Banc of California, Inc. $BANC Shares Sold by Rhumbline Advisers

Key Points

• Rhumbline Advisers reduced its stake in Banc of California by 3.9%, owning 413,624 shares worth approximately $5.87 million after selling 16,570 shares.
• Institutional investors collectively own 86.88% of Banc of California, indicating a strong interest from large financial entities in the bank's stock.
• Banc of California recently declared a quarterly dividend of $0.10, representing a 2.4% yield based on an annualized payout of $0.40.

Rhumbline Advisers reduced its position in Banc of California, Inc. (NYSE:BANC - Free Report) by 3.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 413,624 shares of the bank's stock after selling 16,570 shares during the quarter. Rhumbline Advisers owned 0.28% of Banc of California worth $5,869,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of BANC. CWM LLC increased its position in shares of Banc of California by 41.7% during the first quarter. CWM LLC now owns 8,049 shares of the bank's stock worth $114,000 after acquiring an additional 2,367 shares during the period. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Banc of California during the first quarter worth approximately $123,000. Xponance Inc. purchased a new position in shares of Banc of California during the first quarter worth approximately $148,000. Quantinno Capital Management LP purchased a new position in shares of Banc of California during the fourth quarter worth approximately $156,000. Finally, Cetera Investment Advisers purchased a new position in shares of Banc of California during the fourth quarter worth approximately $178,000. 86.88% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on BANC shares. 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 research report on Tuesday, July 29th. JPMorgan Chase & Co. raised 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 report on Tuesday, July 1st. Jefferies Financial Group started coverage on shares of Banc of California in a research note on Wednesday, May 21st. They set a "buy" rating and a $18.00 price objective on the stock. Keefe, Bruyette & Woods reiterated an "outperform" rating and set a $18.00 price objective (up from $17.00) on shares of Banc of California in a research note on Friday, July 25th. Finally, Barclays increased their price objective on shares of Banc of California from $18.00 to $19.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Eight investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $17.33.

Insiders Place Their Bets

In other Banc of California news, insider Hamid Hussain sold 20,000 shares of the firm's stock in a transaction that occurred on 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 sale, the insider directly owned 66,444 shares in the company, valued at $1,102,305.96. This trade represents a 23.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.69% of the stock is currently owned by company insiders.

Banc of California Stock Up 2.9%

BANC traded up $0.48 during trading on Thursday, hitting $16.92. The stock had a trading volume of 657,655 shares, compared to its average volume of 2,354,684. The company has a market capitalization of $2.50 billion, a PE ratio of 26.04 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 company has a debt-to-equity ratio of 0.32, a quick ratio of 0.88 and a current ratio of 0.90. The stock has a 50 day simple moving average of $15.62 and a two-hundred day simple moving average of $14.41.

Banc of California (NYSE:BANC - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The bank reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.03. The company 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%. Banc of California's revenue was up 5.2% compared to the same quarter last year. During the same period last year, the firm earned $0.12 earnings per share. On average, research analysts predict that Banc of California, Inc. will post 1.31 earnings per share for the current year.

Banc of California Announces Dividend

The company also recently announced 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. This represents a $0.40 annualized dividend and a yield of 2.4%. The ex-dividend date is Monday, September 15th. Banc of California's dividend payout ratio (DPR) is 61.54%.

Banc of California 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.