Wells Fargo & Company MN Acquires 22,668 Shares of Banc of California, Inc. (NYSE:BANC)

Wells Fargo & Company MN raised its position in Banc of California, Inc. (NYSE:BANC - Free Report) by 23.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 121,201 shares of the bank's stock after purchasing an additional 22,668 shares during the quarter. Wells Fargo & Company MN owned 0.08% of Banc of California worth $1,874,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of BANC. Barclays PLC lifted its stake in shares of Banc of California by 4.4% in the third quarter. Barclays PLC now owns 425,634 shares of the bank's stock worth $6,270,000 after buying an additional 17,876 shares in the last quarter. Sanctuary Advisors LLC acquired a new position in Banc of California in the third quarter valued at about $167,000. World Investment Advisors LLC increased its position in shares of Banc of California by 4.5% during the third quarter. World Investment Advisors LLC now owns 18,082 shares of the bank's stock valued at $266,000 after acquiring an additional 779 shares during the last quarter. Oliver Luxxe Assets LLC purchased a new stake in shares of Banc of California in the 4th quarter valued at approximately $1,323,000. Finally, Crescent Grove Advisors LLC lifted its stake in Banc of California by 0.7% during the fourth quarter. Crescent Grove Advisors LLC now owns 99,084 shares of the bank's stock worth $1,542,000 after purchasing an additional 664 shares in the last quarter. Hedge funds and other institutional investors own 86.88% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on BANC shares. Barclays cut their price target on Banc of California from $19.00 to $18.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. JPMorgan Chase & Co. decreased their target price on Banc of California from $16.00 to $15.00 and set a "neutral" rating for the company in a research report on Monday. Wells Fargo & Company decreased their price objective on Banc of California from $20.00 to $16.00 and set an "overweight" rating for the company in a report on Wednesday, April 9th. 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. Finally, Raymond James increased their target price on shares of Banc of California from $17.00 to $18.00 and gave the stock an "outperform" rating in a research note on Friday, January 24th. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $17.25.

Banc of California Stock Up 0.6 %

Shares of NYSE BANC traded up $0.08 during mid-day trading on Thursday, reaching $13.56. 398,536 shares of the company traded hands, compared to its average volume of 2,351,939. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.90. Banc of California, Inc. has a fifty-two week low of $11.52 and a fifty-two week high of $18.08. The stock has a market cap of $2.15 billion, a PE ratio of 24.22 and a beta of 0.85. The company's fifty day moving average is $13.62 and its two-hundred day moving average is $15.17.

Banc of California (NYSE:BANC - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The bank reported $0.26 earnings per share for the quarter, topping 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 company had revenue of $266.01 million for the quarter, compared to analysts' expectations of $272.36 million. During the same period last year, the firm posted $0.19 earnings per share. The business's quarterly revenue was up 1.2% compared to the same quarter last year. On average, analysts expect that Banc of California, Inc. will post 1.31 earnings per share for the current year.

Banc of California Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were issued a dividend of $0.10 per share. 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 2.95%. Banc of California's dividend payout ratio (DPR) is currently 61.54%.

Insider Buying and Selling at Banc of California

In other news, Director James Andrew Barker purchased 10,000 shares of the business's stock in a transaction on Tuesday, April 29th. The shares were acquired at an average price of $13.16 per share, for a total transaction of $131,600.00. Following the completion of the acquisition, the director now owns 169,680 shares in the company, valued at approximately $2,232,988.80. The trade was a 6.26 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 2.69% of the company's stock.

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.