Algert Global LLC Raises Stock Holdings in Banc of California, Inc. $BANC

Key Points

• Algert Global LLC increased its stake in Banc of California, purchasing an additional 24,560 shares to hold a total of 977,234 shares, valued at approximately $13.87 million.
• Banc of California recorded a quarterly EPS of $0.31, exceeding estimates, despite revenue falling short of projections at $272.85 million.
• The company announced a $0.10 quarterly dividend to be distributed on October 1st, equating to an annualized yield of 2.6%.

Algert Global LLC increased its position in Banc of California, Inc. (NYSE:BANC - Free Report) by 2.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 977,234 shares of the bank's stock after acquiring an additional 24,560 shares during the period. Algert Global LLC owned about 0.62% of Banc of California worth $13,867,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of BANC. CWM LLC lifted its position in Banc of California by 41.7% during 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 in the last quarter. Quantinno Capital Management LP purchased a new position in Banc of California during the fourth quarter valued at $156,000. Xponance Inc. purchased a new position in Banc of California during the first quarter valued at $148,000. Cetera Investment Advisers purchased a new position in Banc of California during the fourth quarter valued at $178,000. Finally, Madison Asset Management LLC purchased a new position in Banc of California during the first quarter valued at $184,000. Institutional investors own 86.88% of the company's stock.

Banc of California Price Performance

Shares of NYSE:BANC traded up $0.7140 during mid-day trading on Friday, reaching $16.2740. The stock had a trading volume of 2,452,428 shares, compared to its average volume of 2,377,842. The company has a current ratio of 0.90, a quick ratio of 0.88 and a debt-to-equity ratio of 0.32. The company has a market cap of $2.40 billion, a P/E ratio of 25.02 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 business's 50 day moving average price is $14.64 and its 200 day moving average price is $14.27.

Banc of California (NYSE:BANC - Get Free Report) last posted its 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. The company had revenue of $272.85 million for the quarter, compared to the consensus estimate of $278.43 million. Banc of California had a return on equity of 7.37% and a net margin of 8.30%.The firm's revenue for the quarter was up 5.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.12 earnings per share. Research analysts expect that Banc of California, Inc. will post 1.31 EPS for the current fiscal year.

Banc of California Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be given a dividend of $0.10 per share. The ex-dividend date is Monday, September 15th. This represents a $0.40 dividend on an annualized basis and a yield of 2.5%. Banc of California's dividend payout ratio is 61.54%.

Insider Buying and Selling

In other Banc of California news, insider Olivia I. Lindsay sold 11,000 shares of the company's stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $13.58, for a total transaction of $149,380.00. Following the sale, the insider directly owned 30,902 shares in the company, valued at $419,649.16. This represents a 26.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Richard J. Lashley sold 37,500 shares of the stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $14.20, for a total value of $532,500.00. Following the completion of the sale, the director owned 2,280,280 shares in the company, valued at approximately $32,379,976. The trade was a 1.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 86,000 shares of company stock worth $1,208,000. Company insiders own 2.69% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Keefe, Bruyette & Woods reiterated an "outperform" rating and set a $18.00 target price (up from $17.00) on shares of Banc of California in a research report on Friday, July 25th. Wells Fargo & Company boosted their price objective on Banc of California from $16.00 to $18.00 and gave the company an "overweight" rating in a research report on Tuesday, July 29th. Stephens restated an "equal weight" rating and issued a $15.00 price objective on shares of Banc of California in a research report on Monday, April 28th. Barclays boosted their price objective on Banc of California from $18.00 to $19.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Finally, Robert W. Baird lowered their price objective on Banc of California from $19.00 to $17.00 and set an "outperform" rating on the stock in a research report on Friday, April 25th. Eight analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $17.33.

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.