37,973 Banc of California, Inc. $BANC Shares Acquired by Summit Global Investments

Summit Global Investments increased its position in shares of Banc of California, Inc. (NYSE:BANC) by 109.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 72,556 shares of the bank’s stock after acquiring an additional 37,973 shares during the quarter. Summit Global Investments’ holdings in Banc of California were worth $1,250,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in BANC. Yousif Capital Management LLC boosted its stake in Banc of California by 10.5% in the 3rd quarter. Yousif Capital Management LLC now owns 39,963 shares of the bank’s stock worth $689,000 after purchasing an additional 3,804 shares during the period. Pinnacle Associates Ltd. raised its stake in Banc of California by 13.9% during the 3rd quarter. Pinnacle Associates Ltd. now owns 15,732 shares of the bank’s stock valued at $271,000 after purchasing an additional 1,914 shares during the period. Engineers Gate Manager LP raised its stake in Banc of California by 8.8% during the 2nd quarter. Engineers Gate Manager LP now owns 232,431 shares of the bank’s stock valued at $4,749,000 after purchasing an additional 18,862 shares during the period. Integrated Wealth Concepts LLC purchased a new stake in shares of Banc of California in the second quarter valued at $70,000. Finally, Squarepoint Ops LLC lifted its holdings in shares of Banc of California by 417.1% in the second quarter. Squarepoint Ops LLC now owns 323,256 shares of the bank’s stock valued at $6,604,000 after purchasing an additional 260,741 shares in the last quarter. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Wall Street Zen raised Banc of California from a “strong sell” rating to a “sell” rating in a research report on Sunday, September 27th. Barclays increased their price objective on Banc of California from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Monday, October 5th. Brean Capital lowered Banc of California from a “buy” rating to a “neutral” rating in a research report on Thursday, July 30th. Weiss Ratings cut Banc of California from a “hold (c+)” rating to a “hold (c-)” rating in a research note on Friday, August 21st. Finally, Wells Fargo & Company lowered their target price on Banc of California from $23.00 to $22.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 30th. Seven equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Banc of California has a consensus rating of “Moderate Buy” and a consensus target price of $22.50.

Insider Buying and Selling

In other Banc of California news, insider Olivia I. Lindsay sold 6,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $19.50, for a total value of $117,000.00. Following the completion of the sale, the insider directly owned 32,842 shares of the company’s stock, valued at $640,419. The trade was a 15.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, General Counsel Ido Dotan sold 10,541 shares of the stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $18.30, for a total transaction of $192,900.30. Following the transaction, the general counsel owned 45,702 shares in the company, valued at approximately $836,346.60. This trade represents a 18.74% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 2.78% of the company’s stock.

Banc of California Trading Down 0.2%

Banc of California stock opened at $18.20 on Monday. The company’s fifty day simple moving average is $18.01 and its 200-day simple moving average is $18.95. The company has a quick ratio of 0.85, a current ratio of 0.87 and a debt-to-equity ratio of 0.20. Banc of California, Inc. has a 12 month low of $16.12 and a 12 month high of $21.93. The stock has a market cap of $2.88 billion, a P/E ratio of -53.53 and a beta of 0.74.

Banc of California (NYSE:BANC) last announced its quarterly earnings data on Tuesday, October 27th. The bank reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.01. The business had revenue of $303.07 million during the quarter, compared to analyst estimates of $306.27 million. Banc of California had a positive return on equity of 8.51% and a negative net margin of 0.58%. Banc of California’s quarterly revenue was up 5.6% compared to the same quarter last year. During the same period last year, the company earned $0.38 earnings per share. As a group, sell-side analysts forecast that Banc of California, Inc. will post 1.70 EPS for the current fiscal year.

Banc of California Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Tuesday, September 15th were paid a $0.12 dividend. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $0.48 annualized dividend and a dividend yield of 2.6%. Banc of California’s payout ratio is presently -141.18%.

About Banc of California

Banc of California, Inc is a bank holding company whose principal subsidiary, Banc of California, N.A., provides banking and financial services to businesses, professionals, nonprofit organizations and individuals. The bank operates as a full-service commercial bank, offering deposit accounts, commercial and consumer loans, home lending, treasury management, cash-management services and online and mobile banking.

The company primarily serves customers throughout California, with operations and relationships extending into select western markets.