Jacobs Levy Equity Management Inc. Invests $6.31 Million in Banc of California, Inc. (NYSE:BANC)

Jacobs Levy Equity Management Inc. acquired a new stake in Banc of California, Inc. (NYSE:BANC - Free Report) in the 4th quarter, according to its most recent filing with the SEC. The fund acquired 407,893 shares of the bank's stock, valued at approximately $6,306,000. Jacobs Levy Equity Management Inc. owned 0.26% of Banc of California as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BANC. Crescent Grove Advisors LLC raised its holdings in shares of Banc of California by 0.7% in the 4th quarter. Crescent Grove Advisors LLC now owns 99,084 shares of the bank's stock valued at $1,542,000 after purchasing an additional 664 shares during the period. CIBC Asset Management Inc raised its holdings in shares of Banc of California by 4.8% in the 4th quarter. CIBC Asset Management Inc now owns 15,052 shares of the bank's stock valued at $233,000 after purchasing an additional 683 shares during the period. Jones Financial Companies Lllp raised its holdings in shares of 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 purchasing an additional 928 shares during the period. Bank of Montreal Can raised its holdings in Banc of California by 6.8% in the 4th quarter. Bank of Montreal Can now owns 16,341 shares of the bank's stock valued at $253,000 after acquiring an additional 1,038 shares during the period. Finally, Mercer Global Advisors Inc. ADV raised its holdings in Banc of California by 9.9% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 14,370 shares of the bank's stock valued at $222,000 after acquiring an additional 1,299 shares during the period. 86.88% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director James Andrew Barker bought 10,000 shares of the company's stock in a transaction dated Tuesday, April 29th. The shares were purchased at an average price of $13.16 per share, for a total transaction of $131,600.00. Following the completion of the purchase, the director now owns 169,680 shares in the company, valued at approximately $2,232,988.80. This represents a 6.26% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.69% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research analysts have weighed in on BANC shares. Wells Fargo & Company lowered their price target on shares of Banc of California from $20.00 to $16.00 and set an "overweight" rating on the stock in a report on Wednesday, April 9th. Raymond James lifted their price target on shares of Banc of California from $17.00 to $18.00 and gave the company an "outperform" rating in a research report on Friday, January 24th. Robert W. Baird dropped their price target 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. 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. Finally, JPMorgan Chase & Co. dropped 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 report on Monday, April 28th. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $17.09.

Banc of California Price Performance

Shares of NYSE BANC traded up $0.03 during mid-day trading on Friday, reaching $14.45. 1,925,571 shares of the company were exchanged, compared to its average volume of 2,311,554. Banc of California, Inc. has a 52 week low of $11.52 and a 52 week high of $18.08. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $2.29 billion, a PE ratio of 25.79 and a beta of 0.69. The company's 50 day moving average price is $13.58 and its 200 day moving average price is $15.07.

Banc of California (NYSE:BANC - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The bank reported $0.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.24 by $0.02. Banc of California had a net margin of 7.06% and a return on equity of 6.20%. The firm had revenue of $266.01 million for the quarter, compared to analysts' expectations of $272.36 million. During the same quarter in the previous year, the company earned $0.19 earnings per share. The company's revenue for the quarter was up 1.2% compared to the same quarter last year. Sell-side analysts forecast that Banc of California, Inc. will post 1.31 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The firm 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. This represents a $0.40 annualized dividend and a yield of 2.77%. The ex-dividend date of this dividend is Monday, June 16th. Banc of California's payout ratio is currently 61.54%.

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.