Banc of California, Inc. (NYSE:BANC) Shares Acquired by Twinbeech Capital LP

Twinbeech Capital LP grew its stake in shares of Banc of California, Inc. (NYSE:BANC - Free Report) by 494.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 241,414 shares of the bank's stock after buying an additional 200,820 shares during the quarter. Twinbeech Capital LP owned 0.15% of Banc of California worth $3,732,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. SBI Securities Co. Ltd. bought a new stake in shares of Banc of California during the 4th quarter valued at $36,000. Swiss National Bank raised its stake in Banc of California by 0.9% during the fourth quarter. Swiss National Bank now owns 280,214 shares of the bank's stock valued at $4,332,000 after buying an additional 2,600 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Banc of California by 1.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,252,528 shares of the bank's stock worth $19,364,000 after acquiring an additional 19,076 shares in the last quarter. Proficio Capital Partners LLC purchased a new stake in Banc of California during the 4th quarter valued at about $360,000. Finally, Franklin Resources Inc. bought a new stake in Banc of California during the 4th quarter valued at about $332,000. Institutional investors own 86.88% of the company's stock.

Insider Buying and Selling

In other Banc of California news, Director James Andrew Barker bought 10,000 shares of the company's stock in a transaction on Tuesday, April 29th. The shares were bought at an average cost of $13.16 per share, for a total transaction of $131,600.00. Following the acquisition, the director now directly owns 169,680 shares in the company, valued at approximately $2,232,988.80. The trade was a 6.26% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.69% of the stock is owned by corporate insiders.

Banc of California Price Performance

BANC stock traded down $0.07 during trading on Monday, reaching $13.78. The company's stock had a trading volume of 1,360,989 shares, compared to its average volume of 2,296,413. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.31. The company's fifty day moving average is $13.59 and its 200-day moving average is $15.00. The company has a market capitalization of $2.03 billion, a P/E ratio of 24.60 and a beta of 0.69. 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 earnings results on Wednesday, April 23rd. The bank reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.02. Banc of California had a return on equity of 6.20% and a net margin of 7.06%. The company had revenue of $266.01 million for the quarter, compared to the consensus estimate of $272.36 million. During the same quarter last year, the company earned $0.19 EPS. The firm's quarterly revenue was up 1.2% on a year-over-year basis. On average, research analysts expect that Banc of California, Inc. will post 1.31 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Monday, June 16th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.90%. The ex-dividend date of this dividend is Monday, June 16th. Banc of California's payout ratio is currently 61.54%.

Analyst Ratings Changes

BANC has been the topic of several analyst reports. Robert W. Baird dropped their target price on shares of Banc of California from $19.00 to $17.00 and set an "outperform" rating on the stock in a research note on Friday, April 25th. Wells Fargo & Company cut their price target on Banc of California from $20.00 to $16.00 and set an "overweight" rating for the company in a research note on Wednesday, April 9th. Jefferies Financial Group initiated coverage on shares of Banc of California in a report on Wednesday, May 21st. They set a "buy" rating and a $18.00 target price for the company. Barclays dropped their price target on shares of Banc of California from $19.00 to $18.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Banc of California from $16.00 to $15.00 and set a "neutral" rating for the company in a research report on Monday, April 28th. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $17.17.

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.