Quantbot Technologies LP Cuts Holdings in Banc of California, Inc. $BANC

Key Points

• Quantbot Technologies LP has reduced its stake in Banc of California by 22.9%, now owning 90,911 shares valued at $1,290,000.
• Several institutional investors, including CWM LLC, have increased their positions in the bank, highlighting a strong interest from hedge funds, which own 86.88% of BANC's stock.
• Banc of California recently declared a quarterly dividend of $0.10 per share, resulting in an annualized yield of 2.5% and indicating a payout ratio of 61.54%.

Quantbot Technologies LP lessened its stake in Banc of California, Inc. (NYSE:BANC - Free Report) by 22.9% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 90,911 shares of the bank's stock after selling 26,975 shares during the quarter. Quantbot Technologies LP owned 0.06% of Banc of California worth $1,290,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in BANC. CWM LLC increased its stake in shares of Banc of California by 41.7% during the first quarter. CWM LLC now owns 8,049 shares of the bank's stock worth $114,000 after buying an additional 2,367 shares during the period. Quantinno Capital Management LP acquired a new position in Banc of California during the 4th quarter worth approximately $156,000. Xponance Inc. acquired a new position in Banc of California during the 1st quarter worth approximately $148,000. Cetera Investment Advisers acquired a new position in Banc of California during the 4th quarter worth approximately $178,000. Finally, Madison Asset Management LLC acquired a new position in Banc of California during the 1st quarter worth approximately $184,000. 86.88% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

BANC has been the subject of several analyst reports. Keefe, Bruyette & Woods reiterated an "outperform" rating and set a $18.00 price target (up previously from $17.00) on shares of Banc of California in a report on Friday, July 25th. Robert W. Baird lowered their price target on shares of Banc of California from $19.00 to $17.00 and set an "outperform" rating for the company in a report on Friday, April 25th. Wells Fargo & Company boosted their price target on shares of Banc of California from $16.00 to $18.00 and gave the stock an "overweight" rating in a report on Tuesday, July 29th. Barclays boosted their price target on shares of Banc of California from $18.00 to $19.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Finally, Jefferies Financial Group initiated coverage on shares of Banc of California in a report on Wednesday, May 21st. They set a "buy" rating and a $18.00 price target for the company. Eight investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $17.33.

Banc of California Trading Up 4.7%

Shares of Banc of California stock opened at $16.2930 on Friday. The company has a fifty day simple moving average of $14.69 and a 200-day simple moving average of $14.27. Banc of California, Inc. has a 12-month low of $11.52 and a 12-month high of $18.08. The company has a current ratio of 0.90, a quick ratio of 0.88 and a debt-to-equity ratio of 0.32. The stock has a market cap of $2.41 billion, a price-to-earnings ratio of 25.07 and a beta of 0.69.

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

Banc of California Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be paid a dividend of $0.10 per share. The ex-dividend date is Monday, September 15th. This represents a $0.40 dividend on an annualized basis and a yield of 2.5%. Banc of California's dividend payout ratio is currently 61.54%.

Insiders Place Their Bets

In related news, insider Olivia I. Lindsay sold 11,000 shares of the stock in a transaction 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 sale, the insider owned 30,902 shares in the company, valued at $419,649.16. This represents a 26.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Richard J. Lashley sold 37,500 shares of the stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $14.20, for a total transaction of $532,500.00. Following the sale, the director owned 2,280,280 shares of the company's stock, valued at approximately $32,379,976. This represents a 1.62% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 86,000 shares of company stock valued at $1,208,000. 2.69% of the stock is owned by company 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.

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