Banc of California, Inc. (NYSE:BANC) Shares Purchased by Quantbot Technologies LP

Quantbot Technologies LP boosted its position in shares of Banc of California, Inc. (NYSE:BANC) by 34.8% in the 3rd quarter, HoldingsChannel reports. The fund owned 247,116 shares of the bank’s stock after acquiring an additional 63,780 shares during the period. Quantbot Technologies LP’s holdings in Banc of California were worth $3,640,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of BANC. Fifth Third Bancorp grew its position in shares of Banc of California by 146.3% in the 2nd quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock valued at $27,000 after buying an additional 1,273 shares during the last quarter. Future Financial Wealth Managment LLC purchased a new position in shares of Banc of California during the third quarter worth about $29,000. GAMMA Investing LLC increased its position in shares of Banc of California by 32.3% during the third quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock worth $44,000 after purchasing an additional 734 shares in the last quarter. Mendon Capital Advisors Corp purchased a new stake in shares of Banc of California in the 2nd quarter valued at about $102,000. Finally, Simplicity Wealth LLC purchased a new stake in shares of Banc of California in the 2nd quarter valued at about $132,000. 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 $17.30 on Thursday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89. Banc of California, Inc. has a 1-year low of $11.36 and a 1-year high of $18.08. The company has a market capitalization of $2.75 billion, a price-to-earnings ratio of -4.05 and a beta of 1.13. The business has a 50-day moving average of $15.36 and a 200-day moving average of $14.20.

Banc of California (NYSE:BANC) last issued its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.25 earnings per share (EPS) for the quarter, beating 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 company had revenue of $431.44 million during the quarter, compared to the consensus estimate of $229.46 million. During the same quarter last year, the company earned $0.30 earnings per share. On average, equities analysts anticipate that Banc of California, Inc. will post 0.7 EPS for the current fiscal year.

Banc of California Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Monday, December 16th. This represents a $0.40 dividend on an annualized basis and a yield of 2.31%. Banc of California’s dividend payout ratio is currently -9.37%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on BANC shares. DA Davidson lifted their price target on Banc of California from $16.50 to $19.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Barclays upgraded shares of Banc of California from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $17.00 to $18.00 in a research report on Thursday, October 31st. Citigroup began coverage on shares of Banc of California in a research report on Thursday, October 10th. They set a “neutral” rating and a $15.00 price objective on the stock. Raymond James upped their target price on shares of Banc of California from $16.00 to $17.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Finally, Wells Fargo & Company raised their price target on Banc of California from $16.00 to $17.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently 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 the company’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $14.00, for a total value of $1,050,000.00. Following the transaction, the director now directly owns 719,826 shares of the company’s stock, valued at $10,077,564. This represents a 9.44 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 2.80% of the stock is currently owned by corporate insiders.

About Banc of California

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.