Man Group plc Acquires Shares of 214,845 Banc of California, Inc. $BANC

Man Group plc bought a new position in shares of Banc of California, Inc. (NYSE:BANC) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 214,845 shares of the bank’s stock, valued at approximately $4,389,000. Man Group plc owned approximately 0.14% of Banc of California as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Jupiter Topco LLC acquired a new stake in Banc of California in the 2nd quarter worth about $1,256,000. Hsbc Holdings PLC acquired a new position in shares of Banc of California during the second quarter valued at approximately $4,599,000. Legal & General Group Plc acquired a new position in shares of Banc of California during the second quarter valued at approximately $6,192,000. The Manufacturers Life Insurance Company purchased a new position in shares of Banc of California in the second quarter valued at approximately $1,443,000. Finally, Algert Global LLC lifted its position in shares of Banc of California by 56.3% in the second quarter. Algert Global LLC now owns 825,810 shares of the bank’s stock valued at $16,871,000 after acquiring an additional 297,480 shares in the last quarter. Institutional investors and hedge funds own 86.88% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on BANC shares. Wall Street Zen cut Banc of California from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. Weiss Ratings cut shares of Banc of California from a “hold (c+)” rating to a “hold (c-)” rating in a research note on Friday, August 21st. Barclays dropped their target price on shares of Banc of California from $23.00 to $22.00 and set an “overweight” rating for the company in a report on Monday, August 3rd. JPMorgan Chase & Co. increased their target price on shares of 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, Brean Capital downgraded shares of Banc of California from a “buy” rating to a “neutral” rating in a research note on Thursday, July 30th. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $22.62.

Banc of California Stock Performance

Shares of Banc of California stock opened at $18.62 on Monday. Banc of California, Inc. has a one year low of $15.33 and a one year high of $21.93. The company has a market cap of $2.95 billion, a price-to-earnings ratio of -44.33 and a beta of 0.74. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.86 and a current ratio of 0.89. The business’s 50 day moving average price is $19.98 and its 200 day moving average price is $19.10.

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

Banc of California Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.6%. Banc of California’s dividend payout ratio is currently -114.29%.

Insider Transactions at Banc of California

In other Banc of California news, insider Olivia I. Lindsay sold 6,000 shares of Banc of California stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $19.50, for a total transaction of $117,000.00. Following the transaction, the insider directly owned 32,842 shares of the company’s stock, valued at $640,419. The trade was a 15.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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.