Kodai Capital Management LP Purchases Shares of 205,185 Banc of California, Inc. $BANC

Key Points

• Kodai Capital Management LP has acquired a new stake in Banc of California, purchasing 205,185 shares valued at around $2.9 million, representing 0.13% of the company's stock.
• Insider transactions include significant sales by Director Richard J. Lashley and insider Olivia I. Lindsay, indicating a 1.62% and 26.25% decrease in their respective holdings.
• Banc of California recently announced a quarterly dividend of $0.10 per share, reflecting a yield of 2.4%, with a dividend payout ratio of 61.54%.

Kodai Capital Management LP purchased a new position in Banc of California, Inc. (NYSE:BANC - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 205,185 shares of the bank's stock, valued at approximately $2,912,000. Kodai Capital Management LP owned 0.13% of Banc of California at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in BANC. Wellington Management Group LLP boosted its holdings in shares of Banc of California by 274.6% in the fourth 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 period. Millennium Management LLC boosted 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 worth $44,477,000 after acquiring an additional 2,747,262 shares during the period. Invesco Ltd. boosted its holdings in shares of Banc of California by 127.4% in the first quarter. Invesco Ltd. now owns 4,453,245 shares of the bank's stock worth $63,192,000 after acquiring an additional 2,495,043 shares during the period. T. Rowe Price Investment Management Inc. boosted its stake in Banc of California by 18.6% during the first quarter. T. Rowe Price Investment Management Inc. now owns 12,942,131 shares of the bank's stock valued at $183,649,000 after buying an additional 2,029,119 shares during the period. Finally, Algert Global LLC boosted its stake in Banc of California by 701.9% during the fourth quarter. Algert Global LLC now owns 952,674 shares of the bank's stock valued at $14,728,000 after buying an additional 833,874 shares during the period. 86.88% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on BANC shares. Keefe, Bruyette & Woods restated an "outperform" rating and set a $18.00 target price (up from $17.00) on shares of Banc of California in a research report on Friday, July 25th. JPMorgan Chase & Co. boosted their target price on Banc of California from $15.00 to $16.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 1st. Wells Fargo & Company boosted their target price on Banc of California from $16.00 to $18.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 29th. Barclays boosted their target price on Banc of California from $18.00 to $19.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Finally, Jefferies Financial Group began coverage on Banc of California in a research report on Wednesday, May 21st. They set a "buy" rating and a $18.00 target price for the company. Eight equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, Banc of California presently has an average rating of "Moderate Buy" and an average target price of $17.33.

Banc of California Trading Down 0.1%

Shares of NYSE BANC traded down $0.02 during midday trading on Thursday, reaching $16.75. The company had a trading volume of 570,346 shares, compared to its average volume of 2,357,454. Banc of California, Inc. has a one year low of $11.52 and a one year 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 firm's fifty day moving average price is $15.18 and its 200-day moving average price is $14.30. The stock has a market cap of $2.47 billion, a PE ratio of 25.76 and a beta of 0.71.

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

Banc of California Dividend Announcement

The business also recently announced 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 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Monday, September 15th. Banc of California's payout ratio is 61.54%.

Insider Transactions at Banc of California

In other news, insider Hamid Hussain sold 20,000 shares of the business's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $16.59, for a total value of $331,800.00. Following the completion of the sale, the insider owned 66,444 shares of the company's stock, valued at approximately $1,102,305.96. The trade was a 23.14% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Richard J. Lashley sold 37,500 shares of the company'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 value of $532,500.00. Following the transaction, the director directly owned 2,280,280 shares of the company's stock, valued at $32,379,976. The trade was a 1.62% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 95,000 shares of company stock valued at $1,390,420. 2.69% of the stock is currently owned by corporate insiders.

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.