Bayforest Capital Ltd Buys 29,348 Shares of Banc of California, Inc. (NYSE:BANC)

Key Points

• Bayforest Capital Ltd increased its stake in Banc of California by an impressive 1,355.6% in the first quarter, owning 31,513 shares valued at $447,000.
• Brokerage analysts have shown mixed sentiments, with target price adjustments ranging from $16.00 to $19.00, while the stock currently holds an average rating of "Moderate Buy".
• Banc of California has recently announced a quarterly dividend of $0.10 per share, resulting in an annualized dividend yield of 2.70%.

Bayforest Capital Ltd boosted its holdings in shares of Banc of California, Inc. (NYSE:BANC - Free Report) by 1,355.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 31,513 shares of the bank's stock after buying an additional 29,348 shares during the period. Bayforest Capital Ltd's holdings in Banc of California were worth $447,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. T. Rowe Price Investment Management Inc. raised its holdings in Banc of California by 6.3% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 10,913,012 shares of the bank's stock worth $168,716,000 after buying an additional 644,330 shares during the last quarter. Wellington Management Group LLP raised its holdings 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 buying an additional 3,953,380 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Banc of California by 2,119.0% in the fourth quarter. Millennium Management LLC now owns 2,876,914 shares of the bank's stock valued at $44,477,000 after purchasing an additional 2,747,262 shares during the last quarter. Basswood Capital Management L.L.C. raised its holdings in shares of Banc of California by 7.2% in the fourth quarter. Basswood Capital Management L.L.C. now owns 1,858,527 shares of the bank's stock valued at $28,733,000 after purchasing an additional 125,633 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Banc of California by 10.3% in the fourth quarter. Northern Trust Corp now owns 1,629,512 shares of the bank's stock valued at $25,192,000 after purchasing an additional 152,032 shares during the last quarter. Institutional investors and hedge funds own 86.88% of the company's stock.

Analyst Ratings Changes

Several analysts have recently commented on BANC shares. Keefe, Bruyette & Woods reiterated an "outperform" rating and issued a $18.00 target price (up previously from $17.00) on shares of Banc of California in a report on Friday, July 25th. Barclays increased their target price 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. Jefferies Financial Group started coverage on shares of Banc of California in a report on Wednesday, May 21st. They issued a "buy" rating and a $18.00 target price for the company. JPMorgan Chase & Co. increased their target price 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, Robert W. Baird lowered their target price on shares of Banc of California from $19.00 to $17.00 and set an "outperform" rating for the company in a report on Friday, April 25th. Five research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $17.33.

Insider Activity

In related news, Director Richard J. Lashley sold 37,500 shares of the business's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $14.20, for a total transaction of $532,500.00. Following the completion of the transaction, the director owned 2,280,280 shares of the company's stock, valued at approximately $32,379,976. The trade was a 1.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Olivia I. Lindsay sold 11,000 shares of the business's stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $13.58, for a total transaction of $149,380.00. Following the transaction, the insider directly owned 30,902 shares of the company's stock, valued at approximately $419,649.16. This represents a 26.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold 86,000 shares of company stock valued at $1,208,000 in the last quarter. Corporate insiders own 2.69% of the company's stock.

Banc of California Stock Performance

Shares of BANC traded up $0.15 during trading hours on Monday, hitting $14.31. The company's stock had a trading volume of 421,109 shares, compared to its average volume of 2,419,819. The company has a market cap of $2.11 billion, a price-to-earnings ratio of 22.02 and a beta of 0.69. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.90 and a quick ratio of 0.88. The business has a 50 day simple moving average of $14.30 and a two-hundred day simple moving average of $14.34. Banc of California, Inc. has a 52-week low of $11.52 and a 52-week high of $18.08.

Banc of California (NYSE:BANC - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The bank reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.03. The firm had revenue of $272.85 million during the quarter, compared to the consensus estimate of $278.43 million. Banc of California had a net margin of 8.30% and a return on equity of 7.37%. The company's revenue was up 5.2% on a year-over-year basis. During the same quarter last year, the company earned $0.12 earnings per share. On average, equities analysts expect that Banc of California, Inc. will post 1.31 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Monday, June 16th were paid a $0.10 dividend. The ex-dividend date was Monday, June 16th. This represents a $0.40 annualized dividend and a dividend yield of 2.8%. Banc of California's dividend payout ratio (DPR) is presently 61.54%.

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.