Banc of California, Inc. (NYSE:BANC) Shares Purchased by TD Asset Management Inc

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 raised its holdings in Banc of California, Inc. (NYSE:BANC - Free Report) by 37.4% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 226,918 shares of the bank's stock after acquiring 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 reporting period.

A number of other large investors have also recently made changes to their positions in BANC. Wellington Management Group LLP boosted its stake in shares of Banc of California by 274.6% in the fourth quarter. Wellington Management Group LLP now owns 5,393,076 shares of the bank's stock worth $83,377,000 after acquiring an additional 3,953,380 shares during the period. Millennium Management LLC increased its stake in shares of Banc of California by 2,119.0% in the 4th quarter. Millennium Management LLC now owns 2,876,914 shares of the bank's stock valued at $44,477,000 after purchasing an additional 2,747,262 shares in the last quarter. Algert Global LLC grew its position in shares of Banc of California by 701.9% in the fourth quarter. Algert Global LLC now owns 952,674 shares of the bank's stock valued at $14,728,000 after purchasing an additional 833,874 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its holdings in Banc of California by 6.3% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 10,913,012 shares of the bank's stock valued at $168,716,000 after acquiring an additional 644,330 shares during the last quarter. Finally, Penn Capital Management Company LLC acquired a new stake in shares of Banc of California in the fourth quarter valued at $9,326,000. 86.88% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Banc of California

In other Banc of California news, 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 transaction of $149,380.00. Following the transaction, the insider owned 30,902 shares in the company, valued at approximately $419,649.16. This represents a 26.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Richard J. Lashley sold 37,500 shares of Banc of California stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $14.20, for a total value of $532,500.00. Following the transaction, the director owned 2,280,280 shares in the company, valued at approximately $32,379,976. The trade was a 1.62% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 86,000 shares of company stock valued at $1,208,000 over the last quarter. Company insiders own 2.69% of the company's stock.

Banc of California Stock Down 2.5%

NYSE BANC traded down $0.37 during mid-day trading on Friday, hitting $14.15. The company's stock had a trading volume of 2,112,924 shares, compared to its average volume of 2,744,084. The firm has a market capitalization of $2.09 billion, a price-to-earnings ratio of 21.77 and a beta of 0.69. Banc of California, Inc. has a twelve month low of $11.52 and a twelve 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 company's 50 day simple moving average is $14.30 and its 200 day simple moving average is $14.34.

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

Analyst Ratings Changes

A number of research firms recently issued reports on BANC. Keefe, Bruyette & Woods reissued 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. JPMorgan Chase & Co. increased their price objective on shares of Banc of California from $15.00 to $16.00 and gave the company a "neutral" rating in a report on Tuesday, July 1st. Barclays raised their price target on shares of Banc of California from $18.00 to $19.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Jefferies Financial Group assumed coverage on shares of Banc of California in a research note on Wednesday, May 21st. They issued a "buy" rating and a $18.00 target price for the company. Finally, Stephens reaffirmed an "equal weight" rating and set a $15.00 price target on shares of Banc of California in a research report on Monday, April 28th. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Banc of California currently has an average rating of "Moderate Buy" and a consensus price target of $17.33.

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.