Quantbot Technologies LP Trims Stock Position 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 cut its stake in shares of Banc of California, Inc. (NYSE:BANC - Free Report) by 22.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund 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 Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of BANC. CWM LLC lifted its position in Banc of California by 41.7% during the first quarter. CWM LLC now owns 8,049 shares of the bank's stock valued at $114,000 after purchasing an additional 2,367 shares during the last quarter. Xponance Inc. bought a new stake in Banc of California during the first quarter valued at approximately $148,000. Quantinno Capital Management LP bought a new stake in Banc of California during the fourth quarter valued at approximately $156,000. Cetera Investment Advisers bought a new stake in Banc of California during the fourth quarter valued at approximately $178,000. Finally, Madison Asset Management LLC bought a new stake in Banc of California during the first quarter valued at approximately $184,000. 86.88% of the stock is currently owned by institutional investors.

Banc of California Trading Up 0.2%

Shares of NYSE BANC traded up $0.04 during mid-day trading on Thursday, hitting $16.78. The stock had a trading volume of 788,202 shares, compared to its average volume of 2,368,855. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.88 and a current ratio of 0.90. Banc of California, Inc. has a 1 year low of $11.52 and a 1 year high of $18.08. The business has a 50 day moving average price of $14.88 and a two-hundred day moving average price of $14.27. The firm has a market cap of $2.48 billion, a P/E ratio of 25.78 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 EPS for the quarter, topping 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 company had revenue of $272.85 million for the quarter, compared to the consensus estimate of $278.43 million. During the same period in the previous year, the firm earned $0.12 earnings per share. The firm's revenue for the quarter was up 5.2% on a year-over-year basis. On average, equities analysts anticipate that Banc of California, Inc. will post 1.31 EPS for the current fiscal year.

Banc of California Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend is Monday, September 15th. Banc of California's payout ratio is presently 61.54%.

Analyst Ratings Changes

BANC has been the subject of a number of recent research reports. Jefferies Financial Group initiated coverage on shares of Banc of California in a report on Wednesday, May 21st. They issued a "buy" rating and a $18.00 price objective for the company. Wells Fargo & Company boosted their price objective 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. JPMorgan Chase & Co. boosted their price objective on shares of Banc of California from $15.00 to $16.00 and gave the stock a "neutral" rating in a report on Tuesday, July 1st. Barclays boosted their price objective 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, Keefe, Bruyette & Woods restated an "outperform" rating and issued a $18.00 price objective (up from $17.00) on shares of Banc of California in a report on Friday, July 25th. Eight equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $17.33.

Insider Buying and Selling at Banc of California

In related news, insider Olivia I. Lindsay sold 11,000 shares of Banc of California stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $13.58, for a total value of $149,380.00. Following the transaction, the insider directly owned 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Richard J. Lashley sold 37,500 shares of Banc of California 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 completion of the transaction, the director directly owned 2,280,280 shares in the company, valued at approximately $32,379,976. The trade was a 1.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 86,000 shares of company stock worth $1,208,000. 2.69% of the stock is owned by 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.