Legal & General Group Plc Purchases Shares of 303,107 Banc of California, Inc. $BANC

Key Points

• Legal & General Group Plc acquired 303,107 shares of Banc of California during the second quarter, worth approximately $6.2 million and representing a 0.20% stake. Institutional investors collectively own 86.88% of the bank.
• Banc of California reported a significant quarterly loss, with EPS of -$1.61 versus the $0.40 consensus estimate, while revenue fell 94% year over year to $16.41 million.
• The bank declared a quarterly dividend of $0.12 per share, implying a 2.5% yield, while analysts maintained an overall “Buy” consensus with an average price target of $22.62.

Legal & General Group Plc acquired a new position in shares of Banc of California, Inc. (NYSE:BANC - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 303,107 shares of the bank's stock, valued at approximately $6,192,000. Legal & General Group Plc owned 0.20% of Banc of California at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in BANC. Triumph Capital Management raised its stake in Banc of California by 32.8% during the 4th quarter. Triumph Capital Management now owns 2,025 shares of the bank's stock valued at $39,000 after acquiring an additional 500 shares in the last quarter. Crescent Grove Advisors LLC increased its holdings in shares of Banc of California by 0.5% during the first quarter. Crescent Grove Advisors LLC now owns 102,275 shares of the bank's stock valued at $1,810,000 after purchasing an additional 525 shares during the period. EverSource Wealth Advisors LLC increased its holdings in shares of Banc of California by 38.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank's stock valued at $39,000 after purchasing an additional 564 shares during the period. CIBC Asset Management Inc raised its stake in shares of Banc of California by 4.5% during the fourth quarter. CIBC Asset Management Inc now owns 14,652 shares of the bank's stock valued at $283,000 after purchasing an additional 637 shares in the last quarter. Finally, Maryland State Retirement & Pension System raised its stake in shares of Banc of California by 4.2% during the fourth quarter. Maryland State Retirement & Pension System now owns 19,630 shares of the bank's stock valued at $379,000 after purchasing an additional 783 shares in the last quarter. 86.88% of the stock is owned by institutional investors.

Banc of California Price Performance

Shares of NYSE BANC opened at $18.86 on Thursday. Banc of California, Inc. has a twelve month low of $15.33 and a twelve month high of $21.93. The company has a current ratio of 0.89, a quick ratio of 0.86 and a debt-to-equity ratio of 0.20. The firm has a 50-day moving average of $19.87 and a two-hundred day moving average of $19.06. The company has a market capitalization of $2.99 billion, a price-to-earnings ratio of -44.91 and a beta of 0.73.

Banc of California (NYSE:BANC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The bank reported ($1.61) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($2.01). Banc of California had a positive return on equity of 7.98% and a negative net margin of 1.44%.The business had revenue of $16.41 million during the quarter, compared to analyst estimates of $295.32 million. During the same period in the prior year, the firm earned $0.31 EPS. The business's revenue for the quarter was down 94.0% on a year-over-year basis. As a group, analysts expect that Banc of California, Inc. will post 1.68 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Tuesday, September 15th. Banc of California's dividend payout ratio is -114.29%.

Insider Activity at Banc of California

In other news, insider Olivia I. Lindsay sold 6,000 shares of the firm's stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $19.50, for a total transaction of $117,000.00. Following the completion of the sale, the insider directly owned 32,842 shares of the company's stock, valued at $640,419. This trade represents a 15.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 2.78% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on BANC shares. JPMorgan Chase & Co. increased their target price on shares of Banc of California from $22.00 to $24.00 and gave the company an "overweight" rating in a research report on Wednesday, July 1st. Citigroup dropped their price target on shares of Banc of California from $23.50 to $22.00 and set a "buy" rating on the stock in a research report on Friday, July 31st. Weiss Ratings cut shares of Banc of California from a "hold (c+)" rating to a "hold (c-)" rating in a report on Friday, August 21st. Barclays lowered their price objective on shares of Banc of California from $23.00 to $22.00 and set an "overweight" rating on the stock in a research note on Monday, August 3rd. Finally, Wells Fargo & Company began coverage on Banc of California in a research note on Monday, August 10th. They set an "overweight" rating and a $23.00 price target for the company. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $22.62.

About Banc of California

Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.

Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.

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