Harbor Capital Advisors Inc. Makes New $695,000 Investment in Banc of California, Inc. (NYSE:BANC)

Harbor Capital Advisors Inc. acquired a new stake in shares of Banc of California, Inc. (NYSE:BANC - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 48,967 shares of the bank's stock, valued at approximately $695,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in BANC. PL Capital Advisors LLC lifted its stake in shares of Banc of California by 1,446.0% in the fourth quarter. PL Capital Advisors LLC now owns 46,754,426 shares of the bank's stock valued at $722,823,000 after buying an additional 43,730,207 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Banc of California by 274.6% in the 4th 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 last quarter. Millennium Management LLC lifted its position in Banc of California by 2,119.0% in the 4th quarter. Millennium Management LLC now owns 2,876,914 shares of the bank's stock valued at $44,477,000 after acquiring an additional 2,747,262 shares in the last quarter. Algert Global LLC boosted its stake in Banc of California by 701.9% during the 4th quarter. Algert Global LLC now owns 952,674 shares of the bank's stock valued at $14,728,000 after purchasing an additional 833,874 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. boosted its stake in Banc of California by 6.3% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 10,913,012 shares of the bank's stock valued at $168,716,000 after purchasing an additional 644,330 shares during the last quarter. Institutional investors own 86.88% of the company's stock.

Insider Buying and Selling at Banc of California

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

Analyst Ratings Changes

A number of research analysts have recently weighed in on BANC shares. Wells Fargo & Company dropped their target price on Banc of California from $20.00 to $16.00 and set an "overweight" rating on the stock in a report on Wednesday, April 9th. JPMorgan Chase & Co. cut their price objective on shares of Banc of California from $16.00 to $15.00 and set a "neutral" rating on the stock in a report on Monday, April 28th. Robert W. Baird reduced 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 note on Friday, April 25th. Stephens reissued an "equal weight" rating and set a $15.00 price target on shares of Banc of California in a research report on Monday, April 28th. Finally, Jefferies Financial Group started coverage on shares of Banc of California in a research report on Wednesday, May 21st. They issued a "buy" rating and a $18.00 price objective for the company. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Banc of California has an average rating of "Moderate Buy" and an average target price of $17.17.

Banc of California Stock Performance

Shares of Banc of California stock traded down $0.14 on Tuesday, reaching $13.34. 2,112,597 shares of the company traded hands, compared to its average volume of 2,296,676. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.90 and a quick ratio of 0.89. The firm has a market capitalization of $1.97 billion, a PE ratio of 20.52 and a beta of 0.67. The company has a 50 day moving average of $13.65 and a 200 day moving average of $14.68. 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 released its earnings results on Wednesday, April 23rd. The bank reported $0.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.24 by $0.02. The business had revenue of $266.01 million during the quarter, compared to the consensus estimate of $272.36 million. Banc of California had a return on equity of 6.30% and a net margin of 8.23%. The business's revenue for the quarter was up 1.2% on a year-over-year basis. During the same period last year, the business posted $0.19 earnings per share. Equities analysts forecast that Banc of California, Inc. will post 1.31 earnings per share for the current year.

Banc of California Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Monday, June 16th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 3.00%. The ex-dividend date of this dividend is Monday, June 16th. Banc of California's dividend payout ratio is currently 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.