Assenagon Asset Management S.A. Acquires 535,654 Shares of Banc of California, Inc. (NYSE:BANC)

Assenagon Asset Management S.A. grew its position in shares of Banc of California, Inc. (NYSE:BANC - Free Report) by 461.6% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 651,695 shares of the bank's stock after purchasing an additional 535,654 shares during the quarter. Assenagon Asset Management S.A. owned about 0.41% of Banc of California worth $9,599,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BANC. Fifth Third Bancorp grew its holdings in Banc of California by 146.3% in the second quarter. Fifth Third Bancorp now owns 2,143 shares of the bank's stock worth $27,000 after purchasing an additional 1,273 shares during the period. Future Financial Wealth Managment LLC acquired a new position in Banc of California during the 3rd quarter worth approximately $29,000. GAMMA Investing LLC raised its stake in Banc of California by 32.3% during the 3rd quarter. GAMMA Investing LLC now owns 3,005 shares of the bank's stock worth $44,000 after buying an additional 734 shares during the period. Mendon Capital Advisors Corp bought a new position in shares of Banc of California in the 2nd quarter worth $102,000. Finally, Simplicity Wealth LLC acquired a new position in Banc of California during the second quarter worth $132,000. Institutional investors and hedge funds own 86.88% of the company's stock.

Banc of California Stock Performance

NYSE:BANC traded up $0.62 during trading hours on Monday, reaching $15.84. The stock had a trading volume of 2,296,533 shares, compared to its average volume of 2,333,921. The stock has a market cap of $2.49 billion, a P/E ratio of -4.76 and a beta of 1.14. The stock has a 50 day simple moving average of $14.50 and a 200 day simple moving average of $13.91. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.83 and a current ratio of 0.89. Banc of California, Inc. has a 12-month low of $10.60 and a 12-month high of $15.86.

Banc of California (NYSE:BANC - Get Free Report) last announced its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.25 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.14 by $0.11. The business had revenue of $431.44 million for the quarter, compared to analysts' expectations of $229.46 million. Banc of California had a positive return on equity of 2.93% and a negative net margin of 20.75%. During the same period in the previous year, the business posted $0.30 EPS. On average, research analysts forecast that Banc of California, Inc. will post 0.61 EPS for the current fiscal year.

Banc of California Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 16th were paid a $0.10 dividend. The ex-dividend date was Monday, September 16th. This represents a $0.40 dividend on an annualized basis and a yield of 2.53%. Banc of California's dividend payout ratio is -12.01%.

Insider Buying and Selling at Banc of California

In related news, Director Richard J. Lashley sold 75,000 shares of the stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $14.00, for a total transaction of $1,050,000.00. Following the sale, the director now owns 719,826 shares of the company's stock, valued at approximately $10,077,564. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 7.37% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Wells Fargo & Company lifted their price objective on shares of Banc of California from $16.00 to $17.00 and gave the company an "equal weight" rating in a report on Wednesday, October 23rd. Stephens boosted their price objective on Banc of California from $15.00 to $16.00 and gave the stock an "equal weight" rating in a report on Thursday. Wedbush raised their target price on Banc of California from $18.00 to $19.00 and gave the company an "outperform" rating in a report on Wednesday, October 23rd. Keefe, Bruyette & Woods decreased their price target on Banc of California from $18.00 to $17.00 and set an "outperform" rating for the company in a report on Tuesday, July 9th. Finally, Barclays raised their price objective on Banc of California from $16.00 to $17.00 and gave the company an "equal weight" rating in a research note on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Banc of California presently has a consensus rating of "Hold" and a consensus price target of $17.20.

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.