Deutsche Bank AG Makes New Investment in Banc of California, Inc. $BANC

Deutsche Bank AG acquired a new stake in shares of Banc of California, Inc. (NYSE:BANC) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 160,324 shares of the bank’s stock, valued at approximately $3,275,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Royal Bank of Canada lifted its holdings in shares of Banc of California by 9.4% in the 1st quarter. Royal Bank of Canada now owns 74,043 shares of the bank’s stock worth $1,050,000 after acquiring an additional 6,364 shares during the last quarter. AQR Capital Management LLC raised its position in Banc of California by 209.4% in the 1st quarter. AQR Capital Management LLC now owns 103,044 shares of the bank’s stock worth $1,462,000 after purchasing an additional 69,739 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Banc of California by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 82,689 shares of the bank’s stock worth $1,173,000 after purchasing an additional 3,611 shares during the period. Goldman Sachs Group Inc. lifted its stake in Banc of California by 8.5% in the first quarter. Goldman Sachs Group Inc. now owns 3,796,996 shares of the bank’s stock worth $53,879,000 after purchasing an additional 297,680 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Banc of California by 1.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 441,856 shares of the bank’s stock worth $6,270,000 after purchasing an additional 4,263 shares during the last quarter. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Citigroup cut their target price on Banc of California from $23.50 to $22.00 and set a “buy” rating on the stock in a research note on Friday, July 31st. Wells Fargo & Company initiated coverage on Banc of California in a research note on Monday, August 10th. They set an “overweight” rating and a $23.00 price target for the company. Wall Street Zen cut Banc of California from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. JPMorgan Chase & Co. upped their price objective on Banc of California from $22.00 to $24.00 and gave the company an “overweight” rating in a research report on Wednesday, July 1st. Finally, Barclays reduced their target price on Banc of California from $23.00 to $22.00 and set an “overweight” rating on the stock in a research note on Monday, August 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $22.62.

Banc of California Price Performance

Shares of BANC stock opened at $18.87 on Thursday. Banc of California, Inc. has a twelve month low of $15.33 and a twelve month high of $21.93. The company has a current ratio of 0.89, a quick ratio of 0.86 and a debt-to-equity ratio of 0.20. The stock has a fifty day simple moving average of $20.04 and a two-hundred day simple moving average of $19.13. The stock has a market capitalization of $2.99 billion, a price-to-earnings ratio of -44.93 and a beta of 0.74.

Banc of California (NYSE:BANC) last announced its quarterly earnings results on Wednesday, July 29th. The bank reported ($1.61) EPS for the quarter, missing the consensus estimate of $0.40 by ($2.01). The firm had revenue of $16.41 million for the quarter, compared to analysts’ expectations of $295.32 million. Banc of California had a negative net margin of 1.44% and a positive return on equity of 7.98%. The business’s quarterly revenue was down 94.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.31 EPS. On average, analysts predict that Banc of California, Inc. will post 1.68 EPS for the current fiscal year.

Banc of California Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend is Tuesday, September 15th. Banc of California’s dividend payout ratio is presently -114.29%.

Insider Buying and Selling at Banc of California

In related news, insider Olivia I. Lindsay sold 6,000 shares of the stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $19.50, for a total transaction of $117,000.00. Following the completion of the sale, the insider owned 32,842 shares of the company’s stock, valued at $640,419. This represents a 15.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 2.78% of the company’s stock.

Banc of California Profile

Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.

Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.