20,833 Shares in Banc of California, Inc. (NYSE:BANC) Bought by Teacher Retirement System of Texas

Teacher Retirement System of Texas acquired a new position in Banc of California, Inc. (NYSE:BANC - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 20,833 shares of the bank's stock, valued at approximately $296,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Sippican Capital Advisors boosted its holdings in shares of Banc of California by 2.2% in the 1st quarter. Sippican Capital Advisors now owns 126,356 shares of the bank's stock worth $1,793,000 after purchasing an additional 2,689 shares in the last quarter. Peregrine Capital Management LLC boosted its stake in Banc of California by 0.5% during the 1st quarter. Peregrine Capital Management LLC now owns 432,553 shares of the bank's stock valued at $6,138,000 after purchasing an additional 2,027 shares during the last quarter. Illinois Municipal Retirement Fund lifted its holdings in shares of Banc of California by 1.5% during the 1st quarter. Illinois Municipal Retirement Fund now owns 75,563 shares of the bank's stock valued at $1,072,000 after buying an additional 1,100 shares during the period. Salzhauer Michael raised its holdings in Banc of California by 29.8% in the 1st quarter. Salzhauer Michael now owns 490,200 shares of the bank's stock worth $6,956,000 after purchasing an additional 112,624 shares during the period. Finally, Handelsbanken Fonder AB raised its holdings in Banc of California by 74.0% during the first quarter. Handelsbanken Fonder AB now owns 42,316 shares of the bank's stock valued at $600,000 after acquiring an additional 18,000 shares during the period. 86.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on BANC shares. Jefferies Financial Group started coverage on Banc of California in a research report on Wednesday, May 21st. They issued a "buy" rating and a $18.00 price target for the company. Stephens reiterated an "equal weight" rating and issued a $15.00 price target on shares of Banc of California in a research report on Monday, April 28th. Wells Fargo & Company dropped their price target on 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. Barclays lifted their price target on Banc of California from $18.00 to $19.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Finally, Robert W. Baird dropped their price target on Banc of California from $19.00 to $17.00 and set an "outperform" rating for the company in a research report on Friday, April 25th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Banc of California has an average rating of "Moderate Buy" and a consensus price target of $17.33.

Banc of California Price Performance

Shares of BANC stock traded up $0.10 during trading hours on Tuesday, hitting $15.10. The company's stock had a trading volume of 2,745,832 shares, compared to its average volume of 2,309,240. The business has a fifty day moving average of $14.18 and a 200-day moving average of $14.38. The stock has a market cap of $2.23 billion, a price-to-earnings ratio of 23.22 and a beta of 0.67. 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 0.89 and a debt-to-equity ratio of 0.31.

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

Banc of California Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Monday, June 16th were given a dividend of $0.10 per share. The ex-dividend date was Monday, June 16th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.65%. Banc of California's dividend payout ratio (DPR) is 61.54%.

Insiders Place Their Bets

In other news, Director Richard J. Lashley sold 37,500 shares of Banc of California stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $14.20, for a total value of $532,500.00. Following the transaction, the director directly owned 2,280,280 shares of the company's stock, valued at $32,379,976. This trade represents a 1.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director James Andrew Barker acquired 10,000 shares of the stock in a transaction that occurred on Tuesday, April 29th. The shares were bought at an average cost of $13.16 per share, for a total transaction of $131,600.00. Following the completion of the transaction, the director directly owned 169,680 shares of the company's stock, valued at $2,232,988.80. This represents a 6.26% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have sold 86,000 shares of company stock worth $1,208,000. 2.69% of the stock is owned by corporate insiders.

Banc of California 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.