Prudential Financial Inc. Has $4.19 Million Holdings in Banc of California, Inc. (NYSE:BANC)

Prudential Financial Inc. reduced its stake in shares of Banc of California, Inc. (NYSE:BANC - Free Report) by 33.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 270,781 shares of the bank's stock after selling 135,900 shares during the quarter. Prudential Financial Inc. owned 0.17% of Banc of California worth $4,186,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Picton Mahoney Asset Management bought a new stake in shares of Banc of California in the 4th quarter worth about $30,000. SBI Securities Co. Ltd. acquired a new position in Banc of California in the fourth quarter valued at about $36,000. Jones Financial Companies Lllp grew its stake in Banc of California by 35.1% during the fourth quarter. Jones Financial Companies Lllp now owns 3,574 shares of the bank's stock worth $55,000 after buying an additional 928 shares during the last quarter. Smartleaf Asset Management LLC increased its holdings in shares of Banc of California by 205.8% during the fourth quarter. Smartleaf Asset Management LLC now owns 4,348 shares of the bank's stock worth $68,000 after buying an additional 2,926 shares in the last quarter. Finally, KBC Group NV raised its stake in shares of Banc of California by 71.0% in the fourth quarter. KBC Group NV now owns 7,286 shares of the bank's stock valued at $113,000 after acquiring an additional 3,026 shares during the last quarter. 86.88% of the stock is currently owned by institutional investors and hedge funds.

Banc of California Trading Down 5.0 %

NYSE BANC traded down $0.65 during trading hours on Friday, hitting $12.32. The company's stock had a trading volume of 6,223,496 shares, compared to its average volume of 2,244,030. Banc of California, Inc. has a twelve month low of $11.88 and a twelve month high of $18.08. The firm has a market capitalization of $1.96 billion, a P/E ratio of 21.99 and a beta of 1.18. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.31. The stock has a fifty day moving average of $14.91 and a 200 day moving average of $15.40.

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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, beating analysts' consensus estimates of $0.23 by $0.05. Banc of California had a return on equity of 6.20% and a net margin of 7.06%. Equities research analysts forecast that Banc of California, Inc. will post 1.31 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 3.25%. The ex-dividend date of this dividend was Friday, March 14th. Banc of California's payout ratio is 71.43%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on BANC. Raymond James raised their price target on Banc of California from $17.00 to $18.00 and gave the company an "outperform" rating in a report on Friday, January 24th. Stephens lowered their target price on Banc of California from $18.00 to $17.00 and set an "equal weight" rating for the company in a research note on Monday, January 27th. JPMorgan Chase & Co. assumed coverage on shares of Banc of California in a research report on Friday, February 7th. They set a "neutral" rating and a $18.00 price target on the stock. Barclays lowered their price objective 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. Finally, StockNews.com upgraded shares of Banc of California from a "sell" rating to a "hold" rating in a research report on Friday, January 24th. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus 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.