Cable Hill Partners LLC Purchases Shares of 55,554 Banc of California, Inc. (NYSE:BANC)

Cable Hill Partners LLC bought a new position in shares of Banc of California, Inc. (NYSE:BANC - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 55,554 shares of the bank's stock, valued at approximately $719,000. Cable Hill Partners LLC owned approximately 0.10% of Banc of California as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of BANC. Victory Capital Management Inc. raised its holdings in shares of Banc of California by 69.7% in the 3rd quarter. Victory Capital Management Inc. now owns 1,876,594 shares of the bank's stock worth $23,232,000 after purchasing an additional 770,938 shares during the period. Brandywine Global Investment Management LLC raised its holdings in Banc of California by 290.3% during the 3rd quarter. Brandywine Global Investment Management LLC now owns 727,452 shares of the bank's stock valued at $9,006,000 after acquiring an additional 541,052 shares during the period. Peregrine Capital Management LLC bought a new stake in Banc of California during the 3rd quarter valued at $6,373,000. Massachusetts Financial Services Co. MA bought a new stake in Banc of California during the 3rd quarter valued at $6,366,000. Finally, One Fin Capital Management LP bought a new stake in Banc of California during the 3rd quarter valued at $5,132,000. Institutional investors own 86.88% of the company's stock.

Banc of California Price Performance

NYSE:BANC traded up $0.06 during midday trading on Friday, hitting $13.86. The company had a trading volume of 1,728,435 shares, compared to its average volume of 1,764,496. Banc of California, Inc. has a 52-week low of $9.72 and a 52-week high of $16.08. The stock's fifty day moving average price is $14.47 and its 200-day moving average price is $13.28. The company has a market capitalization of $2.18 billion, a PE ratio of -4.39 and a beta of 1.15. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.32.

Banc of California (NYSE:BANC - Get Free Report) last announced its earnings results on Thursday, January 25th. The bank reported ($4.55) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($4.27). Banc of California had a positive return on equity of 1.14% and a negative net margin of 44.04%. The company had revenue of $193.06 million during the quarter, compared to analysts' expectations of $163.11 million. During the same quarter last year, the firm posted $0.45 earnings per share. As a group, research analysts expect that Banc of California, Inc. will post 1.5 earnings per share for the current year.

Banc of California Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were given a $0.10 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.40 annualized dividend and a yield of 2.89%. Banc of California's dividend payout ratio (DPR) is presently -12.66%.

Insider Buying and Selling

In other Banc of California news, Director James Andrew Barker purchased 10,000 shares of the business's stock in a transaction on Wednesday, February 14th. The stock was acquired at an average cost of $13.16 per share, for a total transaction of $131,600.00. Following the completion of the transaction, the director now directly owns 159,680 shares in the company, valued at approximately $2,101,388.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 7.37% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on BANC. Wells Fargo & Company boosted their target price on shares of Banc of California from $14.00 to $16.00 and gave the company an "equal weight" rating in a report on Wednesday, April 10th. Barclays assumed coverage on shares of Banc of California in a report on Friday, March 8th. They set an "equal weight" rating and a $16.00 target price on the stock. Keefe, Bruyette & Woods upgraded shares of Banc of California from a "market perform" rating to an "outperform" rating and boosted their price target for the company from $16.00 to $18.00 in a research report on Friday, March 22nd. Truist Financial restated a "hold" rating and set a $16.00 price target on shares of Banc of California in a research report on Monday, April 1st. Finally, Wedbush boosted their price target on shares of Banc of California from $14.00 to $16.00 and gave the company a "neutral" rating in a research report on Friday, January 26th. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $17.07.

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.