Bayforest Capital Ltd Trims Stock Position in Banc of California, Inc. $BANC

Bayforest Capital Ltd cut its stake in shares of Banc of California, Inc. (NYSE:BANC) by 29.1% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 22,339 shares of the bank’s stock after selling 9,174 shares during the period. Bayforest Capital Ltd’s holdings in Banc of California were worth $314,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BANC. GAMMA Investing LLC raised its stake in Banc of California by 22.2% during the 2nd quarter. GAMMA Investing LLC now owns 4,201 shares of the bank’s stock valued at $59,000 after acquiring an additional 762 shares during the last quarter. CWM LLC raised its stake in shares of Banc of California by 41.7% during the 1st quarter. CWM LLC now owns 8,049 shares of the bank’s stock worth $114,000 after buying an additional 2,367 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Banc of California during the 1st quarter worth approximately $123,000. Xponance Inc. purchased a new position in shares of Banc of California during the 1st quarter worth approximately $148,000. Finally, Cetera Investment Advisers raised its stake in shares of Banc of California by 11.1% during the 1st quarter. Cetera Investment Advisers now owns 12,802 shares of the bank’s stock worth $182,000 after buying an additional 1,276 shares in the last quarter. 86.88% of the stock is owned by hedge funds and other institutional investors.

Banc of California Price Performance

Shares of NYSE:BANC opened at $16.87 on Thursday. The company has a quick ratio of 0.88, a current ratio of 0.90 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $2.49 billion, a PE ratio of 25.96 and a beta of 0.68. Banc of California, Inc. has a twelve month low of $11.52 and a twelve month high of $18.24. The company has a 50-day moving average price of $16.49 and a two-hundred day moving average price of $14.81.

Banc of California (NYSE:BANC) last issued its earnings results on Monday, May 13th. The bank reported $1.03 earnings per share for the quarter. The firm had revenue of $315.66 million during the quarter. Banc of California had a net margin of 8.30% and a return on equity of 7.37%. Equities analysts forecast 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 Wednesday, October 1st. Stockholders of record on Monday, September 15th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Monday, September 15th. Banc of California’s dividend payout ratio (DPR) is 61.54%.

Insider Activity at Banc of California

In other news, insider Hamid Hussain sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $16.59, for a total value of $331,800.00. Following the completion of the transaction, the insider directly owned 66,444 shares in the company, valued at approximately $1,102,305.96. This trade represents a 23.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.69% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on BANC. JPMorgan Chase & Co. raised Banc of California from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $17.00 to $20.00 in a research note on Wednesday, October 1st. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $18.00 target price (up from $17.00) on shares of Banc of California in a research note on Friday, July 25th. Wells Fargo & Company increased their target price on Banc of California from $18.00 to $20.00 and gave the stock an “overweight” rating in a research note on Monday, September 29th. Raymond James Financial upgraded Banc of California from an “outperform” rating to a “strong-buy” rating in a report on Tuesday, October 7th. Finally, Barclays upped their price target on Banc of California from $19.00 to $21.00 and gave the stock an “overweight” rating in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.70.

Banc of California 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.