Peregrine Capital Management LLC Has $6.66 Million Position in Banc of California, Inc. (NYSE:BANC)

Peregrine Capital Management LLC trimmed its stake in shares of Banc of California, Inc. (NYSE:BANC - Free Report) by 3.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 430,526 shares of the bank's stock after selling 15,822 shares during the period. Peregrine Capital Management LLC owned approximately 0.27% of Banc of California worth $6,656,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Basswood Capital Management L.L.C. lifted its position in Banc of California by 589.8% during the 3rd quarter. Basswood Capital Management L.L.C. now owns 1,732,894 shares of the bank's stock valued at $25,526,000 after purchasing an additional 1,481,692 shares during the period. Wellington Management Group LLP acquired a new position in shares of Banc of California in the 3rd quarter valued at $21,207,000. Verition Fund Management LLC grew its holdings in shares of Banc of California by 93.2% in the 3rd quarter. Verition Fund Management LLC now owns 2,476,387 shares of the bank's stock valued at $36,477,000 after buying an additional 1,194,839 shares during the period. Azora Capital LP acquired a new position in shares of Banc of California in the 3rd quarter valued at $12,494,000. Finally, Assenagon Asset Management S.A. grew its holdings in shares of Banc of California by 461.6% in the 3rd quarter. Assenagon Asset Management S.A. now owns 651,695 shares of the bank's stock valued at $9,599,000 after buying an additional 535,654 shares during the period. 86.88% of the stock is currently owned by institutional investors and hedge funds.

Banc of California Stock Down 2.9 %

BANC traded down $0.45 during trading on Friday, reaching $14.99. 2,012,722 shares of the stock were exchanged, compared to its average volume of 1,854,965. The stock has a market cap of $2.38 billion, a P/E ratio of 26.78 and a beta of 1.14. Banc of California, Inc. has a twelve month low of $11.88 and a twelve month high of $18.08. The stock's 50 day moving average price is $15.83 and its two-hundred day moving average price is $15.32. 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 (NYSE:BANC - Get Free Report) last issued its earnings results on Thursday, January 23rd. The bank reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.05. Banc of California had a net margin of 7.06% and a return on equity of 6.20%. Equities analysts expect that Banc of California, Inc. will post 1.31 EPS for the current year.

Banc of California Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.67%. The ex-dividend date of this dividend is Friday, March 14th. Banc of California's payout ratio is presently 71.43%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on BANC. StockNews.com raised Banc of California from a "sell" rating to a "hold" rating in a research report on Friday, January 24th. Keefe, Bruyette & Woods upped their price target on shares of Banc of California from $17.50 to $20.00 and gave the company an "outperform" rating in a report on Wednesday, December 4th. JPMorgan Chase & Co. began coverage on shares of Banc of California in a report on Friday, February 7th. They issued a "neutral" rating and a $18.00 price target for the company. Stephens reduced their price target on shares of 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. Finally, Barclays dropped their price target on Banc of California from $20.00 to $19.00 and set an "overweight" rating on the stock in a research note on Friday, January 24th. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Banc of California currently has an average rating of "Moderate Buy" and a consensus price target of $18.18.

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.