Oliver Luxxe Assets LLC Takes $1.32 Million Position in Banc of California, Inc. (NYSE:BANC)

Oliver Luxxe Assets LLC bought a new position in shares of Banc of California, Inc. (NYSE:BANC) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 85,555 shares of the bank’s stock, valued at approximately $1,323,000.

Several other large investors also recently modified their holdings of the business. BNP Paribas Financial Markets lifted its position in shares of Banc of California by 34.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 242,534 shares of the bank’s stock worth $3,573,000 after purchasing an additional 62,014 shares during the period. Assenagon Asset Management S.A. lifted its holdings in Banc of California by 461.6% in the third quarter. Assenagon Asset Management S.A. now owns 651,695 shares of the bank’s stock worth $9,599,000 after buying an additional 535,654 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of Banc of California by 3.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,233,452 shares of the bank’s stock worth $18,169,000 after acquiring an additional 44,951 shares during the period. Mirabella Financial Services LLP purchased a new position in shares of Banc of California in the 3rd quarter valued at approximately $2,223,000. Finally, Quantbot Technologies LP grew its stake in Banc of California by 34.8% in the third quarter. Quantbot Technologies LP now owns 247,116 shares of the bank’s stock worth $3,640,000 after purchasing an additional 63,780 shares during the period. 86.88% of the stock is owned by institutional investors.

Banc of California Stock Performance

Shares of BANC opened at $15.72 on Friday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31. Banc of California, Inc. has a one year low of $11.88 and a one year high of $18.08. The business has a fifty day moving average of $16.17 and a 200 day moving average of $15.00.

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

Banc of California Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Monday, December 16th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.54%. The ex-dividend date of this dividend was Monday, December 16th. Banc of California’s dividend payout ratio (DPR) is -9.37%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on BANC shares. Wells Fargo & Company upgraded shares of Banc of California from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $17.00 to $20.00 in a research note on Monday, January 6th. Citigroup assumed coverage on Banc of California in a research report on Thursday, October 10th. They set a “neutral” rating and a $15.00 price objective for the company. DA Davidson raised their price target on Banc of California from $16.50 to $19.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Raymond James upped their price target on shares of Banc of California from $16.00 to $17.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Finally, Wedbush lifted their target price on shares of Banc of California from $18.00 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $18.10.

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.