Rafferty Asset Management LLC Sells 139,965 Shares of Banc of California, Inc. $BANC

Key Points

• Rafferty Asset Management LLC reduced its holdings in Banc of California by 30.6% in the first quarter, now owning approximately $4.5 million worth of the bank's stock.
• Multiple analysts have upgraded Banc of California's stock, with Barclays raising their price target to $19.00 and classified it as "overweight."
• The company recently announced a quarterly dividend of $0.10 per share, representing a 2.4% dividend yield, with the payment scheduled for October 1st.

Rafferty Asset Management LLC lessened its position in Banc of California, Inc. (NYSE:BANC - Free Report) by 30.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 317,701 shares of the bank's stock after selling 139,965 shares during the period. Rafferty Asset Management LLC owned 0.20% of Banc of California worth $4,508,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of BANC. CWM LLC increased its holdings in Banc of California by 41.7% in the 1st quarter. CWM LLC now owns 8,049 shares of the bank's stock worth $114,000 after purchasing an additional 2,367 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Banc of California in the 1st quarter worth about $123,000. Xponance Inc. acquired a new position in Banc of California in the 1st quarter worth about $148,000. Quantinno Capital Management LP acquired a new position in Banc of California in the 4th quarter worth about $156,000. Finally, Cetera Investment Advisers acquired a new position in Banc of California in the 4th quarter worth about $178,000. Institutional investors and hedge funds own 86.88% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Keefe, Bruyette & Woods reissued an "outperform" rating and issued a $18.00 price target (up previously from $17.00) on shares of Banc of California in a research note on Friday, July 25th. JPMorgan Chase & Co. boosted their price target 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. Wells Fargo & Company increased their price target on Banc of California from $16.00 to $18.00 and gave the stock an "overweight" rating in a report on Tuesday, July 29th. Jefferies Financial Group assumed coverage on Banc of California in a report on Wednesday, May 21st. They issued a "buy" rating and a $18.00 price target on the stock. Finally, Barclays increased their price target on Banc of California from $18.00 to $19.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Eight analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $17.33.

Insider Buying and Selling at Banc of California

In related news, insider Olivia I. Lindsay sold 11,000 shares of the company's stock in a transaction 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 completion of the sale, the insider owned 30,902 shares in the company, valued at approximately $419,649.16. This represents a 26.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Richard J. Lashley sold 37,500 shares of the company's stock in a transaction 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 sale, 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 position. The disclosure for this sale can be found here. Insiders have sold 86,000 shares of company stock valued at $1,208,000 in the last quarter. 2.69% of the stock is currently owned by corporate insiders.

Banc of California Stock Up 0.7%

NYSE:BANC traded up $0.12 on Friday, hitting $16.95. The stock had a trading volume of 2,072,957 shares, compared to its average volume of 1,967,761. Banc of California, Inc. has a 52 week low of $11.52 and a 52 week high of $18.08. The company has a quick ratio of 0.88, a current ratio of 0.90 and a debt-to-equity ratio of 0.32. The business's fifty day moving average is $15.00 and its 200 day moving average is $14.26. The company has a market cap of $2.50 billion, a PE ratio of 26.07 and a beta of 0.71.

Banc of California (NYSE:BANC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The bank reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate 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 quarter in the prior year, the company posted $0.12 earnings per share. Banc of California's revenue was up 5.2% compared to the same quarter last year. 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 business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be issued a dividend of $0.10 per share. The ex-dividend date is Monday, September 15th. This represents a $0.40 annualized dividend and a yield of 2.4%. Banc of California's dividend payout ratio is 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.