Algert Global LLC Boosts Stake in Banc of California, Inc. (NYSE:BANC)

Algert Global LLC increased its holdings in shares of Banc of California, Inc. (NYSE:BANC) by 701.9% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 952,674 shares of the bank’s stock after acquiring an additional 833,874 shares during the period. Algert Global LLC owned approximately 0.60% of Banc of California worth $14,728,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of BANC. Crescent Grove Advisors LLC grew its position in shares of Banc of California by 0.7% in the fourth quarter. Crescent Grove Advisors LLC now owns 99,084 shares of the bank’s stock valued at $1,542,000 after purchasing an additional 664 shares during the period. CIBC Asset Management Inc lifted its stake in Banc of California by 4.8% in the 4th quarter. CIBC Asset Management Inc now owns 15,052 shares of the bank’s stock valued at $233,000 after buying an additional 683 shares in the last quarter. World Investment Advisors LLC boosted its holdings 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 buying an additional 779 shares during the last quarter. Jones Financial Companies Lllp increased its stake in Banc of California by 35.1% during the 4th quarter. Jones Financial Companies Lllp now owns 3,574 shares of the bank’s stock worth $55,000 after buying an additional 928 shares in the last quarter. Finally, Bank of Montreal Can raised its holdings in shares of Banc of California by 6.8% during the fourth quarter. Bank of Montreal Can now owns 16,341 shares of the bank’s stock valued at $253,000 after acquiring an additional 1,038 shares during the last quarter. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Banc of California Trading Up 2.5 %

Shares of BANC stock opened at $13.73 on Friday. Banc of California, Inc. has a 1-year low of $11.52 and a 1-year high of $18.08. The firm has a market cap of $2.18 billion, a PE ratio of 24.52 and a beta of 0.85. The company has a 50-day moving average of $13.57 and a two-hundred day moving average of $15.15. 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) last posted its quarterly earnings data 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. The firm had revenue of $266.01 million during the quarter, compared to analysts’ expectations of $272.36 million. Banc of California had a net margin of 7.06% and a return on equity of 6.20%. The firm’s quarterly revenue was up 1.2% on a year-over-year basis. During the same quarter last year, the company posted $0.19 EPS. On average, analysts predict that Banc of California, Inc. will post 1.31 EPS for the current year.

Banc of California Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were paid a $0.10 dividend. 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 2.91%. Banc of California’s payout ratio is presently 61.54%.

Insider Activity at Banc of California

In other Banc of California news, Director James Andrew Barker bought 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 29th. The shares were purchased at an average cost of $13.16 per share, with a total value of $131,600.00. Following the purchase, the director now directly owns 169,680 shares in the company, valued at approximately $2,232,988.80. This represents a 6.26 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 2.69% of the company’s stock.

Analyst Upgrades and Downgrades

BANC has been the topic of a number of research analyst reports. StockNews.com raised Banc of California from a “sell” rating to a “hold” rating in a research note on Friday, January 24th. Robert W. Baird dropped their target price on shares of Banc of California from $19.00 to $17.00 and set an “outperform” rating for the company in a report on Friday, April 25th. JPMorgan Chase & Co. decreased their price target on shares of 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. Wells Fargo & Company dropped their price objective on shares of Banc of California from $20.00 to $16.00 and set an “overweight” rating for the company in a research note on Wednesday, April 9th. Finally, Stephens reissued an “equal weight” rating and issued a $15.00 target price on shares of Banc of California in a research note on Monday, April 28th. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $17.25.

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.