Tiptree Advisors LLC Buys New Stake in Banc of California, Inc. $BANC

Tiptree Advisors LLC bought a new position in Banc of California, Inc. (NYSE:BANC) during the second quarter, HoldingsChannel.com reports. The fund bought 350,340 shares of the bank’s stock, valued at approximately $7,157,000. Banc of California makes up about 4.4% of Tiptree Advisors LLC’s holdings, making the stock its 9th largest holding.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Triumph Capital Management lifted its stake in Banc of California by 32.8% in the fourth quarter. Triumph Capital Management now owns 2,025 shares of the bank’s stock worth $39,000 after purchasing an additional 500 shares during the last quarter. Crescent Grove Advisors LLC boosted its stake in Banc of California by 0.5% in the first quarter. Crescent Grove Advisors LLC now owns 102,275 shares of the bank’s stock valued at $1,810,000 after acquiring an additional 525 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of 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 purchasing an additional 564 shares in the last quarter. CIBC Asset Management Inc grew its stake in Banc of California by 4.5% during the 4th quarter. CIBC Asset Management Inc now owns 14,652 shares of the bank’s stock worth $283,000 after buying an additional 637 shares during the last quarter. Finally, Maryland State Retirement & Pension System increased its position in Banc of California by 4.2% during the 4th quarter. Maryland State Retirement & Pension System now owns 19,630 shares of the bank’s stock valued at $379,000 after buying an additional 783 shares in the last quarter. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Insider Buying and Selling at Banc of California

In other news, insider Olivia I. Lindsay sold 6,000 shares of the firm’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $19.50, for a total transaction of $117,000.00. Following the sale, the insider directly owned 32,842 shares in the company, valued at $640,419. This trade represents a 15.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.78% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on BANC. Wall Street Zen lowered shares of Banc of California from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. Barclays cut their price target on shares of Banc of California from $23.00 to $22.00 and set an “overweight” rating on the stock in a research note on Monday, August 3rd. Brean Capital cut shares of Banc of California from a “buy” rating to a “neutral” rating in a report on Thursday, July 30th. Citigroup reduced their target price on Banc of California from $23.50 to $22.00 and set a “buy” rating for the company in a research note on Friday, July 31st. Finally, Wells Fargo & Company began coverage on Banc of California in a research report on Monday, August 10th. They issued an “overweight” rating and a $23.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $22.62.

Banc of California Stock Performance

Shares of BANC stock opened at $18.87 on Thursday. Banc of California, Inc. has a 52-week low of $15.33 and a 52-week high of $21.93. The company has a quick ratio of 0.86, a current ratio of 0.89 and a debt-to-equity ratio of 0.20. The stock has a market cap of $2.99 billion, a PE ratio of -44.93 and a beta of 0.74. The business has a 50-day simple moving average of $20.04 and a 200-day simple moving average of $19.13.

Banc of California (NYSE:BANC) last posted its earnings results on Wednesday, July 29th. The bank reported ($1.61) EPS for the quarter, missing the consensus estimate of $0.40 by ($2.01). The company had revenue of $16.41 million for 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 firm’s revenue was down 94.0% on a year-over-year basis. During the same period last year, the business earned $0.31 earnings per share. On average, equities analysts expect that Banc of California, Inc. will post 1.68 EPS for the current year.

Banc of California Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.48 dividend on an annualized basis and a yield of 2.5%. Banc of California’s payout ratio is presently -114.29%.

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.