Charles Schwab Investment Management Inc. Has $18.40 Million Stake in Banc of California, Inc. $BANC

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Banc of California by 3.5% in Q1, holding over 1.29 million shares valued at approximately $18.4 million.
• Banc of California reported an EPS of $0.31 for the last quarter, exceeding estimates of $0.28, with a 5.2% increase in revenue year-over-year.
• The bank has announced a quarterly dividend of $0.10 per share, resulting in an annualized yield of 2.5%. The ex-dividend date is set for September 15th.

Charles Schwab Investment Management Inc. lifted its stake in Banc of California, Inc. (NYSE:BANC - Free Report) by 3.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,296,328 shares of the bank's stock after acquiring an additional 43,800 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.82% of Banc of California worth $18,395,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. CWM LLC increased its position in 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 purchasing an additional 2,367 shares during the last quarter. Quantinno Capital Management LP bought a new position in Banc of California during the fourth quarter valued at approximately $156,000. Xponance Inc. acquired a new stake in Banc of California in the first quarter valued at approximately $148,000. Cetera Investment Advisers acquired a new stake in Banc of California in the fourth quarter valued at approximately $178,000. Finally, Madison Asset Management LLC bought a new stake in Banc of California in the first quarter worth approximately $184,000. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Olivia I. Lindsay sold 11,000 shares of the firm's 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 completion of the sale, the insider directly owned 30,902 shares of the company's stock, valued at $419,649.16. This trade represents a 26.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 value 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 position. The disclosure for this sale can be found here. Over the last three months, insiders sold 86,000 shares of company stock valued at $1,208,000. 2.69% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on BANC shares. Stephens restated an "equal weight" rating and set a $15.00 price target on shares of Banc of California in a report on Monday, April 28th. Jefferies Financial Group assumed coverage on Banc of California in a research report on Wednesday, May 21st. They issued a "buy" rating and a $18.00 price target for the company. Barclays increased their price objective on Banc of California from $18.00 to $19.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. JPMorgan Chase & Co. raised their price objective on 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, Keefe, Bruyette & Woods reaffirmed an "outperform" rating and set a $18.00 target price (up previously from $17.00) on shares of Banc of California in a research report on Friday, July 25th. Eight investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Banc of California has a consensus rating of "Moderate Buy" and a consensus price target of $17.33.

Banc of California Stock Performance

Shares of BANC stock traded up $0.1030 during mid-day trading on Monday, reaching $16.3930. The stock had a trading volume of 1,592,296 shares, compared to its average volume of 2,045,918. Banc of California, Inc. has a one year low of $11.52 and a one year high of $18.08. The firm has a market cap of $2.42 billion, a PE ratio of 14.81 and a beta of 0.69. The firm's 50 day simple moving average is $14.69 and its 200 day simple moving average is $14.24. 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 posted its quarterly earnings results on Wednesday, July 23rd. The bank reported $0.31 earnings per share for the quarter, topping analysts' consensus estimates 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 firm had revenue of $272.85 million for the quarter, compared to the consensus estimate of $278.43 million. During the same quarter in the previous year, the company earned $0.12 earnings per share. The business's revenue was up 5.2% compared to the same quarter last year. On average, analysts forecast that Banc of California, Inc. will post 1.31 EPS for the current year.

Banc of California Dividend Announcement

The business also recently disclosed 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. This represents a $0.40 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Monday, September 15th. Banc of California's dividend payout ratio 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.