Oliver Luxxe Assets LLC Grows Holdings in Banc of California, Inc. $BANC

Key Points

• Oliver Luxxe Assets LLC increased its stake in Banc of California, Inc. by 35.7%, owning 116,106 shares valued at approximately $1.65 million.
• Analysts have a largely positive outlook on Banc of California, with an average rating of "Moderate Buy" and a target price of $17.33.
• The company announced a quarterly dividend of $0.10 per share, contributing to a 2.5% dividend yield for investors.

Oliver Luxxe Assets LLC raised its holdings in shares of Banc of California, Inc. (NYSE:BANC - Free Report) by 35.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 116,106 shares of the bank's stock after acquiring an additional 30,551 shares during the period. Oliver Luxxe Assets LLC owned about 0.07% of Banc of California worth $1,648,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in BANC. Penn Capital Management Company LLC boosted its stake in shares of Banc of California by 51.1% in the 1st quarter. Penn Capital Management Company LLC now owns 911,773 shares of the bank's stock valued at $12,953,000 after purchasing an additional 308,546 shares in the last quarter. Hotchkis & Wiley Capital Management LLC raised its position in Banc of California by 15.6% in the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 777,114 shares of the bank's stock worth $11,027,000 after purchasing an additional 104,819 shares during the period. AlphaQuest LLC lifted its stake in Banc of California by 77.8% in the first quarter. AlphaQuest LLC now owns 15,525 shares of the bank's stock worth $220,000 after purchasing an additional 6,793 shares during the last quarter. Rhino Investment Partners Inc purchased a new stake in Banc of California during the first quarter valued at about $7,029,000. Finally, T. Rowe Price Investment Management Inc. grew its stake in shares of Banc of California by 18.6% during the first quarter. T. Rowe Price Investment Management Inc. now owns 12,942,131 shares of the bank's stock valued at $183,649,000 after buying an additional 2,029,119 shares during the last quarter. 86.88% of the stock is owned by hedge funds and other institutional investors.

Banc of California Trading Up 1.3%

Shares of BANC traded up $0.22 during mid-day trading on Tuesday, hitting $16.62. 2,153,969 shares of the company's stock traded hands, compared to its average volume of 1,975,306. 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 firm has a market capitalization of $2.46 billion, a P/E ratio of 25.56 and a beta of 0.69. The business's 50-day moving average price is $14.82 and its 200-day moving average price is $14.26. Banc of California, Inc. has a 1 year low of $11.52 and a 1 year high of $18.08.

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

Banc of California Dividend Announcement

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 paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend is Monday, September 15th. Banc of California's dividend payout ratio is presently 61.54%.

Analysts Set New Price Targets

BANC has been the subject of a number of recent research reports. JPMorgan Chase & Co. boosted 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. 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 price objective for the company. Wells Fargo & Company raised their target price on shares of Banc of California from $16.00 to $18.00 and gave the stock an "overweight" rating in a report on Tuesday, July 29th. Keefe, Bruyette & Woods reiterated an "outperform" rating and set a $18.00 price target (up from $17.00) on shares of Banc of California in a report on Friday, July 25th. Finally, Stephens reissued an "equal weight" rating and set a $15.00 price target on shares of Banc of California in a research report on Monday, April 28th. Eight equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, Banc of California currently has an average rating of "Moderate Buy" and an average price target of $17.33.

Insider Activity

In other Banc of California news, insider Olivia I. Lindsay sold 11,000 shares of Banc of California 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 of the company's stock, valued at approximately $419,649.16. The trade was a 26.25% decrease in their position. The transaction was disclosed in a legal 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 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 transaction, the director owned 2,280,280 shares in the company, 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 sold 86,000 shares of company stock valued at $1,208,000 over the last 90 days. 2.69% of the stock is currently owned by company 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.