Sippican Capital Advisors Purchases 2,057 Shares of Banc of California, Inc. (NYSE:BANC)

Sippican Capital Advisors increased its position in Banc of California, Inc. (NYSE:BANC) by 1.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 123,667 shares of the bank’s stock after purchasing an additional 2,057 shares during the quarter. Banc of California makes up 1.4% of Sippican Capital Advisors’ portfolio, making the stock its 23rd largest holding. Sippican Capital Advisors’ holdings in Banc of California were worth $1,912,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of BANC. Marshall Wace LLP acquired a new position in shares of Banc of California in the 2nd quarter worth approximately $166,000. The Manufacturers Life Insurance Company boosted its stake in shares of Banc of California by 2.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 77,384 shares of the bank’s stock valued at $989,000 after purchasing an additional 1,939 shares in the last quarter. Algert Global LLC acquired a new stake in shares of Banc of California in the 2nd quarter valued at $182,000. Mendon Capital Advisors Corp acquired a new stake in shares of Banc of California during the 2nd quarter worth about $102,000. Finally, GAMMA Investing LLC lifted its holdings in Banc of California by 32.3% during the 3rd quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock valued at $44,000 after purchasing an additional 734 shares during the last quarter. Institutional investors and hedge funds own 86.88% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on BANC shares. Wells Fargo & Company raised shares of Banc of California from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $17.00 to $20.00 in a report on Monday, January 6th. Citigroup began coverage on Banc of California in a report on Thursday, October 10th. They set a “neutral” rating and a $15.00 price target for the company. Stephens reduced their price objective on Banc of California from $18.00 to $17.00 and set an “equal weight” rating on the stock in a research note on Monday. Barclays lowered their target price on Banc of California from $20.00 to $19.00 and set an “overweight” rating for the company in a research note on Friday, January 24th. Finally, DA Davidson upped their price target on shares of Banc of California from $16.50 to $19.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $18.20.

Banc of California Price Performance

Banc of California stock opened at $16.06 on Thursday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.89. Banc of California, Inc. has a 1 year low of $11.88 and a 1 year high of $18.08. The company’s 50-day moving average is $16.17 and its two-hundred day moving average is $15.10.

Banc of California (NYSE:BANC) last posted its quarterly earnings results on Thursday, January 23rd. The bank reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.05. Banc of California had a positive return on equity of 2.93% and a negative net margin of 20.75%. As a group, research analysts expect that Banc of California, Inc. will post 0.71 earnings per share for the current year.

Banc of California Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th were given a dividend of $0.10 per share. The ex-dividend date was Monday, December 16th. This represents a $0.40 annualized dividend and a dividend yield of 2.49%. Banc of California’s payout ratio is currently -9.37%.

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.