Point72 Asset Management L.P. Purchases Shares of 504,304 Banc of California, Inc. (NYSE:BANC)

Point72 Asset Management L.P. purchased a new position in shares of Banc of California, Inc. (NYSE:BANC - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 504,304 shares of the bank's stock, valued at approximately $7,797,000. Point72 Asset Management L.P. owned 0.32% of Banc of California as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the company. Crescent Grove Advisors LLC grew its stake in shares of Banc of California by 0.7% in the 4th quarter. Crescent Grove Advisors LLC now owns 99,084 shares of the bank's stock valued at $1,542,000 after purchasing an additional 664 shares during the last quarter. CIBC Asset Management Inc boosted its stake in shares of Banc of California by 4.8% in the fourth quarter. CIBC Asset Management Inc now owns 15,052 shares of the bank's stock valued at $233,000 after buying an additional 683 shares in the last quarter. Jones Financial Companies Lllp raised its holdings in Banc of California by 35.1% during the fourth quarter. Jones Financial Companies Lllp now owns 3,574 shares of the bank's stock worth $55,000 after purchasing an additional 928 shares during the last quarter. Bank of Montreal Can raised its holdings in Banc of California by 6.8% during the fourth quarter. Bank of Montreal Can now owns 16,341 shares of the bank's stock worth $253,000 after purchasing an additional 1,038 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV raised its holdings in Banc of California by 9.9% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 14,370 shares of the bank's stock worth $222,000 after purchasing an additional 1,299 shares during the last quarter. Institutional investors and hedge funds own 86.88% of the company's stock.

Insider Activity at Banc of California

In other news, Director James Andrew Barker purchased 10,000 shares of the stock in a transaction on Tuesday, April 29th. The stock was purchased at an average price of $13.16 per share, with a total value of $131,600.00. Following the completion of the transaction, the director now owns 169,680 shares in the company, valued at approximately $2,232,988.80. The trade was a 6.26% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.69% of the company's stock.

Banc of California Trading Down 0.5%

Banc of California stock traded down $0.07 during trading on Friday, hitting $13.78. The company's stock had a trading volume of 1,360,989 shares, compared to its average volume of 2,295,074. The stock has a market capitalization of $2.03 billion, a price-to-earnings ratio of 24.60 and a beta of 0.69. The stock's fifty day moving average is $13.59 and its 200 day moving average is $15.02. Banc of California, Inc. has a 1-year low of $11.52 and a 1-year high of $18.08. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.90.

Banc of California (NYSE:BANC - Get Free Report) last released its earnings results on Wednesday, April 23rd. The bank reported $0.26 EPS 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 analyst estimates of $272.36 million. Banc of California had a return on equity of 6.20% and a net margin of 7.06%. The business's quarterly revenue was up 1.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.19 earnings per share. As a group, equities research analysts predict that Banc of California, Inc. will post 1.31 EPS for the current year.

Banc of California Announces Dividend

The firm also recently announced 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. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.40 annualized dividend and a yield of 2.90%. Banc of California's payout ratio is currently 61.54%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on BANC shares. Raymond James lifted their price objective on Banc of California from $17.00 to $18.00 and gave the stock an "outperform" rating in a report on Friday, January 24th. Robert W. Baird reduced their price objective on Banc of California from $19.00 to $17.00 and set an "outperform" rating for the company in a report on Friday, April 25th. Stephens reaffirmed an "equal weight" rating and set a $15.00 price objective on shares of Banc of California in a report on Monday, April 28th. Wells Fargo & Company cut their price target on Banc of California from $20.00 to $16.00 and set an "overweight" rating for the company in a report on Wednesday, April 9th. Finally, Jefferies Financial Group initiated coverage on Banc of California in a report on Wednesday. They issued a "buy" rating and a $18.00 price target for the company. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Banc of California has a consensus 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.