Tiptree Advisors LLC Takes $3.66 Million Position in Banc of California, Inc. (NYSE:BANC)

Tiptree Advisors LLC acquired a new stake in Banc of California, Inc. (NYSE:BANC - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 237,000 shares of the bank's stock, valued at approximately $3,664,000. Banc of California comprises 3.8% of Tiptree Advisors LLC's investment portfolio, making the stock its 12th largest position. Tiptree Advisors LLC owned about 0.15% of Banc of California as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Picton Mahoney Asset Management purchased a new position in shares of Banc of California during the fourth quarter valued at approximately $30,000. SBI Securities Co. Ltd. purchased a new position in shares of Banc of California during the 4th quarter worth about $36,000. Jones Financial Companies Lllp boosted its position in Banc of California by 35.1% in 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 during the period. Smartleaf Asset Management LLC lifted its holdings in Banc of California by 205.8% during the fourth quarter. Smartleaf Asset Management LLC now owns 4,348 shares of the bank's stock worth $68,000 after buying an additional 2,926 shares during the period. Finally, Summit Securities Group LLC bought a new position in shares of Banc of California during the 4th quarter worth approximately $97,000. Hedge funds and other institutional investors own 86.88% of the company's stock.

Banc of California Stock Up 0.5%

NYSE BANC traded up $0.08 during mid-day trading on Thursday, reaching $13.86. The stock had a trading volume of 2,437,527 shares, compared to its average volume of 2,290,580. The company has a fifty day moving average price of $13.58 and a 200 day moving average price of $14.97. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.90 and a quick ratio of 0.89. The stock has a market cap of $2.05 billion, a PE ratio of 24.74 and a beta of 0.69. Banc of California, Inc. has a 1 year low of $11.52 and a 1 year high of $18.08.

Banc of California (NYSE:BANC - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The bank reported $0.26 EPS for the quarter, beating the consensus estimate of $0.24 by $0.02. The business had revenue of $266.01 million during the quarter, compared to the consensus estimate of $272.36 million. Banc of California had a net margin of 7.06% and a return on equity of 6.20%. The business's revenue was up 1.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.19 EPS. On average, research analysts expect 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 2.89%. Banc of California's payout ratio is 61.54%.

Analyst Ratings Changes

Several research analysts recently commented on the company. Barclays reduced their price objective on Banc of California from $19.00 to $18.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Stephens reissued an "equal weight" rating and issued a $15.00 price target on shares of Banc of California in a report on Monday, April 28th. Jefferies Financial Group initiated coverage on Banc of California in a research note on Wednesday, May 21st. They set a "buy" rating and a $18.00 price objective on the stock. Wells Fargo & Company cut their price objective on Banc of California from $20.00 to $16.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 9th. Finally, Robert W. Baird decreased their price objective 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 equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $17.17.

Insider Activity at Banc of California

In related news, Director James Andrew Barker acquired 10,000 shares of the stock in a transaction dated Tuesday, April 29th. The stock was acquired at an average cost of $13.16 per share, with a total value of $131,600.00. Following the completion of the transaction, the director now owns 169,680 shares in the company, valued at $2,232,988.80. This represents a 6.26% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 2.69% of the stock is 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.