Geode Capital Management LLC Cuts Holdings in Banc of California, Inc. (NYSE:BANC)

Geode Capital Management LLC trimmed its position in shares of Banc of California, Inc. (NYSE:BANC - Free Report) by 0.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,161,883 shares of the bank's stock after selling 29,314 shares during the quarter. Geode Capital Management LLC owned approximately 1.99% of Banc of California worth $48,895,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the company. Crescent Grove Advisors LLC increased its holdings in Banc of California by 0.7% in the fourth quarter. Crescent Grove Advisors LLC now owns 99,084 shares of the bank's stock valued at $1,542,000 after buying an additional 664 shares in the last quarter. CIBC Asset Management Inc lifted its stake in Banc of California by 4.8% in the 4th quarter. CIBC Asset Management Inc now owns 15,052 shares of the bank's stock valued at $233,000 after buying an additional 683 shares in the last quarter. World Investment Advisors LLC boosted its stake in shares of Banc of California by 4.5% in the third quarter. World Investment Advisors LLC now owns 18,082 shares of the bank's stock worth $266,000 after acquiring an additional 779 shares during the last quarter. Jones Financial Companies Lllp grew its holdings in shares of Banc of California by 35.1% during the fourth quarter. Jones Financial Companies Lllp now owns 3,574 shares of the bank's stock worth $55,000 after buying an additional 928 shares in the last quarter. Finally, FMR LLC raised its holdings in Banc of California by 5.8% in the 3rd quarter. FMR LLC now owns 20,659 shares of the bank's stock valued at $304,000 after acquiring an additional 1,126 shares during the last quarter. 86.88% of the stock is currently owned by institutional investors and hedge funds.

Banc of California Stock Performance

NYSE:BANC traded up $0.22 during midday trading on Friday, reaching $13.19. The stock had a trading volume of 2,775,006 shares, compared to its average volume of 2,356,334. The stock has a market cap of $2.09 billion, a P/E ratio of 23.55 and a beta of 0.85. 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 12-month low of $11.52 and a 12-month high of $18.08. The firm has a fifty day simple moving average of $13.98 and a two-hundred day simple moving average of $15.20.

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

Banc of California Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 3.03%. The ex-dividend date was Friday, March 14th. Banc of California's payout ratio is currently 71.43%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on BANC. JPMorgan Chase & Co. initiated coverage on Banc of California in a report on Friday, February 7th. They issued a "neutral" rating and a $18.00 price objective on the stock. Raymond James upped their price target on Banc of California from $17.00 to $18.00 and gave the stock an "outperform" rating in a research note on Friday, January 24th. Barclays decreased their target price on Banc of California from $19.00 to $18.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. 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, Stephens cut their target price on shares of Banc of California from $18.00 to $17.00 and set an "equal weight" rating on the stock in a research note on Monday, January 27th. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Banc of California has a consensus rating of "Moderate Buy" and an average target price of $17.73.

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.