Rafferty Asset Management LLC Has $7.08 Million Stock Position in Banc of California, Inc. (NYSE:BANC)

Rafferty Asset Management LLC boosted its stake in Banc of California, Inc. (NYSE:BANC - Free Report) by 7.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 457,666 shares of the bank's stock after purchasing an additional 31,222 shares during the period. Rafferty Asset Management LLC owned about 0.29% of Banc of California worth $7,076,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Picton Mahoney Asset Management acquired a new position in shares of Banc of California during the fourth quarter worth $30,000. SBI Securities Co. Ltd. acquired a new position in Banc of California in the 4th quarter worth about $36,000. Jones Financial Companies Lllp increased its holdings in Banc of California by 35.1% in the 4th quarter. Jones Financial Companies Lllp now owns 3,574 shares of the bank's stock worth $55,000 after purchasing an additional 928 shares in the last quarter. Smartleaf Asset Management LLC raised its position in Banc of California by 205.8% in the fourth quarter. Smartleaf Asset Management LLC now owns 4,348 shares of the bank's stock valued at $68,000 after purchasing an additional 2,926 shares during the last quarter. Finally, Summit Securities Group LLC acquired a new stake in shares of Banc of California during the fourth quarter valued at about $97,000. Institutional investors and hedge funds own 86.88% of the company's stock.

Insider Activity

In related news, Director James Andrew Barker bought 10,000 shares of the business's stock in a transaction that occurred on Tuesday, April 29th. The shares were acquired at an average cost of $13.16 per share, with a total value of $131,600.00. Following the completion of the purchase, the director now directly owns 169,680 shares in the company, valued at $2,232,988.80. The trade was a 6.26% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.69% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently issued reports on BANC. Jefferies Financial Group initiated coverage on Banc of California in a research note on Wednesday. They issued a "buy" rating and a $18.00 price objective for the company. Wells Fargo & Company decreased their price target on shares of Banc of California from $20.00 to $16.00 and set an "overweight" rating for the company in a research report on Wednesday, April 9th. Raymond James lifted their price target on shares of 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 shares of Banc of California from $19.00 to $17.00 and set an "outperform" rating on the stock in a research note on Friday, April 25th. Finally, Stephens reaffirmed an "equal weight" rating and set a $15.00 target price on shares of Banc of California in a research report on Monday, April 28th. Five investment 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 presently has an average rating of "Moderate Buy" and an average price target of $17.17.

Banc of California Trading Down 0.6%

Banc of California stock traded down $0.09 during trading hours on Friday, reaching $13.76. 357,104 shares of the company's stock were exchanged, compared to its average volume of 2,462,979. The firm's 50 day simple moving average is $13.60 and its 200 day simple moving average is $15.04. Banc of California, Inc. has a twelve month low of $11.52 and a twelve month high of $18.08. 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 firm has a market capitalization of $2.03 billion, a PE ratio of 24.58 and a beta of 0.69.

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, topping the consensus estimate of $0.24 by $0.02. The business had revenue of $266.01 million during the quarter, compared to analysts' expectations 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 revenue was up 1.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.19 earnings per share. Research analysts predict that Banc of California, Inc. will post 1.31 earnings per share for the current year.

Banc of California Dividend Announcement

The business also recently disclosed 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 annualized dividend and a dividend yield of 2.91%. The ex-dividend date of this dividend is Monday, June 16th. Banc of California's dividend payout ratio (DPR) is 61.54%.

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.