Banc of California, Inc. (NYSE:BANC) Shares Sold by Patriot Financial Partners GP LP

Patriot Financial Partners GP LP cut its holdings in Banc of California, Inc. (NYSE:BANC - Free Report) by 46.1% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 1,000,232 shares of the bank's stock after selling 855,000 shares during the period. Banc of California comprises approximately 5.0% of Patriot Financial Partners GP LP's holdings, making the stock its 6th biggest position. Patriot Financial Partners GP LP owned 0.63% of Banc of California worth $15,464,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Picton Mahoney Asset Management acquired a new position in shares of Banc of California in the 4th quarter valued at about $30,000. SBI Securities Co. Ltd. bought a new stake in Banc of California in the 4th quarter valued at about $36,000. Jones Financial Companies Lllp lifted its position in Banc of California by 35.1% in the 4th quarter. Jones Financial Companies Lllp now owns 3,574 shares of the bank's stock valued at $55,000 after purchasing an additional 928 shares during the last quarter. Smartleaf Asset Management LLC lifted its position 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 valued at $68,000 after purchasing an additional 2,926 shares during the last quarter. Finally, KBC Group NV lifted its position in Banc of California by 71.0% in the 4th quarter. KBC Group NV now owns 7,286 shares of the bank's stock valued at $113,000 after purchasing an additional 3,026 shares during the last quarter. 86.88% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently weighed in on BANC. Raymond James upped their price objective 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. JPMorgan Chase & Co. assumed coverage on shares of Banc of California in a research report on Friday, February 7th. They issued a "neutral" rating and a $18.00 target price on the stock. Wells Fargo & Company raised shares of Banc of California from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $17.00 to $20.00 in a research report on Monday, January 6th. StockNews.com raised shares of Banc of California from a "sell" rating to a "hold" rating in a research report on Friday, January 24th. Finally, Barclays dropped their target price on Banc of California from $20.00 to $19.00 and set an "overweight" rating on the stock in a report on Friday, January 24th. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Banc of California has an average rating of "Moderate Buy" and a consensus price target of $18.18.

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Banc of California Stock Performance

BANC stock traded up $0.14 during mid-day trading on Wednesday, reaching $14.15. 2,382,365 shares of the stock traded hands, compared to its average volume of 2,077,620. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.31. Banc of California, Inc. has a 52 week low of $11.88 and a 52 week high of $18.08. The business has a 50-day moving average of $15.28 and a two-hundred day moving average of $15.41. The firm has a market capitalization of $2.25 billion, a PE ratio of 25.26 and a beta of 1.18.

Banc of California (NYSE:BANC - Get Free Report) last posted its quarterly earnings results on Thursday, January 23rd. The bank reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.05. Banc of California had a net margin of 7.06% and a return on equity of 6.20%. As a group, equities analysts predict that Banc of California, Inc. will post 1.31 EPS for the current fiscal year.

Banc of California Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.83%. The ex-dividend date is Friday, March 14th. Banc of California's dividend payout ratio (DPR) is presently 71.43%.

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.