33,580 Shares in Banc of California, Inc. (NYSE:BANC) Acquired by XTX Topco Ltd

Key Points

• XTX Topco Ltd made a new investment in Banc of California, purchasing 33,580 shares valued at approximately $476,000.
• Insider Olivia I. Lindsay sold 11,000 shares of Banc of California stock, reducing her position by 26.25%.
• Banc of California's stock is trading at $14.55, with analysts forecasting an earnings per share of 1.31 for the fiscal year.

XTX Topco Ltd acquired a new stake in Banc of California, Inc. (NYSE:BANC - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 33,580 shares of the bank's stock, valued at approximately $476,000.

Several other hedge funds also recently added to or reduced their stakes in BANC. CWM LLC raised its position in Banc of California by 41.7% in the first quarter. CWM LLC now owns 8,049 shares of the bank's stock valued at $114,000 after purchasing an additional 2,367 shares during the period. Xponance Inc. acquired a new stake in shares of Banc of California during the first quarter valued at about $148,000. Quantinno Capital Management LP acquired a new stake in shares of Banc of California during the fourth quarter valued at about $156,000. Cetera Investment Advisers acquired a new stake in shares of Banc of California during the fourth quarter valued at about $178,000. Finally, Madison Asset Management LLC acquired a new stake in shares of Banc of California during the first quarter valued at about $184,000. 86.88% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on BANC. Keefe, Bruyette & Woods restated an "outperform" rating and set a $18.00 target price (up from $17.00) on shares of Banc of California in a research note on Friday, July 25th. Jefferies Financial Group began coverage on Banc of California in a research note on Wednesday, May 21st. They set a "buy" rating and a $18.00 target price for the company. Robert W. Baird lowered their target price on Banc of California from $19.00 to $17.00 and set an "outperform" rating for the company in a research note on Friday, April 25th. Stephens restated 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. Finally, JPMorgan Chase & Co. raised their target price on Banc of California from $15.00 to $16.00 and gave the company a "neutral" rating in a research note on Tuesday, July 1st. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $17.33.

Banc of California Stock Up 2.7%

NYSE:BANC traded up $0.40 during mid-day trading on Tuesday, reaching $14.88. The stock had a trading volume of 359,124 shares, compared to its average volume of 2,394,625. The company has a market capitalization of $2.20 billion, a price-to-earnings ratio of 22.92 and a beta of 0.69. Banc of California, Inc. has a 1-year low of $11.52 and a 1-year high of $18.08. The stock's 50 day simple moving average is $14.38 and its two-hundred day simple moving average is $14.27. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.90 and a quick ratio of 0.88.

Banc of California (NYSE:BANC - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The bank reported $0.31 EPS for the quarter, topping analysts' consensus estimates of $0.28 by $0.03. Banc of California had a return on equity of 7.37% and a net margin of 8.30%. The business had revenue of $272.85 million during the quarter, compared to the consensus estimate of $278.43 million. During the same period last year, the firm earned $0.12 earnings per share. The company's revenue for the quarter was up 5.2% compared to the same quarter last year. Equities analysts anticipate that Banc of California, Inc. will post 1.31 EPS for the current year.

Banc of California Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.40 dividend on an annualized basis and a yield of 2.7%. Banc of California's dividend payout ratio (DPR) is currently 61.54%.

Insider Transactions at Banc of California

In other Banc of California news, Director Richard J. Lashley sold 37,500 shares of the firm's stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $14.20, for a total value of $532,500.00. Following the transaction, the director owned 2,280,280 shares of the company's stock, valued at $32,379,976. This trade represents a 1.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Olivia I. Lindsay sold 11,000 shares of the firm's stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $13.58, for a total transaction of $149,380.00. Following the completion of the transaction, the insider directly owned 30,902 shares in the company, valued at $419,649.16. This represents a 26.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold 86,000 shares of company stock worth $1,208,000 in the last three months. 2.69% of the stock is currently owned by corporate insiders.

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.