The Manufacturers Life Insurance Company Invests $1.44 Million in Banc of California, Inc. $BANC

The Manufacturers Life Insurance Company purchased a new stake in shares of Banc of California, Inc. (NYSE:BANC) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 70,613 shares of the bank’s stock, valued at approximately $1,443,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Navalign LLC purchased a new position in Banc of California during the 4th quarter worth approximately $27,000. Triumph Capital Management acquired a new stake in shares of Banc of California in the third quarter worth $25,000. Western Wealth Management LLC purchased a new position in shares of Banc of California during the first quarter valued at $29,000. Orion Capital Management LLC purchased a new stake in Banc of California in the 4th quarter worth about $35,000. Finally, EverSource Wealth Advisors LLC lifted its stake in Banc of California by 38.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank’s stock worth $39,000 after acquiring an additional 564 shares in the last quarter. Institutional investors and hedge funds own 86.88% of the company’s stock.

Insider Activity

In other Banc of California news, insider Olivia Lindsay sold 6,000 shares of the stock in a transaction 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 transaction, the insider directly 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 filing with the SEC, which is available through the SEC website. Insiders own 2.78% of the company’s stock.

Banc of California Stock Down 0.4%

Shares of Banc of California stock opened at $18.78 on Friday. The firm has a market cap of $2.98 billion, a price-to-earnings ratio of -44.71 and a beta of 0.73. The stock has a 50-day simple moving average of $19.82 and a 200-day simple moving average of $19.05. Banc of California, Inc. has a 52-week low of $15.33 and a 52-week high of $21.93. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.89 and a quick ratio of 0.86.

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

Banc of California Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be issued a dividend of $0.12 per share. The ex-dividend date 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 (DPR) is currently -114.29%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Brean Capital cut Banc of California from a “buy” rating to a “neutral” rating in a research note on Thursday, July 30th. Barclays lowered their price objective on shares of Banc of California from $23.00 to $22.00 and set an “overweight” rating on the stock in a research report on Monday, August 3rd. Wells Fargo & Company began coverage on shares of Banc of California in a research note on Monday, August 10th. They issued an “overweight” rating and a $23.00 price objective on the stock. JPMorgan Chase & Co. lifted 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 note on Wednesday, July 1st. Finally, Citigroup lowered their price target on shares of Banc of California from $23.50 to $22.00 and set a “buy” rating on the stock in a report on Friday, July 31st. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Banc of California has an average rating of “Buy” and an average price target of $22.62.

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.