Janney Montgomery Scott LLC Has $3.34 Million Stake in Banc of California, Inc. (NYSE:BANC)

Janney Montgomery Scott LLC cut its stake in Banc of California, Inc. (NYSE:BANC - Free Report) by 18.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 215,759 shares of the bank's stock after selling 49,000 shares during the period. Janney Montgomery Scott LLC owned 0.14% of Banc of California worth $3,336,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. BNP Paribas Financial Markets boosted its holdings in Banc of California by 34.4% in the third quarter. BNP Paribas Financial Markets now owns 242,534 shares of the bank's stock valued at $3,573,000 after acquiring an additional 62,014 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of Banc of California by 461.6% in the 3rd quarter. Assenagon Asset Management S.A. now owns 651,695 shares of the bank's stock valued at $9,599,000 after purchasing an additional 535,654 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Banc of California by 3.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,233,452 shares of the bank's stock worth $18,169,000 after buying an additional 44,951 shares during the last quarter. Mirabella Financial Services LLP acquired a new position in Banc of California in the third quarter valued at approximately $2,223,000. Finally, Quantbot Technologies LP boosted its stake in Banc of California by 34.8% in the third quarter. Quantbot Technologies LP now owns 247,116 shares of the bank's stock valued at $3,640,000 after acquiring an additional 63,780 shares during the last quarter. 86.88% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have commented on the stock. Wells Fargo & Company upgraded shares of Banc of California from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $17.00 to $20.00 in a research report on Monday, January 6th. Keefe, Bruyette & Woods increased their target price on Banc of California from $17.50 to $20.00 and gave the company an "outperform" rating in a research note on Wednesday, December 4th. Barclays reduced 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. Stephens lowered their price target on Banc of California from $18.00 to $17.00 and set an "equal weight" rating for the company in a research note on Monday, January 27th. Finally, Raymond James lifted their price objective on shares of Banc of California from $17.00 to $18.00 and gave the stock an "outperform" rating in a research note on Friday, January 24th. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $18.20.

Banc of California Stock Up 2.4 %

BANC traded up $0.38 during trading on Tuesday, hitting $16.13. The company had a trading volume of 1,028,709 shares, compared to its average volume of 1,889,150. The company has a market capitalization of $2.56 billion, a PE ratio of 28.81 and a beta of 1.14. 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 one year low of $11.88 and a one year high of $18.08. The firm's 50-day moving average price is $16.08 and its 200 day moving average price is $15.15.

Banc of California (NYSE:BANC - Get Free Report) last issued its quarterly earnings results 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 return on equity of 6.20% and a net margin of 7.06%. As a group, equities analysts expect that Banc of California, Inc. will post 1.35 earnings per share for the current year.

Banc of California Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date of this dividend was Monday, December 16th. Banc of California's dividend payout ratio (DPR) is currently 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.