Jones Financial Companies Lllp Raises Stock Position in Banc of California, Inc. $BANC

Key Points

• Jones Financial Companies Lllp significantly increased its stake in Banc of California, Inc. by 22,771.4% during the first quarter, now owning a total of 817,424 shares worth approximately $11.6 million.
• Analysts have positive forecasts for Banc of California, with firms like Wells Fargo & Company and Barclays raising their price targets, indicating a consensus rating of "Moderate Buy" and a target price of $17.33.
• Banc of California announced a quarterly dividend of $0.10 per share, resulting in a yield of 2.4%, with the payment scheduled for October 1st.

Jones Financial Companies Lllp raised its stake in Banc of California, Inc. (NYSE:BANC - Free Report) by 22,771.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 817,424 shares of the bank's stock after acquiring an additional 813,850 shares during the period. Jones Financial Companies Lllp owned 0.51% of Banc of California worth $11,599,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Insider Transactions at Banc of California

In other Banc of California news, insider Hamid Hussain sold 20,000 shares of the stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $16.59, for a total value of $331,800.00. Following the completion of the transaction, the insider directly owned 66,444 shares of the company's stock, valued at approximately $1,102,305.96. This trade represents a 23.14% decrease in their ownership of the stock. The sale 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 Stock Performance

NYSE:BANC traded down $0.15 during mid-day trading on Friday, reaching $16.66. The stock had a trading volume of 3,331,948 shares, compared to its average volume of 1,954,319. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.88 and a current ratio of 0.90. The firm has a market capitalization of $2.46 billion, a price-to-earnings ratio of 25.63 and a beta of 0.71. Banc of California, Inc. has a twelve month low of $11.52 and a twelve month high of $18.08. The business has a 50 day simple moving average of $15.52 and a 200 day simple moving average of $14.37.

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

Banc of California Dividend Announcement

The business 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 2.4%. Banc of California's dividend payout ratio (DPR) is 61.54%.

Analyst Ratings Changes

Several brokerages have recently weighed in on BANC. Barclays increased their target price on shares of Banc of California from $18.00 to $19.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Wells Fargo & Company increased their target price on shares of Banc of California from $16.00 to $18.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 29th. Keefe, Bruyette & Woods reiterated an "outperform" rating and set a $18.00 target price (up previously from $17.00) on shares of Banc of California in a research note on Friday, July 25th. Jefferies Financial Group began coverage on shares of 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. Finally, JPMorgan Chase & Co. increased their target price on shares of Banc of California from $15.00 to $16.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 1st. Eight equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price 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.