Banc of California, Inc. $BANC Shares Bought by Curi RMB Capital LLC

Key Points

• Curi RMB Capital LLC increased its stake in Banc of California by 133.3% during the 1st quarter, now owning approximately 350,000 shares valued at $4.97 million.
• Banc of California's stock has recently gained 1.3%, trading at $16.99, with a 12-month high of $18.08 and a PE ratio of 26.13.
• The company declared a quarterly dividend of $0.10 per share, with an ex-dividend date of September 15, indicating a yield of 2.4%.

Curi RMB Capital LLC increased its position in shares of Banc of California, Inc. (NYSE:BANC - Free Report) by 133.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 350,000 shares of the bank's stock after purchasing an additional 200,000 shares during the quarter. Curi RMB Capital LLC owned 0.22% of Banc of California worth $4,966,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Northern Trust Corp raised its holdings in Banc of California by 10.3% in the 4th quarter. Northern Trust Corp now owns 1,629,512 shares of the bank's stock valued at $25,192,000 after buying an additional 152,032 shares during the last quarter. Mercer Global Advisors Inc. ADV grew its position in Banc of California by 9.9% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 14,370 shares of the bank's stock valued at $222,000 after purchasing an additional 1,299 shares during the period. Ameriprise Financial Inc. grew its position in Banc of California by 74.8% in the 4th quarter. Ameriprise Financial Inc. now owns 1,049,624 shares of the bank's stock valued at $16,230,000 after purchasing an additional 449,093 shares during the period. BNP Paribas Financial Markets lifted its stake in Banc of California by 14.4% during the 4th quarter. BNP Paribas Financial Markets now owns 277,477 shares of the bank's stock valued at $4,290,000 after acquiring an additional 34,943 shares in the last quarter. Finally, Bank of America Corp DE lifted its stake in Banc of California by 14.6% during the 4th quarter. Bank of America Corp DE now owns 485,575 shares of the bank's stock valued at $7,507,000 after acquiring an additional 61,693 shares in the last quarter. Institutional investors own 86.88% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently commented on BANC. JPMorgan Chase & Co. lifted their target price on Banc of California from $15.00 to $16.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 1st. Wells Fargo & Company boosted their target price on Banc of California from $16.00 to $18.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 29th. Barclays upped their target price on Banc of California from $18.00 to $19.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Jefferies Financial Group initiated coverage on Banc of California in a report on Wednesday, May 21st. They set a "buy" rating and a $18.00 target price for the company. Finally, Keefe, Bruyette & Woods reaffirmed an "outperform" rating and issued a $18.00 price target (up from $17.00) on shares of Banc of California in a research note on Friday, July 25th. Eight investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $17.33.

Banc of California Price Performance

Shares of NYSE:BANC traded up $0.16 during trading on Wednesday, hitting $16.95. 532,851 shares of the company's stock were exchanged, compared to its average volume of 2,352,199. The company has a market cap of $2.50 billion, a price-to-earnings ratio of 26.02 and a beta of 0.71. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.90 and a quick ratio of 0.88. The business's 50-day simple moving average is $15.40 and its 200 day simple moving average is $14.33. Banc of California, Inc. has a 52-week low of $11.52 and a 52-week high of $18.08.

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

Banc of California Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be paid a $0.10 dividend. The ex-dividend date is Monday, September 15th. This represents a $0.40 dividend on an annualized basis and a yield of 2.4%. Banc of California's dividend payout ratio (DPR) is currently 61.54%.

Insider Transactions at Banc of California

In other news, insider Hamid Hussain sold 20,000 shares of the business's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $16.59, for a total transaction of $331,800.00. Following the sale, the insider owned 66,444 shares of the company's stock, valued at $1,102,305.96. The trade was a 23.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.69% of the stock is owned by company insiders.

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.