Raymond James Financial Inc. Invests $1.34 Million in Banc of California, Inc. (NYSE:BANC)

Raymond James Financial Inc. bought a new position in shares of Banc of California, Inc. (NYSE:BANC - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 86,906 shares of the bank's stock, valued at approximately $1,343,000. Raymond James Financial Inc. owned 0.05% of Banc of California as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BANC. Barclays PLC increased its stake in Banc of California by 4.4% in the 3rd quarter. Barclays PLC now owns 425,634 shares of the bank's stock worth $6,270,000 after purchasing an additional 17,876 shares in the last quarter. World Investment Advisors LLC lifted its stake in Banc of California by 4.5% in the 3rd quarter. World Investment Advisors LLC now owns 18,082 shares of the bank's stock worth $266,000 after acquiring an additional 779 shares in the last quarter. Oliver Luxxe Assets LLC purchased a new stake in Banc of California in the 4th quarter worth about $1,323,000. Crescent Grove Advisors LLC boosted its position in Banc of California by 0.7% during the 4th quarter. Crescent Grove Advisors LLC now owns 99,084 shares of the bank's stock worth $1,542,000 after acquiring an additional 664 shares during the period. Finally, KBC Group NV grew its stake in Banc of California by 71.0% during the 4th quarter. KBC Group NV now owns 7,286 shares of the bank's stock valued at $113,000 after acquiring an additional 3,026 shares in the last quarter. 86.88% of the stock is currently owned by institutional investors.

Banc of California Stock Performance

Shares of BANC traded up $0.07 on Wednesday, reaching $13.67. 1,187,613 shares of the stock traded hands, compared to its average volume of 2,345,959. The firm has a market cap of $2.17 billion, a price-to-earnings ratio of 24.41 and a beta of 0.69. Banc of California, Inc. has a 12 month low of $11.52 and a 12 month high of $18.08. The stock's 50-day moving average price is $13.53 and its 200-day moving average price is $15.13. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.90 and a quick ratio of 0.89.

Banc of California (NYSE:BANC - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The bank reported $0.26 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $266.01 million for the quarter, compared to analyst estimates of $272.36 million. During the same period in the previous year, the business earned $0.19 EPS. The firm's revenue was up 1.2% on a year-over-year basis. Equities analysts forecast that Banc of California, Inc. will post 1.31 EPS for the current fiscal year.

Banc of California Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.93%. The ex-dividend date was Friday, March 14th. Banc of California's dividend payout ratio (DPR) is currently 61.54%.

Insider Activity at Banc of California

In other news, Director James Andrew Barker acquired 10,000 shares of Banc of California stock in a transaction on Tuesday, April 29th. The shares were purchased at an average price of $13.16 per share, with a total value of $131,600.00. Following the acquisition, the director now owns 169,680 shares in the company, valued at $2,232,988.80. This represents a 6.26 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.69% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Stephens restated an "equal weight" rating and set a $15.00 price target on shares of Banc of California in a report on Monday, April 28th. StockNews.com upgraded shares of Banc of California from a "sell" rating to a "hold" rating in a report on Friday, January 24th. Wells Fargo & Company dropped 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 research note on Wednesday, April 9th. JPMorgan Chase & Co. lowered their target price on Banc of California from $16.00 to $15.00 and set a "neutral" rating on the stock in a research note on Monday, April 28th. Finally, 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 research report on Tuesday, April 8th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus 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.