Nuveen Asset Management LLC Decreases Stock Holdings in Banc of California, Inc. (NYSE:BANC)

Nuveen Asset Management LLC lessened its holdings in Banc of California, Inc. (NYSE:BANC - Free Report) by 5.6% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 372,894 shares of the bank's stock after selling 22,141 shares during the period. Nuveen Asset Management LLC owned about 0.23% of Banc of California worth $5,765,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. PL Capital Advisors LLC lifted its position in Banc of California by 1,446.0% during the fourth quarter. PL Capital Advisors LLC now owns 46,754,426 shares of the bank's stock valued at $722,823,000 after acquiring an additional 43,730,207 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its position in Banc of California by 6.3% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 10,913,012 shares of the bank's stock valued at $168,716,000 after acquiring an additional 644,330 shares during the last quarter. Wellington Management Group LLP lifted its position in Banc of California by 274.6% during the fourth quarter. Wellington Management Group LLP now owns 5,393,076 shares of the bank's stock valued at $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% during the fourth 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 during the last quarter. Finally, William Blair Investment Management LLC lifted its position in Banc of California by 2.5% during the fourth quarter. William Blair Investment Management LLC now owns 2,556,614 shares of the bank's stock valued at $39,525,000 after acquiring an additional 62,269 shares during the last quarter. Hedge funds and other institutional investors own 86.88% of the company's stock.

Banc of California Price Performance

Shares of Banc of California stock traded down $0.10 during trading hours on Monday, reaching $13.62. The stock had a trading volume of 1,694,136 shares, compared to its average volume of 2,289,205. Banc of California, Inc. has a twelve month low of $11.52 and a twelve month high of $18.08. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $2.01 billion, a PE ratio of 24.32 and a beta of 0.69. The stock's 50 day moving average is $13.54 and its 200 day moving average is $14.91.

Banc of California (NYSE:BANC - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The bank reported $0.26 EPS for the quarter, beating analysts' consensus estimates of $0.24 by $0.02. Banc of California had a return on equity of 6.20% and a net margin of 7.06%. The firm had revenue of $266.01 million for the quarter, compared to analysts' expectations of $272.36 million. During the same period last year, the firm earned $0.19 EPS. The company's quarterly revenue was up 1.2% on a year-over-year basis. Equities analysts expect that Banc of California, Inc. will post 1.31 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Monday, June 16th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.94%. The ex-dividend date is Monday, June 16th. Banc of California's dividend payout ratio (DPR) is presently 61.54%.

Insider Activity

In other news, Director James Andrew Barker acquired 10,000 shares of the stock in a transaction that occurred on Tuesday, April 29th. The shares were bought at an average cost of $13.16 per share, for a total transaction of $131,600.00. Following the acquisition, the director now owns 169,680 shares in the company, valued at approximately $2,232,988.80. This represents a 6.26% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.69% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on BANC shares. JPMorgan Chase & Co. decreased their target price on shares of 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. Barclays decreased their price target on shares of Banc of California from $19.00 to $18.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Wells Fargo & Company dropped 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 report on Wednesday, April 9th. Robert W. Baird lowered their price target 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, Stephens reiterated an "equal weight" rating and set a $15.00 price target on shares of Banc of California in a research note on Monday, April 28th. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $17.17.

Banc of California Company 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.