Banc of California, Inc. (NYSE:BANC) Position Increased by Hodges Capital Management Inc.

Hodges Capital Management Inc. lifted its position in Banc of California, Inc. (NYSE:BANC - Free Report) by 10.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,281,410 shares of the bank's stock after buying an additional 221,125 shares during the period. Banc of California makes up about 2.1% of Hodges Capital Management Inc.'s investment portfolio, making the stock its 6th biggest position. Hodges Capital Management Inc. owned approximately 1.44% of Banc of California worth $35,270,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in BANC. Future Financial Wealth Managment LLC acquired a new stake in Banc of California in the third quarter valued at approximately $29,000. GAMMA Investing LLC lifted its stake in shares of Banc of California by 32.3% in the 3rd quarter. GAMMA Investing LLC now owns 3,005 shares of the bank's stock valued at $44,000 after purchasing an additional 734 shares during the last quarter. KBC Group NV lifted its holdings in shares of Banc of California by 71.0% in the 4th quarter. KBC Group NV now owns 7,286 shares of the bank's stock worth $113,000 after acquiring an additional 3,026 shares during the last quarter. Paloma Partners Management Co purchased a new stake in Banc of California during the third quarter worth about $158,000. Finally, Marshall Wace LLP purchased a new stake in shares of Banc of California during the second quarter worth $166,000. 86.88% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Keefe, Bruyette & Woods lifted their price target on shares of Banc of California from $17.50 to $20.00 and gave the stock an "outperform" rating in a research note on Wednesday, December 4th. Citigroup assumed coverage on Banc of California in a report on Thursday, October 10th. They set a "neutral" rating and a $15.00 price objective on the stock. StockNews.com upgraded shares of Banc of California from a "sell" rating to a "hold" rating in a research report on Friday, January 24th. DA Davidson increased their price objective on Banc of California from $16.50 to $19.00 and gave the company a "buy" rating in a research note on Wednesday, October 23rd. Finally, Barclays reduced their price target on Banc of California from $20.00 to $19.00 and set an "overweight" rating on the stock in a research note on Friday, January 24th. Four equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $18.20.

Banc of California Price Performance

NYSE:BANC traded up $0.01 on Thursday, reaching $16.52. The stock had a trading volume of 1,828,110 shares, compared to its average volume of 1,887,271. The company has a market capitalization of $2.62 billion, a P/E ratio of 29.51 and a beta of 1.14. Banc of California, Inc. has a 1-year low of $11.88 and a 1-year high of $18.08. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.31. The stock has a fifty day moving average price of $16.05 and a 200-day moving average price of $15.17.

Banc of California (NYSE:BANC - Get Free Report) last announced its quarterly earnings results on Thursday, January 23rd. The bank reported $0.28 earnings per share for the quarter, topping analysts' consensus estimates of $0.23 by $0.05. Banc of California had a net margin of 7.06% and a return on equity of 6.20%. Research analysts forecast that Banc of California, Inc. will post 1.35 EPS for the current year.

Banc of California Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Monday, December 16th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date of this dividend was Monday, December 16th. Banc of California's payout ratio 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.