Banc Funds Co. LLC Decreases Stake in Banc of California, Inc. $BANC

Banc Funds Co. LLC trimmed its position in shares of Banc of California, Inc. (NYSE:BANC) by 17.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 615,764 shares of the bank’s stock after selling 125,781 shares during the period. Banc of California comprises about 1.8% of Banc Funds Co. LLC’s portfolio, making the stock its 14th biggest position. Banc Funds Co. LLC’s holdings in Banc of California were worth $10,191,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Amalgamated Bank lifted its stake in Banc of California by 1.6% in the third quarter. Amalgamated Bank now owns 37,460 shares of the bank’s stock worth $620,000 after acquiring an additional 585 shares during the last quarter. Crescent Grove Advisors LLC increased its position in shares of Banc of California by 0.7% in the 2nd quarter. Crescent Grove Advisors LLC now owns 100,428 shares of the bank’s stock valued at $1,421,000 after purchasing an additional 706 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Banc of California by 7.7% in the 3rd quarter. PNC Financial Services Group Inc. now owns 10,804 shares of the bank’s stock valued at $179,000 after purchasing an additional 777 shares in the last quarter. Amundi raised its holdings in shares of Banc of California by 5.6% in the 3rd quarter. Amundi now owns 23,048 shares of the bank’s stock valued at $410,000 after purchasing an additional 1,222 shares in the last quarter. Finally, California State Teachers Retirement System lifted its position in shares of Banc of California by 1.2% during the 2nd quarter. California State Teachers Retirement System now owns 131,299 shares of the bank’s stock worth $1,845,000 after purchasing an additional 1,541 shares during the last quarter. Institutional investors and hedge funds own 86.88% of the company’s stock.

Banc of California Stock Down 0.1%

Shares of NYSE:BANC opened at $16.78 on Friday. Banc of California, Inc. has a fifty-two week low of $11.52 and a fifty-two week high of $21.61. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.31. The firm’s 50-day simple moving average is $19.60 and its 200-day simple moving average is $18.34. The company has a market cap of $2.54 billion, a price-to-earnings ratio of 14.22 and a beta of 0.72.

Banc of California (NYSE:BANC) last posted its quarterly earnings results on Wednesday, January 21st. The bank reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.05. The firm had revenue of $292.93 million during the quarter, compared to analysts’ expectations of $288.41 million. Banc of California had a net margin of 12.59% and a return on equity of 8.66%. During the same period in the prior year, the company posted $0.28 earnings per share. As a group, equities research analysts predict that Banc of California, Inc. will post 1.31 earnings per share for the current year.

Banc of California Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Monday, March 16th will be paid a dividend of $0.12 per share. This is a positive change from Banc of California’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend is Monday, March 16th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.9%. Banc of California’s dividend payout ratio (DPR) is currently 33.90%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on BANC. Barclays boosted their target price on shares of Banc of California from $21.00 to $25.00 and gave the stock an “overweight” rating in a research note on Friday, December 19th. Wall Street Zen raised Banc of California from a “sell” rating to a “hold” rating in a report on Saturday, January 10th. Keefe, Bruyette & Woods upped their price objective on Banc of California from $22.00 to $23.00 and gave the stock an “outperform” rating in a research report on Friday, January 23rd. Weiss Ratings reiterated a “hold (c)” rating on shares of Banc of California in a report on Wednesday, January 21st. Finally, JPMorgan Chase & Co. raised their target price on Banc of California from $21.00 to $24.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 16th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $20.86.

Banc of California Company 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.