Charles Schwab Investment Management Inc. Acquires 44,951 Shares of Banc of California, Inc. (NYSE:BANC)

Charles Schwab Investment Management Inc. lifted its stake in Banc of California, Inc. (NYSE:BANC - Free Report) by 3.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,233,452 shares of the bank's stock after buying an additional 44,951 shares during the period. Charles Schwab Investment Management Inc. owned approximately 0.78% of Banc of California worth $18,169,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Fifth Third Bancorp increased its holdings in Banc of California by 146.3% in the 2nd quarter. Fifth Third Bancorp now owns 2,143 shares of the bank's stock valued at $27,000 after buying an additional 1,273 shares during the period. Future Financial Wealth Managment LLC bought a new position in Banc of California in the third quarter valued at approximately $29,000. GAMMA Investing LLC increased its stake in Banc of California by 32.3% in the third quarter. GAMMA Investing LLC now owns 3,005 shares of the bank's stock valued at $44,000 after acquiring an additional 734 shares during the last quarter. Mendon Capital Advisors Corp acquired a new position in Banc of California during the second quarter valued at approximately $102,000. Finally, Simplicity Wealth LLC bought a new stake in Banc of California during the second quarter worth $132,000. Institutional investors and hedge funds own 86.88% of the company's stock.

Banc of California Trading Up 0.8 %

Shares of NYSE:BANC traded up $0.13 during mid-day trading on Friday, reaching $17.06. 1,337,063 shares of the company's stock were exchanged, compared to its average volume of 2,122,552. The firm has a market capitalization of $2.71 billion, a price-to-earnings ratio of -4.00 and a beta of 1.14. Banc of California, Inc. has a twelve month low of $11.88 and a twelve month high of $18.08. The business's fifty day moving average price is $15.71 and its 200-day moving average price is $14.36. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.89.

Banc of California (NYSE:BANC - Get Free Report) last announced its earnings results on Tuesday, October 22nd. The bank reported $0.25 EPS for the quarter, topping the consensus estimate of $0.14 by $0.11. Banc of California had a positive return on equity of 2.93% and a negative net margin of 20.75%. The firm had revenue of $431.44 million for the quarter, compared to the consensus estimate of $229.46 million. During the same period in the previous year, the business earned $0.30 EPS. On average, research analysts predict that Banc of California, Inc. will post 0.7 EPS for the current fiscal year.

Banc of California Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, December 16th. This represents a $0.40 annualized dividend and a yield of 2.34%. Banc of California's payout ratio is -9.37%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Wedbush lifted their price target on Banc of California from $18.00 to $19.00 and gave the company an "outperform" rating in a research note on Wednesday, October 23rd. DA Davidson boosted their target price on Banc of California from $16.50 to $19.00 and gave the stock a "buy" rating in a research note on Wednesday, October 23rd. Raymond James increased their target price on shares of Banc of California from $16.00 to $17.00 and gave the stock an "outperform" rating in a report on Wednesday, October 23rd. Barclays lifted their price target on shares of Banc of California from $18.00 to $20.00 and gave the company an "overweight" rating in a report on Thursday. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Banc of California from $17.50 to $20.00 and gave the company an "outperform" rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $17.80.

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.