First Trust Advisors LP Has $2.06 Million Stock Holdings in Banc of California, Inc. (NYSE:BANC)

First Trust Advisors LP increased its stake in Banc of California, Inc. (NYSE:BANC - Free Report) by 261.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 133,393 shares of the bank's stock after acquiring an additional 96,497 shares during the quarter. First Trust Advisors LP owned about 0.08% of Banc of California worth $2,062,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Picton Mahoney Asset Management acquired a new stake in Banc of California during the 4th quarter worth about $30,000. SBI Securities Co. Ltd. bought a new stake in shares of Banc of California during the 4th quarter valued at about $36,000. Jones Financial Companies Lllp grew its stake in Banc of California by 35.1% during the fourth quarter. Jones Financial Companies Lllp now owns 3,574 shares of the bank's stock worth $55,000 after purchasing an additional 928 shares during the period. Smartleaf Asset Management LLC increased its holdings in Banc of California by 205.8% in the fourth quarter. Smartleaf Asset Management LLC now owns 4,348 shares of the bank's stock worth $68,000 after purchasing an additional 2,926 shares in the last quarter. Finally, Summit Securities Group LLC acquired a new position in Banc of California in the fourth quarter valued at approximately $97,000. 86.88% of the stock is owned by institutional investors and hedge funds.

Banc of California Stock Up 0.2 %

Shares of NYSE:BANC opened at $13.77 on Tuesday. The company has a market capitalization of $2.19 billion, a PE ratio of 24.58 and a beta of 0.85. Banc of California, Inc. has a 1 year low of $11.52 and a 1 year high of $18.08. 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 business has a fifty day moving average price of $13.55 and a two-hundred day moving average price of $15.14.

Banc of California (NYSE:BANC - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The bank reported $0.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 firm's quarterly revenue was up 1.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.19 earnings per share. Analysts forecast that Banc of California, Inc. will post 1.31 earnings per share for the current year.

Banc of California Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were issued a $0.10 dividend. The ex-dividend date of this dividend was Friday, March 14th. 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%.

Insider Activity at Banc of California

In other news, Director James Andrew Barker acquired 10,000 shares of the stock in a transaction that occurred on Tuesday, April 29th. The shares were acquired at an average cost of $13.16 per share, for a total transaction of $131,600.00. Following the purchase, the director now owns 169,680 shares of the company's stock, valued at approximately $2,232,988.80. The trade was a 6.26 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.69% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have recently commented on BANC. Wells Fargo & Company reduced their price objective on shares of 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. Raymond James upped their target price on Banc of California from $17.00 to $18.00 and gave the stock an "outperform" rating in a research report on Friday, January 24th. JPMorgan Chase & Co. decreased their price target on shares of Banc of California from $16.00 to $15.00 and set a "neutral" rating for the company in a research note on Monday, April 28th. Barclays dropped their price objective on shares of Banc of California from $19.00 to $18.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Finally, Robert W. Baird decreased their target price on shares of 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 given a buy rating to the company's stock. According to data from MarketBeat.com, Banc of California currently has an average rating of "Moderate Buy" and a consensus target price of $17.25.

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.

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