Bayforest Capital Ltd Has $447,000 Holdings in Banc of California, Inc. $BANC

Key Points

• Bayforest Capital Ltd increased its holdings in Banc of California by 1,355.6% during the 1st quarter, now owning 31,513 shares valued at approximately $447,000.
• Banc of California announced a quarterly dividend of $0.10 per share, translating to an annualized dividend yield of 2.4%.
• The company reported earnings of $0.31 per share for the last quarter, exceeding analysts' expectations, with a revenue of $272.85 million.

Bayforest Capital Ltd grew its holdings in Banc of California, Inc. (NYSE:BANC - Free Report) by 1,355.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 31,513 shares of the bank's stock after acquiring an additional 29,348 shares during the quarter. Bayforest Capital Ltd's holdings in Banc of California were worth $447,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of BANC. Mercer Global Advisors Inc. ADV raised its position in Banc of California by 9.9% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 14,370 shares of the bank's stock valued at $222,000 after buying an additional 1,299 shares during the last quarter. Ameriprise Financial Inc. lifted its position in Banc of California by 74.8% during the 4th quarter. Ameriprise Financial Inc. now owns 1,049,624 shares of the bank's stock worth $16,230,000 after buying an additional 449,093 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in shares of Banc of California by 14.4% during the 4th quarter. BNP Paribas Financial Markets now owns 277,477 shares of the bank's stock worth $4,290,000 after buying an additional 34,943 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of Banc of California by 14.6% in the 4th quarter. Bank of America Corp DE now owns 485,575 shares of the bank's stock valued at $7,507,000 after acquiring an additional 61,693 shares in the last quarter. Finally, Cetera Investment Advisers acquired a new stake in shares of Banc of California in the fourth quarter valued at about $178,000. Institutional investors own 86.88% of the company's stock.

Insider Buying and Selling

In other news, insider Hamid Hussain sold 20,000 shares of the stock in a transaction dated 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 transaction, the insider owned 66,444 shares of the company's stock, valued at approximately $1,102,305.96. This represents a 23.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.69% of the company's stock.

Banc of California Stock Performance

NYSE BANC opened at $16.78 on Wednesday. Banc of California, Inc. has a 12-month low of $11.52 and a 12-month high of $18.08. The firm has a 50-day moving average price of $15.40 and a two-hundred day moving average price of $14.33. The company has a market capitalization of $2.48 billion, a P/E ratio of 25.82 and a beta of 0.71. The company has a quick ratio of 0.88, a current ratio of 0.90 and a debt-to-equity ratio of 0.32.

Banc of California (NYSE:BANC - Get Free Report) last announced its quarterly earnings data 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. Banc of California had a return on equity of 7.37% and a net margin of 8.30%.The firm had revenue of $272.85 million during the quarter, compared to analysts' expectations of $278.43 million. During the same period in the previous year, the firm earned $0.12 EPS. The company's quarterly revenue was up 5.2% compared to the same quarter last year. Analysts anticipate that Banc of California, Inc. will post 1.31 earnings per share for the current year.

Banc of California Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be paid a $0.10 dividend. The ex-dividend date is Monday, September 15th. This represents a $0.40 annualized dividend and a dividend yield of 2.4%. Banc of California's dividend payout ratio (DPR) is presently 61.54%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on BANC. Jefferies Financial Group began coverage on Banc of California in a research note on Wednesday, May 21st. They issued a "buy" rating and a $18.00 price target for the company. Keefe, Bruyette & Woods restated an "outperform" rating and set a $18.00 target price (up from $17.00) on shares of Banc of California in a report on Friday, July 25th. Barclays lifted 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 report on Tuesday, July 8th. JPMorgan Chase & Co. raised their target price 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, Wells Fargo & Company upped their price objective on Banc of California from $16.00 to $18.00 and gave the company an "overweight" rating in a research note on Tuesday, July 29th. Eight investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $17.33.

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.

Want to see what other hedge funds are holding BANC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Banc of California, Inc. (NYSE:BANC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.