Banc of California, Inc. (NYSE:BANC) Stake Raised by PL Capital Advisors LLC

PL Capital Advisors LLC grew its position in Banc of California, Inc. (NYSE:BANC - Free Report) by 1,446.0% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 46,754,426 shares of the bank's stock after buying an additional 43,730,207 shares during the period. Banc of California makes up about 8.5% of PL Capital Advisors LLC's investment portfolio, making the stock its 4th largest holding. PL Capital Advisors LLC owned about 29.44% of Banc of California worth $722,823,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. KBC Group NV raised its holdings in shares of Banc of California by 71.0% during the fourth quarter. KBC Group NV now owns 7,286 shares of the bank's stock valued at $113,000 after purchasing an additional 3,026 shares during the last quarter. Paloma Partners Management Co purchased a new position in shares of Banc of California during the third quarter valued at approximately $158,000. Sanctuary Advisors LLC purchased a new position in shares of Banc of California during the third quarter valued at approximately $167,000. Private Management Group Inc. purchased a new position in shares of Banc of California during the fourth quarter valued at approximately $202,000. Finally, CIBC Asset Management Inc raised its holdings in shares of Banc of California by 4.8% during the fourth quarter. CIBC Asset Management Inc now owns 15,052 shares of the bank's stock valued at $233,000 after purchasing an additional 683 shares during the last quarter. 86.88% of the stock is owned by hedge funds and other institutional investors.

Banc of California Price Performance

Shares of BANC traded up $0.17 during mid-day trading on Friday, reaching $14.86. The stock had a trading volume of 1,490,247 shares, compared to its average volume of 1,868,996. The firm has a market cap of $2.36 billion, a price-to-earnings ratio of 26.54 and a beta of 1.14. Banc of California, Inc. has a 12 month low of $11.88 and a 12 month high of $18.08. The business has a fifty day moving average of $15.69 and a 200 day moving average of $15.40. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.90.

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Banc of California (NYSE:BANC - Get Free Report) last posted its quarterly earnings results on Thursday, January 23rd. The bank reported $0.28 earnings per share for the quarter, topping analysts' consensus estimates 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 predict that Banc of California, Inc. will post 1.31 EPS for the current year.

Banc of California Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be given a dividend of $0.10 per share. The ex-dividend date is Friday, March 14th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.69%. Banc of California's dividend payout ratio is 71.43%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. JPMorgan Chase & Co. assumed coverage on shares of Banc of California in a report on Friday, February 7th. They set a "neutral" rating and a $18.00 price objective for the company. Keefe, Bruyette & Woods boosted their target price on shares of Banc of California from $17.50 to $20.00 and gave the company an "outperform" rating in a research report on Wednesday, December 4th. StockNews.com upgraded shares of Banc of California from a "sell" rating to a "hold" rating in a research report on Friday, January 24th. Stephens cut their target price on shares of Banc of California from $18.00 to $17.00 and set an "equal weight" rating for the company in a research report on Monday, January 27th. Finally, Barclays cut their target price on shares of Banc of California from $20.00 to $19.00 and set an "overweight" rating for the company in a research report on Friday, January 24th. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $18.18.

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.