56,493 Shares in Banc of California, Inc. (NYSE:BANC) Bought by LMR Partners LLP

LMR Partners LLP acquired a new stake in Banc of California, Inc. (NYSE:BANC) during the 3rd quarter, Holdings Channel reports. The institutional investor acquired 56,493 shares of the bank’s stock, valued at approximately $832,000.

A number of other large investors also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of Banc of California by 17.6% in the first quarter. Vanguard Group Inc. now owns 10,597,751 shares of the bank’s stock valued at $161,192,000 after acquiring an additional 1,582,941 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in Banc of California by 394.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 331,076 shares of the bank’s stock worth $5,037,000 after purchasing an additional 264,070 shares during the period. Redwood Investment Management LLC purchased a new position in shares of Banc of California during the 1st quarter worth approximately $630,000. Capital Research Global Investors purchased a new position in shares of Banc of California during the 1st quarter worth approximately $32,618,000. Finally, Seven Eight Capital LP acquired a new stake in shares of Banc of California in the 2nd quarter valued at approximately $549,000. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Banc of California Price Performance

Banc of California stock opened at $16.04 on Wednesday. The firm’s 50-day moving average is $15.08 and its two-hundred day moving average is $14.13. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89. The stock has a market capitalization of $2.55 billion, a P/E ratio of -3.76 and a beta of 1.13. Banc of California, Inc. has a 12-month low of $11.36 and a 12-month high of $16.92.

Banc of California (NYSE:BANC) last released its earnings results on Tuesday, October 22nd. The bank reported $0.25 EPS for the quarter, topping the consensus estimate of $0.14 by $0.11. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%. The firm had revenue of $431.44 million during the quarter, compared to analysts’ expectations of $229.46 million. During the same period in the previous year, the company earned $0.30 EPS. Equities analysts predict that Banc of California, Inc. will post 0.71 earnings per share for the current year.

Banc of California Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date of this dividend is Monday, December 16th. Banc of California’s payout ratio is -9.37%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on BANC. Barclays raised Banc of California from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $17.00 to $18.00 in a report on Thursday, October 31st. Wells Fargo & Company increased their price target on shares of Banc of California from $16.00 to $17.00 and gave the company an “equal weight” rating in a report on Wednesday, October 23rd. Raymond James boosted their price objective on shares of Banc of California from $16.00 to $17.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Wedbush lifted their price target on shares of Banc of California from $18.00 to $19.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Finally, Stephens upped their price target on Banc of California from $15.00 to $16.00 and gave the stock an “equal weight” rating in a report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $17.30.

Insider Buying and Selling at Banc of California

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of Banc of California stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total value of $1,050,000.00. Following the transaction, the director now owns 719,826 shares in the company, valued at $10,077,564. This trade represents a 9.44 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.80% of the stock is owned by company insiders.

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.