GAMMA Investing LLC Raises Stock Position in Banc of California, Inc. (NYSE:BANC)

GAMMA Investing LLC grew its holdings in shares of Banc of California, Inc. (NYSE:BANC - Free Report) by 1,287.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 48,799 shares of the bank's stock after purchasing an additional 45,281 shares during the period. GAMMA Investing LLC's holdings in Banc of California were worth $692,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of BANC. SBI Securities Co. Ltd. purchased a new stake in shares of Banc of California during the fourth quarter worth approximately $36,000. Swiss National Bank lifted its holdings in shares of Banc of California by 0.9% during the fourth quarter. Swiss National Bank now owns 280,214 shares of the bank's stock worth $4,332,000 after purchasing an additional 2,600 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Banc of California by 1.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,252,528 shares of the bank's stock valued at $19,364,000 after acquiring an additional 19,076 shares during the period. Proficio Capital Partners LLC purchased a new stake in shares of Banc of California during the 4th quarter worth $360,000. Finally, Two Sigma Investments LP boosted its position in shares of Banc of California by 33.4% in the 4th quarter. Two Sigma Investments LP now owns 132,004 shares of the bank's stock worth $2,041,000 after buying an additional 33,017 shares in the last quarter. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

Banc of California Price Performance

Shares of BANC opened at $13.34 on Wednesday. The firm has a market capitalization of $1.97 billion, a price-to-earnings ratio of 20.52 and a beta of 0.67. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.90. Banc of California, Inc. has a one year low of $11.52 and a one year high of $18.08. The stock's fifty day moving average is $13.65 and its 200-day moving average is $14.68.

Banc of California (NYSE:BANC - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The bank reported $0.26 EPS for the quarter, topping the consensus estimate of $0.24 by $0.02. The firm had revenue of $266.01 million for the quarter, compared to analysts' expectations of $272.36 million. Banc of California had a net margin of 8.23% and a return on equity of 6.30%. Banc of California's revenue for the quarter was up 1.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.19 earnings per share. Equities analysts anticipate that Banc of California, Inc. will post 1.31 EPS for the current year.

Banc of California Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Monday, June 16th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.40 annualized dividend and a yield of 3.00%. Banc of California's dividend payout ratio (DPR) is presently 61.54%.

Analysts Set New Price Targets

Several research firms recently commented on BANC. Wells Fargo & Company decreased their price objective on shares of Banc of California from $20.00 to $16.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 9th. Robert W. Baird dropped 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 research report on Friday, April 25th. Barclays decreased their price target on Banc of California from $19.00 to $18.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. JPMorgan Chase & Co. reduced their target price on Banc of California from $16.00 to $15.00 and set a "neutral" rating for the company in a research note on Monday, April 28th. Finally, Jefferies Financial Group started coverage on Banc of California in a research note on Wednesday, May 21st. They set a "buy" rating and a $18.00 target price for the company. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Banc of California currently has an average rating of "Moderate Buy" and a consensus price target of $17.17.

Insider Buying and Selling at Banc of California

In related news, Director James Andrew Barker acquired 10,000 shares of the company's stock in a transaction on Tuesday, April 29th. The stock was purchased at an average cost of $13.16 per share, for a total transaction of $131,600.00. Following the completion of the purchase, the director now directly owns 169,680 shares of the company's stock, valued at $2,232,988.80. The trade was a 6.26% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Richard J. Lashley sold 37,500 shares of the firm's 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 sale, the director now owns 2,280,280 shares of the company's stock, valued at approximately $32,379,976. This trade represents a 1.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 86,000 shares of company stock valued at $1,208,000 in the last 90 days. 2.69% of the stock is currently owned by corporate insiders.

Banc of California 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.

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