SG Americas Securities LLC Raises Stake in Banc of California, Inc. (NYSE:BANC)

SG Americas Securities LLC increased its holdings in shares of Banc of California, Inc. (NYSE:BANC - Free Report) by 183.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,319 shares of the bank's stock after acquiring an additional 37,108 shares during the period. SG Americas Securities LLC's holdings in Banc of California were worth $813,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. CIBC Asset Management Inc lifted its holdings in shares of Banc of California by 4.8% during the fourth quarter. CIBC Asset Management Inc now owns 15,052 shares of the bank's stock valued at $233,000 after purchasing an additional 683 shares during the last quarter. Jones Financial Companies Lllp increased its position in Banc of California by 35.1% during the 4th quarter. Jones Financial Companies Lllp now owns 3,574 shares of the bank's stock valued at $55,000 after buying an additional 928 shares in the last quarter. Bank of Montreal Can increased its position in Banc of California by 6.8% during the 4th quarter. Bank of Montreal Can now owns 16,341 shares of the bank's stock valued at $253,000 after buying an additional 1,038 shares in the last quarter. Mercer Global Advisors Inc. ADV raised its stake 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 valued at $222,000 after buying an additional 1,299 shares during the last quarter. Finally, Picton Mahoney Asset Management bought a new stake in Banc of California in the fourth quarter worth $30,000. Hedge funds and other institutional investors own 86.88% of the company's stock.

Banc of California Trading Up 2.4%

Shares of Banc of California stock opened at $13.66 on Friday. The stock has a market cap of $2.02 billion, a PE ratio of 21.01 and a beta of 0.67. The firm has a fifty day moving average price of $13.70 and a 200 day moving average price of $14.65. 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 current ratio of 0.90 and a quick ratio of 0.89.

Banc of California (NYSE:BANC - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The bank reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.02. The business had revenue of $266.01 million for the quarter, compared to analyst estimates of $272.36 million. Banc of California had a net margin of 8.23% and a return on equity of 6.30%. The company's revenue for the quarter was up 1.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.19 EPS. Equities research analysts predict that Banc of California, Inc. will post 1.31 earnings per share for the current year.

Banc of California Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Monday, June 16th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.40 dividend on an annualized basis and a yield of 2.93%. Banc of California's payout ratio is currently 61.54%.

Insiders Place Their Bets

In other news, Director James Andrew Barker bought 10,000 shares of Banc of California stock in a transaction on Tuesday, April 29th. The shares were bought 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 of the company's stock, valued at approximately $2,232,988.80. This trade represents a 6.26% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Olivia I. Lindsay sold 11,000 shares of the stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $13.58, for a total value of $149,380.00. Following the completion of the transaction, the insider now owns 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 disclosure for this sale can be found here. Insiders have sold a total of 86,000 shares of company stock valued at $1,208,000 in the last 90 days. 2.69% of the stock is owned by insiders.

Wall Street Analyst Weigh In

BANC has been the subject of a number of analyst reports. JPMorgan Chase & Co. reduced their price objective on shares of Banc of California from $16.00 to $15.00 and set a "neutral" rating for the company in a research note on Monday, April 28th. 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 on the stock. Wells Fargo & Company decreased their price objective on shares of Banc of California from $20.00 to $16.00 and set an "overweight" rating for the company in a report on Wednesday, April 9th. Stephens reiterated an "equal weight" rating and set a $15.00 target price on shares of Banc of California in a research note on Monday, April 28th. Finally, Robert W. Baird reduced their target price 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. Five research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Banc of California presently has an average rating of "Moderate Buy" and a consensus price target 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.

Want to see what other hedge funds are holding BANC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Banc of California, Inc. (NYSE:BANC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.