave the company an "outperform" rating in a report on Friday, January 24th. JPMorgan Chase & Co. dropped their price objective on shares of Banc of California from $16.00 to $15.00 and set a "neutral" rating on the stock in a report on Monday, April 28th. Stephens reaffirmed an "equal weight" rating and issued a $15.00 target price on shares of Banc of California in a research note on Monday, April 28th. Finally, Wells Fargo & Company dropped their price target on Banc of California from $20.00 to $16.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 9th. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Banc of California has an average rating of "Moderate Buy" and a consensus target price of $17.25.

Banc of California Stock Down 0.9 %

NYSE:BANC opened at $13.79 on Friday. Banc of California, Inc. has a twelve month low of $11.52 and a twelve month high of $18.08. The firm has a market capitalization of $2.19 billion, a price-to-earnings ratio of 24.63 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. The stock's 50 day moving average price is $13.48 and its two-hundred day moving average price is $15.10.

Banc of California (NYSE:BANC - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The bank reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $266.01 million for the quarter, compared to analyst estimates of $272.36 million. During the same period in the prior year, the firm posted $0.19 earnings per share. The company's quarterly revenue was up 1.2% compared to the same quarter last year. Equities research analysts expect that Banc of California, Inc. will post 1.31 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The firm 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 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date is Monday, June 16th. Banc of California's payout ratio is currently 61.54%.

Insiders Place Their Bets

In related news, Director James Andrew Barker acquired 10,000 shares of the firm's stock in a transaction on Tuesday, April 29th. The shares were purchased at an average cost of $13.16 per share, for a total transaction of $131,600.00. Following the completion of the acquisition, the director now directly owns 169,680 shares in the company, valued at approximately $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 accessible through the SEC website. Company 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.

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