Banc of California, Inc. (NYSE:BANC) Shares Purchased by Bayforest Capital Ltd

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 raised its position in Banc of California, Inc. (NYSE:BANC - Free Report) by 1,355.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund 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.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. New Age Alpha Advisors LLC acquired a new position in shares of Banc of California in the 4th quarter worth approximately $102,000. CWM LLC lifted its holdings in shares of Banc of California by 41.7% in the 1st quarter. CWM LLC now owns 8,049 shares of the bank's stock worth $114,000 after acquiring an additional 2,367 shares during the last quarter. Xponance Inc. acquired a new position in shares of Banc of California in the 1st quarter worth approximately $148,000. Quantinno Capital Management LP acquired a new position in shares of Banc of California in the 4th quarter worth approximately $156,000. Finally, Cetera Investment Advisers acquired a new position in shares of Banc of California in the 4th quarter worth approximately $178,000. 86.88% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Banc of California

In other news, Director Richard J. Lashley sold 37,500 shares of Banc of California stock in a transaction 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 sale, the director directly 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Olivia I. Lindsay sold 11,000 shares of Banc of California stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $13.58, for a total transaction of $149,380.00. Following the sale, the insider directly owned 30,902 shares of the company's stock, valued at approximately $419,649.16. This trade represents a 26.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 86,000 shares of company stock valued at $1,208,000. Corporate insiders own 2.69% of the company's stock.

Banc of California Stock Down 2.5%

Banc of California stock traded down $0.37 during mid-day trading on Friday, reaching $14.15. 2,112,924 shares of the company's stock were exchanged, compared to its average volume of 2,638,437. The company has a market cap of $2.09 billion, a P/E ratio of 21.77 and a beta of 0.69. Banc of California, Inc. has a twelve month low of $11.52 and a twelve 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 company has a fifty day moving average of $14.30 and a 200-day moving average of $14.36.

Banc of California (NYSE:BANC - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The bank reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.03. The business had revenue of $272.85 million during the quarter, compared to analysts' expectations 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 for the quarter was up 5.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.12 EPS. Sell-side analysts expect that Banc of California, Inc. will post 1.31 EPS for the current year.

Banc of California Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Monday, June 16th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend was Monday, June 16th. Banc of California's payout ratio is 61.54%.

Analyst Ratings Changes

BANC has been the topic of several recent analyst reports. JPMorgan Chase & Co. upped their price objective on shares of Banc of California from $15.00 to $16.00 and gave the stock a "neutral" rating in a report on Tuesday, July 1st. Keefe, Bruyette & Woods restated an "outperform" rating and issued a $18.00 price objective (up from $17.00) on shares of Banc of California in a report on Friday, July 25th. Robert W. Baird decreased their price objective on shares of Banc of California from $19.00 to $17.00 and set an "outperform" rating on the stock in a report on Friday, April 25th. Jefferies Financial Group began 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 on the stock. Finally, Wells Fargo & Company increased their target price on shares of Banc of California from $16.00 to $18.00 and gave the stock an "overweight" rating in a report on Tuesday. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $17.33.

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.