Banc of California, Inc. $BANC Stake Decreased 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 lessened its holdings in shares of Banc of California, Inc. (NYSE:BANC - Free Report) by 3.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 413,624 shares of the bank's stock after selling 16,570 shares during the period. Rhumbline Advisers owned 0.28% of Banc of California worth $5,869,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in BANC. Wellington Management Group LLP raised its holdings in shares of Banc of California by 274.6% during the fourth quarter. Wellington Management Group LLP now owns 5,393,076 shares of the bank's stock valued at $83,377,000 after buying an additional 3,953,380 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Banc of California by 2,119.0% during the fourth quarter. Millennium Management LLC now owns 2,876,914 shares of the bank's stock valued at $44,477,000 after buying an additional 2,747,262 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Banc of California by 127.4% during the first quarter. Invesco Ltd. now owns 4,453,245 shares of the bank's stock valued at $63,192,000 after buying an additional 2,495,043 shares during the last quarter. T. Rowe Price Investment Management Inc. raised its holdings 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. Finally, Jones Financial Companies Lllp raised its holdings in shares of Banc of California by 22,771.4% during the first quarter. Jones Financial Companies Lllp now owns 817,424 shares of the bank's stock valued at $11,599,000 after buying an additional 813,850 shares during the last quarter. Institutional investors 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 Banc of California 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 transaction, the insider owned 66,444 shares in the company, valued at approximately $1,102,305.96. The trade was a 23.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 2.69% of the company's stock.

Banc of California Trading Down 0.9%

Banc of California stock opened at $16.66 on Friday. 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 cap of $2.46 billion, a price-to-earnings ratio of 25.63 and a beta of 0.71. Banc of California, Inc. has a 1 year low of $11.52 and a 1 year high of $18.08. The firm's 50 day moving average price is $15.52 and its two-hundred day moving average price is $14.38.

Banc of California (NYSE:BANC - Get Free Report) last posted 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. The firm had revenue of $272.85 million for the quarter, compared to analyst estimates 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 quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.12 earnings per share. On average, research analysts predict that Banc of California, Inc. will post 1.31 EPS for the current fiscal year.

Banc of California Dividend Announcement

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 given a $0.10 dividend. 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 payout ratio is 61.54%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Jefferies Financial Group assumed coverage on Banc of California in a report on Wednesday, May 21st. They set a "buy" rating and a $18.00 price target on the stock. Wells Fargo & Company raised their price objective on shares of Banc of California from $16.00 to $18.00 and gave the company an "overweight" rating in a research note on Tuesday, July 29th. Barclays raised 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. JPMorgan Chase & Co. raised their price objective on shares of Banc of California from $15.00 to $16.00 and gave the company a "neutral" rating in a research note on Tuesday, July 1st. Finally, Keefe, Bruyette & Woods reiterated an "outperform" rating and set a $18.00 price objective (up previously 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 issued a Hold rating to the company. Based on data from MarketBeat.com, Banc of California has an average rating of "Moderate Buy" and an average price target of $17.33.

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.

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