Banc of California, Inc. $BANC Stock Position Decreased by PL Capital Advisors LLC

Key Points

• PL Capital Advisors cut its Banc of California position by 17% in the second quarter, selling 500,000 shares and retaining 2.45 million shares valued at approximately $50 million. Institutional investors collectively own 86.88% of the company, with several major funds increasing their stakes.
• Banc of California reported a significant quarterly loss, posting $(1.61) in EPS versus analyst expectations of $0.40. Revenue fell 94% year over year to $16.41 million, well below the $295.32 million consensus estimate.
• The stock opened at $18.62, while analysts maintained a generally positive outlook with a consensus “Buy” rating and a $22.62 target price. The company also declared a quarterly dividend of $0.12 per share, yielding about 2.6% annually.

PL Capital Advisors LLC cut its position in Banc of California, Inc. (NYSE:BANC - Free Report) by 17.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,449,219 shares of the bank's stock after selling 500,000 shares during the period. Banc of California accounts for 13.9% of PL Capital Advisors LLC's holdings, making the stock its 2nd largest position. PL Capital Advisors LLC owned about 1.55% of Banc of California worth $50,038,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in shares of Banc of California during the second quarter worth $462,252,000. Wellington Management Group LLP raised its position in shares of Banc of California by 147.2% in the second quarter. Wellington Management Group LLP now owns 6,121,876 shares of the bank's stock valued at $125,070,000 after buying an additional 3,645,579 shares during the last quarter. Bank of America Corp DE lifted its stake in shares of Banc of California by 243.9% in the third quarter. Bank of America Corp DE now owns 3,430,938 shares of the bank's stock worth $56,782,000 after buying an additional 2,433,394 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Banc of California by 45.4% in the third quarter. Dimensional Fund Advisors LP now owns 5,053,402 shares of the bank's stock worth $83,635,000 after buying an additional 1,576,914 shares in the last quarter. Finally, William Blair Investment Management LLC acquired a new position in Banc of California during the second quarter worth about $25,521,000. Hedge funds and other institutional investors own 86.88% of the company's stock.

Banc of California Trading Up 0.1%

Shares of BANC opened at $18.62 on Monday. Banc of California, Inc. has a 12-month low of $15.33 and a 12-month high of $21.93. The firm has a market capitalization of $2.95 billion, a P/E ratio of -44.33 and a beta of 0.74. The firm has a 50-day moving average price of $19.98 and a 200 day moving average price of $19.10. The company has a current ratio of 0.89, a quick ratio of 0.86 and a debt-to-equity ratio of 0.20.

Banc of California (NYSE:BANC - Get Free Report) last issued its earnings results on Wednesday, July 29th. The bank reported ($1.61) EPS for the quarter, missing analysts' consensus estimates of $0.40 by ($2.01). Banc of California had a positive return on equity of 7.98% and a negative net margin of 1.44%.The firm had revenue of $16.41 million for the quarter, compared to analysts' expectations of $295.32 million. During the same period last year, the firm earned $0.31 earnings per share. Banc of California's revenue for the quarter was down 94.0% on a year-over-year basis. Sell-side analysts forecast that Banc of California, Inc. will post 1.68 EPS for the current year.

Banc of California Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.48 annualized dividend and a yield of 2.6%. Banc of California's dividend payout ratio (DPR) is -114.29%.

Analyst Upgrades and Downgrades

BANC has been the subject of a number of recent research reports. Weiss Ratings downgraded shares of Banc of California from a "hold (c+)" rating to a "hold (c-)" rating in a report on Friday, August 21st. Barclays lowered their target price on Banc of California from $23.00 to $22.00 and set an "overweight" rating on the stock in a report on Monday, August 3rd. Wells Fargo & Company assumed coverage on Banc of California in a research report on Monday, August 10th. They issued an "overweight" rating and a $23.00 price target for the company. JPMorgan Chase & Co. increased their price target on Banc of California from $22.00 to $24.00 and gave the company an "overweight" rating in a report on Wednesday, July 1st. Finally, Brean Capital downgraded Banc of California from a "buy" rating to a "neutral" rating in a research report on Thursday, July 30th. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $22.62.

Insider Transactions at Banc of California

In other Banc of California news, insider Olivia I. Lindsay sold 6,000 shares of Banc of California stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $19.50, for a total value of $117,000.00. Following the sale, the insider owned 32,842 shares in the company, valued at $640,419. The trade was a 15.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.78% of the stock is currently owned by company insiders.

About Banc of California

Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.

Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.

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