TD Asset Management Inc Purchases 61,718 Shares of Banc of California, Inc. (NYSE:BANC)

Key Points

• TD Asset Management Inc increased its stake in Banc of California by 37.4%, acquiring an additional 61,718 shares and now owning 226,918 shares valued at approximately $3.22 million.
• Banc of California's most recent quarterly earnings exceeded analysts' expectations, reporting $0.31 EPS against an estimate of $0.28 EPS, with a revenue of $272.85 million.
• The firm declared a $0.10 quarterly dividend, resulting in an annualized yield of 2.8%, with a dividend payout ratio of 61.54%.

TD Asset Management Inc boosted its stake in Banc of California, Inc. (NYSE:BANC - Free Report) by 37.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 226,918 shares of the bank's stock after purchasing an additional 61,718 shares during the period. TD Asset Management Inc owned approximately 0.14% of Banc of California worth $3,220,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Cetera Investment Advisers raised its position in shares of Banc of California by 11.1% during the 1st quarter. Cetera Investment Advisers now owns 12,802 shares of the bank's stock worth $182,000 after purchasing an additional 1,276 shares during the last quarter. Royce & Associates LP grew its holdings in shares of Banc of California by 30.7% during the first quarter. Royce & Associates LP now owns 1,532,813 shares of the bank's stock worth $21,751,000 after buying an additional 360,210 shares during the last quarter. Madison Asset Management LLC acquired a new stake in shares of Banc of California in the 1st quarter worth approximately $184,000. Cable Hill Partners LLC boosted its position in Banc of California by 2.5% during the first quarter. Cable Hill Partners LLC now owns 67,093 shares of the bank's stock worth $904,000 after acquiring an additional 1,613 shares during the last quarter. Finally, Victory Capital Management Inc. increased its stake in Banc of California by 26.2% in the first quarter. Victory Capital Management Inc. now owns 33,052 shares of the bank's stock valued at $469,000 after purchasing an additional 6,862 shares during the last quarter. Hedge funds and other institutional investors own 86.88% of the company's stock.

Banc of California Stock Down 0.4%

NYSE:BANC traded down $0.06 on Wednesday, reaching $14.51. The stock had a trading volume of 1,331,663 shares, compared to its average volume of 2,419,942. 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 $2.14 billion, a P/E ratio of 22.32 and a beta of 0.69. The company has a 50-day moving average of $14.32 and a 200 day moving average of $14.33.

Banc of California (NYSE:BANC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The bank reported $0.31 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.28 by $0.03. Banc of California had a return on equity of 7.37% and a net margin of 8.30%. The company had revenue of $272.85 million during the quarter, compared to analyst estimates of $278.43 million. During the same quarter in the previous year, the firm posted $0.12 EPS. The firm's quarterly revenue was up 5.2% on a year-over-year basis. On average, 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 firm also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Monday, June 16th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.8%. The ex-dividend date was Monday, June 16th. Banc of California's payout ratio is presently 61.54%.

Insider Buying and Selling at Banc of California

In related news, Director Richard J. Lashley sold 37,500 shares of the business's stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $14.20, for a total transaction of $532,500.00. Following 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Olivia I. Lindsay sold 11,000 shares of the stock in a transaction that occurred 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 sale, the insider directly owned 30,902 shares of the company's stock, valued at approximately $419,649.16. This trade represents a 26.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 86,000 shares of company stock worth $1,208,000 over the last quarter. Company insiders own 2.69% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Jefferies Financial Group assumed coverage on shares of Banc of California in a research report on Wednesday, May 21st. They set a "buy" rating and a $18.00 price target for the company. Barclays boosted their target price on shares of Banc of California from $18.00 to $19.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Robert W. Baird decreased their price objective on Banc of California from $19.00 to $17.00 and set an "outperform" rating on the stock in a report on Friday, April 25th. Keefe, Bruyette & Woods reaffirmed an "outperform" rating and issued a $18.00 price target (up previously from $17.00) on shares of Banc of California in a report on Friday, July 25th. Finally, JPMorgan Chase & Co. increased their target price 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. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $17.33.

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.