Mackenzie Financial Corp Purchases Shares of 29,426 Banc of California, Inc. (NYSE:BANC)

Mackenzie Financial Corp bought a new stake in Banc of California, Inc. (NYSE:BANC - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 29,426 shares of the bank's stock, valued at approximately $455,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of BANC. Barclays PLC lifted its position in Banc of California by 4.4% in the third quarter. Barclays PLC now owns 425,634 shares of the bank's stock worth $6,270,000 after buying an additional 17,876 shares during the last quarter. KBC Group NV lifted its position in Banc of California by 71.0% in the fourth quarter. KBC Group NV now owns 7,286 shares of the bank's stock worth $113,000 after buying an additional 3,026 shares during the last quarter. First Dallas Securities Inc. lifted its position in Banc of California by 25.8% in the fourth quarter. First Dallas Securities Inc. now owns 77,975 shares of the bank's stock worth $1,205,000 after buying an additional 16,000 shares during the last quarter. Tectonic Advisors LLC lifted its position in Banc of California by 6.4% in the fourth quarter. Tectonic Advisors LLC now owns 128,296 shares of the bank's stock worth $1,983,000 after buying an additional 7,722 shares during the last quarter. Finally, Private Management Group Inc. bought a new stake in Banc of California in the fourth quarter worth $202,000. 86.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on BANC. Stephens restated an "equal weight" rating and issued a $15.00 price target on shares of Banc of California in a research 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 decreased their target price on Banc of California from $19.00 to $18.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Robert W. Baird decreased their target price on 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. Finally, JPMorgan Chase & Co. decreased their target price on Banc of California from $16.00 to $15.00 and set a "neutral" rating for the company in a research report on Monday, April 28th. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $17.17.

Insider Buying and Selling at Banc of California

In other Banc of California news, Director James Andrew Barker purchased 10,000 shares of the company's stock in a transaction dated Tuesday, April 29th. The shares were acquired at an average price of $13.16 per share, for a total transaction of $131,600.00. Following the completion of the purchase, the director now owns 169,680 shares of the company's stock, valued at approximately $2,232,988.80. The trade was a 6.26% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Olivia I. Lindsay sold 11,000 shares of the stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $13.58, for a total transaction of $149,380.00. Following the completion of the transaction, the insider now directly owns 30,902 shares of the company's stock, valued at $419,649.16. The trade was a 26.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.69% of the stock is owned by insiders.

Banc of California Stock Up 2.4%

Shares of BANC stock traded up $0.33 on Friday, hitting $14.00. The stock had a trading volume of 1,293,323 shares, compared to its average volume of 2,289,060. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.31. The business has a 50 day moving average price of $13.49 and a 200 day moving average price of $14.85. The company has a market cap of $2.07 billion, a PE ratio of 25.00 and a beta of 0.67. Banc of California, Inc. has a one year low of $11.52 and a one year high of $18.08.

Banc of California (NYSE:BANC - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The bank reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.02. The firm 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 6.20% and a net margin of 7.06%. The firm's quarterly revenue was up 1.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.19 earnings per share. Research analysts anticipate that Banc of California, Inc. will post 1.31 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The business 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 $0.10 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.40 annualized dividend and a yield of 2.86%. Banc of California's dividend payout ratio (DPR) is presently 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.