Mirabella Financial Services LLP Buys Shares of 150,893 Banc of California, Inc. (NYSE:BANC)

Mirabella Financial Services LLP bought a new stake in shares of Banc of California, Inc. (NYSE:BANC - Free Report) during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 150,893 shares of the bank's stock, valued at approximately $2,223,000. Mirabella Financial Services LLP owned about 0.10% of Banc of California as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Banc of California by 17.6% during the 1st quarter. Vanguard Group Inc. now owns 10,597,751 shares of the bank's stock worth $161,192,000 after purchasing an additional 1,582,941 shares during the last quarter. American International Group Inc. grew its stake in Banc of California by 3.7% in the 1st quarter. American International Group Inc. now owns 74,095 shares of the bank's stock worth $1,127,000 after acquiring an additional 2,653 shares during the period. CANADA LIFE ASSURANCE Co raised its holdings in Banc of California by 8.6% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 117,025 shares of the bank's stock valued at $1,780,000 after acquiring an additional 9,312 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Banc of California by 394.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 331,076 shares of the bank's stock valued at $5,037,000 after acquiring an additional 264,070 shares during the last quarter. Finally, Redwood Investment Management LLC acquired a new stake in shares of Banc of California during the first quarter worth $630,000. Institutional investors and hedge funds own 86.88% of the company's stock.

Banc of California Stock Up 4.8 %

Shares of NYSE BANC traded up $0.82 on Monday, hitting $17.77. The company had a trading volume of 4,481,909 shares, compared to its average volume of 2,361,688. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31. Banc of California, Inc. has a 12-month low of $11.36 and a 12-month high of $18.08. The firm has a market capitalization of $2.82 billion, a P/E ratio of -4.16 and a beta of 1.13. The business has a 50 day moving average of $15.30 and a two-hundred day moving average of $14.18.

Banc of California (NYSE:BANC - Get Free Report) last issued its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.11. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%. The company had revenue of $431.44 million during the quarter, compared to the consensus estimate of $229.46 million. During the same quarter last year, the company earned $0.30 earnings per share. As a group, equities research analysts forecast that Banc of California, Inc. will post 0.7 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be paid a dividend of $0.10 per share. The ex-dividend date is Monday, December 16th. This represents a $0.40 dividend on an annualized basis and a yield of 2.25%. Banc of California's dividend payout ratio (DPR) is presently -9.37%.

Insiders Place Their Bets

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of the firm's stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total transaction of $1,050,000.00. Following the completion of the transaction, the director now directly owns 719,826 shares of the company's stock, valued at $10,077,564. This trade represents a 9.44 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.80% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts recently commented on BANC shares. Wedbush upped their target price on Banc of California from $18.00 to $19.00 and gave the company an "outperform" rating in a research note on Wednesday, October 23rd. Citigroup started coverage on shares of Banc of California in a report on Thursday, October 10th. They issued a "neutral" rating and a $15.00 target price for the company. Stephens increased their price target on shares of Banc of California from $15.00 to $16.00 and gave the stock an "equal weight" rating in a research note on Thursday, October 24th. Raymond James boosted their price objective on shares of Banc of California from $16.00 to $17.00 and gave the company an "outperform" rating in a research note on Wednesday, October 23rd. Finally, Wells Fargo & Company upped their price objective on Banc of California from $16.00 to $17.00 and gave the stock an "equal weight" rating in a report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $17.30.

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.