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

Oliver Luxxe Assets LLC acquired a new position in shares of Banc of California, Inc. (NYSE:BANC - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 85,555 shares of the bank's stock, valued at approximately $1,323,000. Oliver Luxxe Assets LLC owned 0.05% of Banc of California as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Hsbc Holdings PLC boosted its holdings in shares of Banc of California by 66.4% during the second quarter. Hsbc Holdings PLC now owns 54,293 shares of the bank's stock valued at $684,000 after acquiring an additional 21,670 shares during the period. Sei Investments Co. boosted its stake in Banc of California by 5.7% during the 2nd quarter. Sei Investments Co. now owns 535,193 shares of the bank's stock valued at $6,840,000 after purchasing an additional 28,991 shares during the period. Public Sector Pension Investment Board boosted its stake in Banc of California by 7.5% during the 2nd quarter. Public Sector Pension Investment Board now owns 305,456 shares of the bank's stock valued at $3,904,000 after purchasing an additional 21,365 shares during the period. Marshall Wace LLP bought a new position in Banc of California in the 2nd quarter worth about $166,000. Finally, The Manufacturers Life Insurance Company increased its stake in shares of Banc of California by 2.6% in the second quarter. The Manufacturers Life Insurance Company now owns 77,384 shares of the bank's stock valued at $989,000 after purchasing an additional 1,939 shares during the period. Institutional investors own 86.88% of the company's stock.

Banc of California Stock Up 1.2 %

NYSE BANC traded up $0.20 during trading on Friday, reaching $15.90. 1,414,424 shares of the company's stock were exchanged, compared to its average volume of 1,920,713. The firm has a market capitalization of $2.52 billion, a PE ratio of -3.72 and a beta of 1.14. Banc of California, Inc. has a fifty-two week low of $11.88 and a fifty-two week high of $18.08. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. The company's fifty day simple moving average is $16.17 and its 200-day simple moving average is $15.00.

Banc of California (NYSE:BANC - Get Free Report) last announced its quarterly earnings data on Thursday, January 23rd. The bank reported $0.28 EPS for the quarter, beating analysts' consensus estimates 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%. Sell-side analysts predict that Banc of California, Inc. will post 0.71 EPS for the current year.

Banc of California Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date of this dividend was Monday, December 16th. Banc of California's dividend payout ratio (DPR) is presently -9.37%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on BANC shares. Stephens increased their price objective on Banc of California from $15.00 to $16.00 and gave the stock an "equal weight" rating in a report on Thursday, October 24th. Citigroup initiated coverage on Banc of California in a report on Thursday, October 10th. They issued a "neutral" rating and a $15.00 price target on the stock. Wedbush raised their price objective on Banc of California from $18.00 to $19.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods boosted their target price on Banc of California from $17.50 to $20.00 and gave the stock an "outperform" rating in a research report on Wednesday, December 4th. Finally, DA Davidson upped their target price on Banc of California from $16.50 to $19.00 and gave the company a "buy" rating in a report on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Banc of California has a consensus rating of "Moderate Buy" and a consensus price target of $18.10.

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.