Tectonic Advisors LLC Decreases Holdings in Banc of California, Inc. $BANC

Key Points

• Tectonic Advisors LLC has reduced its holdings in Banc of California, Inc. by 22.7%, owning 103,037 shares valued at approximately $1.45 million after selling 30,279 shares in the second quarter.
• Banc of California reported an earnings per share (EPS) of $0.31 for the last quarter, exceeding analysts' expectations, and has seen a 5.2% year-over-year increase in revenue.
• The company declared a quarterly dividend of $0.10 per share, resulting in an annualized dividend yield of 2.3% for shareholders.

Tectonic Advisors LLC cut its holdings in shares of Banc of California, Inc. (NYSE:BANC - Free Report) by 22.7% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 103,037 shares of the bank's stock after selling 30,279 shares during the quarter. Tectonic Advisors LLC owned 0.07% of Banc of California worth $1,448,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. GAMMA Investing LLC increased its stake in shares of Banc of California by 22.2% during the second quarter. GAMMA Investing LLC now owns 4,201 shares of the bank's stock valued at $59,000 after buying an additional 762 shares during the period. Illinois Municipal Retirement Fund boosted its holdings in Banc of California by 1.5% in the first quarter. Illinois Municipal Retirement Fund now owns 75,563 shares of the bank's stock valued at $1,072,000 after acquiring an additional 1,100 shares in the last quarter. Cetera Investment Advisers boosted its holdings in Banc of California by 11.1% in the first quarter. Cetera Investment Advisers now owns 12,802 shares of the bank's stock valued at $182,000 after acquiring an additional 1,276 shares in the last quarter. Oliver Luxxe Assets LLC boosted its holdings in Banc of California by 1.3% in the second quarter. Oliver Luxxe Assets LLC now owns 117,622 shares of the bank's stock valued at $1,653,000 after acquiring an additional 1,516 shares in the last quarter. Finally, Cable Hill Partners LLC boosted its holdings in Banc of California by 2.5% in the first quarter. Cable Hill Partners LLC now owns 67,093 shares of the bank's stock valued at $904,000 after acquiring an additional 1,613 shares in the last quarter. 86.88% of the stock is owned by hedge funds and other institutional investors.

Banc of California Stock Performance

Shares of BANC stock opened at $17.61 on Friday. Banc of California, Inc. has a 12 month low of $11.52 and a 12 month high of $18.24. The stock has a market cap of $2.60 billion, a PE ratio of 27.09 and a beta of 0.68. 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 fifty day moving average price is $16.29 and its 200-day moving average price is $14.74.

Banc of California (NYSE:BANC - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The bank reported $0.31 EPS for the quarter, beating analysts' consensus estimates of $0.28 by $0.03. Banc of California had a net margin of 8.30% and a return on equity of 7.37%. The firm had revenue of $272.85 million for the quarter, compared to analysts' expectations of $278.43 million. During the same quarter in the previous year, the business posted $0.12 EPS. The company's quarterly revenue was up 5.2% on a year-over-year basis. On average, equities analysts expect that Banc of California, Inc. will post 1.31 EPS for the current fiscal year.

Banc of California Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend was Monday, September 15th. Banc of California's payout ratio is currently 61.54%.

Analyst Ratings Changes

Several analysts recently weighed in on BANC shares. Keefe, Bruyette & Woods reiterated 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. Weiss Ratings reiterated a "hold (c)" rating on shares of Banc of California in a report on Wednesday. Barclays lifted their price target on shares of Banc of California from $19.00 to $21.00 and gave the company an "overweight" rating in a report on Wednesday. JPMorgan Chase & Co. upgraded shares of Banc of California from a "neutral" rating to an "overweight" rating and lifted their price target for the company from $17.00 to $20.00 in a report on Wednesday, October 1st. Finally, Raymond James Financial upgraded shares of Banc of California from an "outperform" rating to a "strong-buy" rating in a report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $18.70.

Insider Activity

In other news, insider Hamid Hussain sold 20,000 shares of Banc of California stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $16.59, for a total value of $331,800.00. Following the completion of the transaction, the insider owned 66,444 shares of the company's stock, valued at $1,102,305.96. The trade was a 23.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.69% of the stock is currently owned by corporate insiders.

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.

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