Banc of California, Inc. (NYSE:BANC) Shares Acquired by New York State Common Retirement Fund

New York State Common Retirement Fund boosted its holdings in Banc of California, Inc. (NYSE:BANC - Free Report) by 34.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 645,519 shares of the bank's stock after purchasing an additional 165,607 shares during the quarter. New York State Common Retirement Fund owned approximately 0.41% of Banc of California worth $9,160,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. T. Rowe Price Investment Management Inc. increased its stake in shares of Banc of California by 6.3% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 10,913,012 shares of the bank's stock valued at $168,716,000 after acquiring an additional 644,330 shares during the last quarter. Wellington Management Group LLP grew its holdings in Banc of California by 274.6% in the fourth quarter. Wellington Management Group LLP now owns 5,393,076 shares of the bank's stock valued at $83,377,000 after purchasing an additional 3,953,380 shares during the period. Millennium Management LLC increased its position in 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 worth $44,477,000 after purchasing an additional 2,747,262 shares during the last quarter. Basswood Capital Management L.L.C. raised its stake in Banc of California by 7.2% during the fourth quarter. Basswood Capital Management L.L.C. now owns 1,858,527 shares of the bank's stock worth $28,733,000 after purchasing an additional 125,633 shares during the period. Finally, Northern Trust Corp raised its stake in Banc of California by 10.3% during the fourth quarter. Northern Trust Corp now owns 1,629,512 shares of the bank's stock worth $25,192,000 after purchasing an additional 152,032 shares during the period. 86.88% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BANC has been the subject of several research reports. Stephens reissued an "equal weight" rating and set a $15.00 price objective on shares of Banc of California in a research note on Monday, April 28th. Jefferies Financial Group assumed coverage on Banc of California in a research report on Wednesday, May 21st. They set a "buy" rating and a $18.00 price target for the company. Robert W. Baird dropped their price target on Banc of California from $19.00 to $17.00 and set an "outperform" rating for the company in a research note on Friday, April 25th. Wells Fargo & Company reduced their price objective on Banc of California from $20.00 to $16.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 9th. Finally, JPMorgan Chase & Co. boosted their target price on Banc of California from $15.00 to $16.00 and gave the stock a "neutral" rating in a report on Tuesday, July 1st. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $17.33.

Banc of California Price Performance

Shares of BANC stock opened at $15.02 on Friday. The firm has a fifty day simple moving average of $14.18 and a 200-day simple moving average of $14.40. The company has a market capitalization of $2.22 billion, a PE ratio of 23.11 and a beta of 0.67. Banc of California, Inc. has a twelve month low of $11.52 and a twelve month high of $18.08. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31.

Banc of California (NYSE:BANC - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The bank reported $0.26 earnings per share for the quarter, beating analysts' consensus estimates of $0.24 by $0.02. The company had revenue of $266.01 million during the quarter, compared to analysts' expectations of $272.36 million. Banc of California had a net margin of 8.23% and a return on equity of 6.30%. The firm's revenue for the quarter was up 1.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.19 EPS. Equities research analysts anticipate that Banc of California, Inc. will post 1.31 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Monday, June 16th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, June 16th. This represents a $0.40 dividend on an annualized basis and a yield of 2.66%. Banc of California's dividend payout ratio (DPR) is presently 61.54%.

Insider Buying and Selling at Banc of California

In other Banc of California news, 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 directly owned 2,280,280 shares of the company's stock, valued at $32,379,976. This represents a 1.62% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director James Andrew Barker purchased 10,000 shares of the firm's stock in a transaction dated Tuesday, April 29th. The shares were bought at an average cost of $13.16 per share, with a total value of $131,600.00. Following the transaction, the director directly owned 169,680 shares of the company's stock, valued at approximately $2,232,988.80. This represents a 6.26% increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 86,000 shares of company stock worth $1,208,000 in the last 90 days. 2.69% of the stock is owned by corporate insiders.

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.

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