Banc of California, Inc. (NYSE:BANC) Stock Position Raised by Salzhauer Michael

Salzhauer Michael increased its stake in Banc of California, Inc. (NYSE:BANC) by 19.7% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 377,576 shares of the bank’s stock after purchasing an additional 62,037 shares during the quarter. Banc of California comprises about 2.1% of Salzhauer Michael’s holdings, making the stock its 10th largest position. Salzhauer Michael owned 0.24% of Banc of California worth $5,837,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the stock. Picton Mahoney Asset Management bought a new position in Banc of California in the 4th quarter worth about $30,000. SBI Securities Co. Ltd. purchased a new position in Banc of California during the fourth quarter valued at approximately $36,000. Jones Financial Companies Lllp grew its stake in Banc of California by 35.1% during the fourth quarter. Jones Financial Companies Lllp now owns 3,574 shares of the bank’s stock valued at $55,000 after acquiring an additional 928 shares in the last quarter. Smartleaf Asset Management LLC lifted its stake in Banc of California by 205.8% in the 4th quarter. Smartleaf Asset Management LLC now owns 4,348 shares of the bank’s stock worth $68,000 after purchasing an additional 2,926 shares in the last quarter. Finally, Summit Securities Group LLC purchased a new stake in Banc of California in the 4th quarter worth approximately $97,000. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

Banc of California Trading Up 0.8 %

NYSE:BANC opened at $13.00 on Thursday. The firm has a 50-day simple moving average of $14.11 and a 200-day simple moving average of $15.22. Banc of California, Inc. has a one year low of $11.52 and a one year high of $18.08. The firm has a market cap of $2.06 billion, a P/E ratio of 23.21 and a beta of 0.85. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.90.

Banc of California (NYSE:BANC) last announced its earnings results on Thursday, January 23rd. The bank reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.05. Banc of California had a net margin of 7.06% and a return on equity of 6.20%. Equities analysts anticipate that Banc of California, Inc. will post 1.31 EPS for the current fiscal year.

Banc of California Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 3.08%. The ex-dividend date of this dividend was Friday, March 14th. Banc of California’s payout ratio is presently 71.43%.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. JPMorgan Chase & Co. began coverage on shares of Banc of California in a report on Friday, February 7th. They issued a “neutral” rating and a $18.00 price target on the stock. Wells Fargo & Company decreased their target price on Banc of California from $20.00 to $16.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 9th. Barclays dropped their price target on Banc of California from $19.00 to $18.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Stephens cut their target price on shares of Banc of California from $18.00 to $17.00 and set an “equal weight” rating for the company in a research report on Monday, January 27th. Finally, Raymond James raised their price target on shares of Banc of California from $17.00 to $18.00 and gave the stock an “outperform” rating in a report on Friday, January 24th. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $17.73.

Banc of California 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.