Mirabella Financial Services LLP Has $6.33 Million Stake in Banc of California, Inc. (NYSE:BANC)

Mirabella Financial Services LLP boosted its stake in Banc of California, Inc. (NYSE:BANC - Free Report) by 171.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 409,511 shares of the bank's stock after acquiring an additional 258,618 shares during the quarter. Mirabella Financial Services LLP owned 0.26% of Banc of California worth $6,331,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. FMR LLC lifted its holdings in shares of Banc of California by 5.8% in the third quarter. FMR LLC now owns 20,659 shares of the bank's stock valued at $304,000 after purchasing an additional 1,126 shares in the last quarter. Barclays PLC raised its position in Banc of California by 4.4% in the 3rd quarter. Barclays PLC now owns 425,634 shares of the bank's stock valued at $6,270,000 after buying an additional 17,876 shares during the last quarter. Sanctuary Advisors LLC bought a new stake in Banc of California in the 3rd quarter valued at approximately $167,000. World Investment Advisors LLC boosted its position in Banc of California by 4.5% during the 3rd 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. Finally, Oliver Luxxe Assets LLC bought a new position in shares of Banc of California during the 4th quarter worth approximately $1,323,000. 86.88% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently commented on BANC shares. Barclays cut their price objective 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. Raymond James increased 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. JPMorgan Chase & Co. initiated coverage on Banc of California in a research report on Friday, February 7th. They issued a "neutral" rating and a $18.00 target price on the stock. Wells Fargo & Company reduced their price target on Banc of California from $20.00 to $16.00 and set an "overweight" rating for the company in a research report on Wednesday, April 9th. Finally, Stephens decreased 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. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $17.73.

Banc of California Stock Performance

Shares of NYSE BANC traded up $0.43 during mid-day trading on Wednesday, reaching $13.79. 3,592,223 shares of the company were exchanged, compared to its average volume of 2,344,444. The stock has a market capitalization of $2.19 billion, a P/E ratio of 24.62 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. The company's 50-day simple moving average is $13.84 and its 200-day simple moving average is $15.19. Banc of California, Inc. has a twelve month low of $11.52 and a twelve month high of $18.08.

Banc of California (NYSE:BANC - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The bank reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.02. Banc of California had a net margin of 7.06% and a return on equity of 6.20%. As a group, research analysts predict that Banc of California, Inc. will post 1.31 earnings per share for the current year.

Banc of California Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.90%. The ex-dividend date of this dividend was Friday, March 14th. Banc of California's payout ratio is 71.43%.

Banc of California Company Profile

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.