Voloridge Investment Management LLC Makes New $6.45 Million Investment in Banc of California, Inc. (NYSE:BANC)

Voloridge Investment Management LLC acquired a new position in Banc of California, Inc. (NYSE:BANC - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 417,480 shares of the bank's stock, valued at approximately $6,454,000. Voloridge Investment Management LLC owned approximately 0.26% of Banc of California as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently bought and sold shares of the business. Picton Mahoney Asset Management purchased a new position in Banc of California in the 4th quarter worth approximately $30,000. SBI Securities Co. Ltd. purchased a new stake in shares of Banc of California during the 4th quarter worth $36,000. Jones Financial Companies Lllp raised its stake in Banc of California by 35.1% in the fourth 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 last quarter. Smartleaf Asset Management LLC increased its holdings in shares of Banc of California by 205.8% in the fourth quarter. Smartleaf Asset Management LLC now owns 4,348 shares of the bank's stock valued at $68,000 after purchasing an additional 2,926 shares during the period. Finally, Summit Securities Group LLC acquired a new position in shares of Banc of California in the fourth quarter valued at about $97,000. 86.88% of the stock is currently owned by institutional investors.

Banc of California Trading Down 1.0%

Shares of NYSE BANC traded down $0.14 during mid-day trading on Friday, hitting $13.74. 253,485 shares of the company traded hands, compared to its average volume of 2,282,604. The business has a 50 day moving average of $13.56 and a two-hundred day moving average of $14.95. The stock has a market capitalization of $2.03 billion, a price-to-earnings ratio of 24.54 and a beta of 0.69. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.31. 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 issued its quarterly earnings data on Wednesday, April 23rd. The bank reported $0.26 EPS for the quarter, beating analysts' consensus estimates of $0.24 by $0.02. The business had revenue of $266.01 million for the quarter, compared to analyst estimates of $272.36 million. Banc of California had a return on equity of 6.20% and a net margin of 7.06%. The firm's revenue for the quarter was up 1.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.19 EPS. On average, sell-side analysts anticipate that Banc of California, Inc. will post 1.31 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Monday, June 16th will be paid a dividend of $0.10 per share. The ex-dividend date is Monday, June 16th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.91%. Banc of California's dividend payout ratio (DPR) is presently 61.54%.

Analyst Upgrades and Downgrades

Several analysts recently commented on BANC shares. Barclays dropped their target price on Banc of California from $19.00 to $18.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. JPMorgan Chase & Co. lowered their price target on Banc of California from $16.00 to $15.00 and set a "neutral" rating on the stock in a research report on Monday, April 28th. Stephens restated an "equal weight" rating and issued a $15.00 target price on shares of Banc of California in a research report on Monday, April 28th. Robert W. Baird decreased their target price on Banc of California from $19.00 to $17.00 and set an "outperform" rating on the stock in a research report on Friday, April 25th. Finally, 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 target price on the stock. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $17.17.

Insider Buying and Selling

In related news, Director James Andrew Barker bought 10,000 shares of the stock in a transaction that occurred on Tuesday, April 29th. The shares were acquired at an average price 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. The trade was a 6.26% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.69% of the stock is owned by insiders.

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.