Banc of California, Inc. (NYSE:BANC) Position Trimmed by PL Capital Advisors LLC

PL Capital Advisors LLC lowered its position in shares of Banc of California, Inc. (NYSE:BANC - Free Report) by 5.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,201,719 shares of the bank's stock after selling 200,000 shares during the period. Banc of California accounts for about 14.9% of PL Capital Advisors LLC's holdings, making the stock its biggest position. PL Capital Advisors LLC owned 5.57% of Banc of California worth $42,999,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Victory Capital Management Inc. increased its stake in Banc of California by 69.7% during the 3rd quarter. Victory Capital Management Inc. now owns 1,876,594 shares of the bank's stock valued at $23,232,000 after purchasing an additional 770,938 shares in the last quarter. Brandywine Global Investment Management LLC increased its position in Banc of California by 290.3% in the third quarter. Brandywine Global Investment Management LLC now owns 727,452 shares of the bank's stock worth $9,006,000 after purchasing an additional 541,052 shares during the last quarter. Peregrine Capital Management LLC bought a new stake in Banc of California in the third quarter worth $6,373,000. Massachusetts Financial Services Co. MA bought a new stake in Banc of California in the third quarter worth $6,366,000. Finally, One Fin Capital Management LP purchased a new position in Banc of California during the third quarter worth $5,132,000. 86.88% of the stock is currently owned by institutional investors.

Banc of California Stock Up 1.6 %

Shares of NYSE:BANC traded up $0.22 during mid-day trading on Friday, reaching $14.32. 1,815,815 shares of the stock were exchanged, compared to its average volume of 2,089,146. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.32. The company has a market cap of $2.25 billion, a P/E ratio of -4.30 and a beta of 1.15. Banc of California, Inc. has a one year low of $9.72 and a one year high of $16.08. The stock's 50 day simple moving average is $14.49 and its 200-day simple moving average is $13.35.

Banc of California (NYSE:BANC - Get Free Report) last announced its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.07). Banc of California had a negative net margin of 29.10% and a positive return on equity of 2.25%. The company had revenue of $522.57 million during the quarter, compared to analyst estimates of $296.02 million. During the same period in the prior year, the firm earned $0.37 earnings per share. As a group, equities research analysts predict that Banc of California, Inc. will post 1.32 EPS for the current year.

Banc of California Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.79%. The ex-dividend date was Thursday, March 14th. Banc of California's dividend payout ratio is presently -12.01%.

Insider Activity

In related news, Director Richard J. Lashley bought 10,000 shares of the company's stock in a transaction on Thursday, February 29th. The shares were purchased at an average price of $21.40 per share, for a total transaction of $214,000.00. Following the completion of the transaction, the director now directly owns 10,000 shares in the company, valued at approximately $214,000. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, Director Richard J. Lashley purchased 10,000 shares of the stock in a transaction on Thursday, February 29th. The shares were acquired at an average price of $21.40 per share, for a total transaction of $214,000.00. Following the completion of the transaction, the director now directly owns 10,000 shares of the company's stock, valued at approximately $214,000. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Jared M. Wolff acquired 7,130 shares of Banc of California stock in a transaction dated Thursday, April 25th. The shares were bought at an average cost of $13.98 per share, for a total transaction of $99,677.40. Following the completion of the purchase, the chief executive officer now directly owns 268,695 shares of the company's stock, valued at approximately $3,756,356.10. The disclosure for this purchase can be found here. Insiders acquired a total of 27,130 shares of company stock valued at $445,277 over the last three months. Corporate insiders own 7.37% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on BANC shares. StockNews.com upgraded shares of Banc of California to a "sell" rating in a report on Thursday. Stephens reiterated an "equal weight" rating and issued a $16.00 price objective on shares of Banc of California in a research note on Thursday. Barclays cut their price target on Banc of California from $16.00 to $15.00 and set an "equal weight" rating on the stock in a research report on Wednesday. Keefe, Bruyette & Woods upgraded Banc of California from a "market perform" rating to an "outperform" rating and lifted their price target for the company from $16.00 to $18.00 in a research note on Friday, March 22nd. Finally, Wells Fargo & Company boosted their target price on Banc of California from $14.00 to $16.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 10th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, Banc of California has a consensus rating of "Hold" and an average price target of $16.64.

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.