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 position in Banc of California, Inc. (NYSE:BANC - Free Report) by 1,355.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 31,513 shares of the bank's stock after purchasing an additional 29,348 shares during the quarter. Bayforest Capital Ltd's holdings in Banc of California were worth $447,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Wellington Management Group LLP increased its position in 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 worth $83,377,000 after acquiring 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 acquiring an additional 2,747,262 shares during the period. Invesco Ltd. increased its position in Banc of California by 127.4% during the first quarter. Invesco Ltd. now owns 4,453,245 shares of the bank's stock worth $63,192,000 after acquiring an additional 2,495,043 shares during the period. T. Rowe Price Investment Management Inc. increased its position in 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 worth $183,649,000 after acquiring an additional 2,029,119 shares during the period. Finally, Jones Financial Companies Lllp increased its position in 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 worth $11,599,000 after acquiring an additional 813,850 shares during the period. Institutional investors own 86.88% of the company's stock.

Insider Buying and Selling at Banc of California

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

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on BANC shares. Keefe, Bruyette & Woods reissued an "outperform" rating and issued a $18.00 price target (up previously from $17.00) on shares of Banc of California in a report on Friday, July 25th. Barclays boosted their price target on shares of Banc of California from $18.00 to $19.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Wells Fargo & Company boosted their price target on shares of Banc of California from $16.00 to $18.00 and gave the company an "overweight" rating in a report on Tuesday, July 29th. JPMorgan Chase & Co. boosted their price target on shares of Banc of California from $15.00 to $16.00 and gave the company a "neutral" rating in a report on Tuesday, July 1st. Finally, Jefferies Financial Group assumed coverage on shares of Banc of California in a report on Wednesday, May 21st. They issued a "buy" rating and a $18.00 price target on the stock. Eight research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $17.33.

Banc of California Stock Down 0.3%

Shares of NYSE:BANC traded down $0.05 during midday trading on Monday, hitting $16.51. The stock had a trading volume of 1,126,962 shares, compared to its average volume of 2,356,134. Banc of California, Inc. has a 12 month low of $11.52 and a 12 month high of $18.08. The company has a quick ratio of 0.88, a current ratio of 0.90 and a debt-to-equity ratio of 0.32. The business's 50-day simple moving average is $15.52 and its 200-day simple moving average is $14.37. The company has a market cap of $2.44 billion, a P/E ratio of 25.42 and a beta of 0.71.

Banc of California (NYSE:BANC - Get Free Report) last released its earnings results 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 net margin of 8.30% and a return on equity of 7.37%. The business had revenue of $272.85 million during the quarter, compared to analysts' expectations of $278.43 million. During the same period last year, the business earned $0.12 earnings per share. The firm's revenue was up 5.2% on a year-over-year basis. On average, sell-side analysts forecast 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 announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be paid a $0.10 dividend. The ex-dividend date of this dividend 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 currently 61.54%.

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.