Oliver Luxxe Assets LLC Makes New $1.32 Million Investment in Banc of California, Inc. (NYSE:BANC)

Oliver Luxxe Assets LLC acquired a new stake in shares of Banc of California, Inc. (NYSE:BANC - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 85,555 shares of the bank's stock, valued at approximately $1,323,000. Oliver Luxxe Assets LLC owned about 0.05% of Banc of California as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in BANC. GAMMA Investing LLC raised its holdings in Banc of California by 32.3% during the third quarter. GAMMA Investing LLC now owns 3,005 shares of the bank's stock worth $44,000 after purchasing an additional 734 shares in the last quarter. Crescent Grove Advisors LLC raised its stake in shares of Banc of California by 0.8% during the 3rd quarter. Crescent Grove Advisors LLC now owns 98,420 shares of the bank's stock worth $1,460,000 after buying an additional 772 shares in the last quarter. World Investment Advisors LLC lifted its holdings in shares of Banc of California by 4.5% in the 3rd quarter. World Investment Advisors LLC now owns 18,082 shares of the bank's stock valued at $266,000 after buying an additional 779 shares during the period. FMR LLC boosted its stake 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 buying an additional 1,126 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in Banc of California by 2.6% during the second quarter. The Manufacturers Life Insurance Company now owns 77,384 shares of the bank's stock worth $989,000 after acquiring an additional 1,939 shares during the period. 86.88% of the stock is owned by institutional investors and hedge funds.

Banc of California Trading Down 0.9 %

Shares of BANC traded down $0.14 during mid-day trading on Tuesday, reaching $15.68. The company had a trading volume of 1,931,412 shares, compared to its average volume of 1,765,528. Banc of California, Inc. has a fifty-two week low of $11.88 and a fifty-two week high of $18.08. The firm has a fifty day simple moving average of $16.23 and a 200-day simple moving average of $14.76. The stock has a market cap of $2.49 billion, a price-to-earnings ratio of -3.67 and a beta of 1.14. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31.

Banc of California (NYSE:BANC - Get Free Report) last issued its earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share for the quarter, beating analysts' consensus estimates of $0.14 by $0.11. The firm 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 quarter last year, the firm earned $0.30 earnings per share. On average, sell-side analysts anticipate that Banc of California, Inc. will post 0.7 EPS for the current fiscal year.

Banc of California Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Monday, December 16th were issued a $0.10 dividend. The ex-dividend date was Monday, December 16th. This represents a $0.40 annualized dividend and a yield of 2.55%. Banc of California's payout ratio is -9.37%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on BANC shares. DA Davidson raised their target price on Banc of California from $16.50 to $19.00 and gave the company a "buy" rating in a report on Wednesday, October 23rd. Stephens raised their price objective on shares of Banc of California from $15.00 to $16.00 and gave the company an "equal weight" rating in a research note on Thursday, October 24th. Keefe, Bruyette & Woods upped their target price on shares of Banc of California from $17.50 to $20.00 and gave the stock an "outperform" rating in a research report on Wednesday, December 4th. Citigroup initiated coverage on shares of Banc of California in a research report on Thursday, October 10th. They set a "neutral" rating and a $15.00 price target for the company. Finally, Raymond James boosted their target price on Banc of California from $16.00 to $17.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Banc of California currently has a consensus rating of "Moderate Buy" and an average price target of $18.10.

Banc of California 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.