JPMorgan Chase & Co. Sells 371,616 Shares of Banc of California, Inc. (NYSE:BANC)

JPMorgan Chase & Co. cut its holdings in shares of Banc of California, Inc. (NYSE:BANC - Free Report) by 19.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,569,700 shares of the bank's stock after selling 371,616 shares during the quarter. JPMorgan Chase & Co. owned about 0.99% of Banc of California worth $24,268,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of BANC. Picton Mahoney Asset Management acquired a new position in Banc of California during the 4th quarter valued at $30,000. SBI Securities Co. Ltd. bought a new position in shares of Banc of California during the 4th quarter worth about $36,000. Jones Financial Companies Lllp raised its position 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 valued at $55,000 after buying an additional 928 shares during the last quarter. Smartleaf Asset Management LLC lifted its stake in shares of Banc of California by 205.8% in the fourth quarter. Smartleaf Asset Management LLC now owns 4,348 shares of the bank's stock valued at $68,000 after buying an additional 2,926 shares during the period. Finally, KBC Group NV grew its position in Banc of California by 71.0% during the fourth quarter. KBC Group NV now owns 7,286 shares of the bank's stock worth $113,000 after buying an additional 3,026 shares in the last quarter. 86.88% of the stock is owned by institutional investors.

Banc of California Price Performance

Banc of California stock traded up $0.31 during trading hours on Tuesday, hitting $12.94. 429,058 shares of the stock were exchanged, compared to its average volume of 2,540,818. The stock has a market capitalization of $2.06 billion, a P/E ratio of 23.10 and a beta of 0.85. The business's 50-day moving average is $14.25 and its two-hundred day moving average is $15.25. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.90. Banc of California, Inc. has a 12 month low of $11.52 and a 12 month high of $18.08.

Banc of California (NYSE:BANC - Get Free Report) last released its quarterly earnings results on Thursday, January 23rd. The bank reported $0.28 EPS for the quarter, topping 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%. Equities research analysts expect that Banc of California, Inc. will post 1.31 EPS for the current fiscal year.

Banc of California Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.40 annualized dividend and a yield of 3.09%. Banc of California's dividend payout ratio (DPR) is 71.43%.

Analysts Set New Price Targets

Several research firms have commented on BANC. Stephens cut their price target on Banc of California from $18.00 to $17.00 and set an "equal weight" rating for the company in a report on Monday, January 27th. Raymond James raised their target price on Banc of California from $17.00 to $18.00 and gave the stock an "outperform" rating in a research report on Friday, January 24th. JPMorgan Chase & Co. started coverage on shares of Banc of California in a research note on Friday, February 7th. They set a "neutral" rating and a $18.00 price target on the stock. StockNews.com upgraded shares of Banc of California from a "sell" rating to a "hold" rating in a research note on Friday, January 24th. Finally, Barclays decreased their target price on shares of Banc of California from $19.00 to $18.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus 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.