Quantbot Technologies LP Sells 129,230 Shares of Banc of California, Inc. (NYSE:BANC)

Quantbot Technologies LP lessened its stake in shares of Banc of California, Inc. (NYSE:BANC - Free Report) by 52.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 117,886 shares of the bank's stock after selling 129,230 shares during the quarter. Quantbot Technologies LP owned about 0.07% of Banc of California worth $1,823,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. PL Capital Advisors LLC raised its stake in shares of Banc of California by 1,446.0% in the 4th quarter. PL Capital Advisors LLC now owns 46,754,426 shares of the bank's stock worth $722,823,000 after buying an additional 43,730,207 shares in the last quarter. Basswood Capital Management L.L.C. grew its position in Banc of California by 589.8% in the third quarter. Basswood Capital Management L.L.C. now owns 1,732,894 shares of the bank's stock worth $25,526,000 after buying an additional 1,481,692 shares during the last quarter. Wellington Management Group LLP bought a new position in shares of Banc of California in the third quarter valued at $21,207,000. Verition Fund Management LLC lifted its position in shares of Banc of California by 93.2% during the 3rd quarter. Verition Fund Management LLC now owns 2,476,387 shares of the bank's stock valued at $36,477,000 after acquiring an additional 1,194,839 shares during the last quarter. Finally, Azora Capital LP bought a new stake in shares of Banc of California during the 3rd quarter worth $12,494,000. Institutional investors own 86.88% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on BANC shares. Raymond James upped their target price on Banc of California from $17.00 to $18.00 and gave the company an "outperform" rating in a report on Friday, January 24th. Keefe, Bruyette & Woods raised their target price on shares of Banc of California from $17.50 to $20.00 and gave the stock an "outperform" rating in a report on Wednesday, December 4th. Wells Fargo & Company upgraded shares of Banc of California from an "equal weight" rating to an "overweight" rating and boosted their price target for the company from $17.00 to $20.00 in a report on Monday, January 6th. Barclays reduced their price target 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 raised shares of Banc of California from a "sell" rating to a "hold" rating in a research note on Friday, January 24th. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Banc of California presently has a consensus rating of "Moderate Buy" and an average price target of $18.18.

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Banc of California Stock Down 1.0 %

NYSE BANC traded down $0.15 on Thursday, reaching $14.50. The stock had a trading volume of 2,860,829 shares, compared to its average volume of 2,115,260. Banc of California, Inc. has a 1 year low of $11.88 and a 1 year high of $18.08. The business has a 50 day moving average price of $15.15 and a 200 day moving average price of $15.41. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $2.30 billion, a price-to-earnings ratio of 25.90 and a beta of 1.18.

Banc of California (NYSE:BANC - Get Free Report) last announced its quarterly earnings results on Thursday, January 23rd. The bank reported $0.28 EPS for the quarter, beating the consensus estimate of $0.23 by $0.05. Banc of California had a return on equity of 6.20% and a net margin of 7.06%. On average, analysts forecast that Banc of California, Inc. will post 1.31 EPS for the current fiscal year.

Banc of California Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.76%. Banc of California's dividend payout ratio is currently 71.43%.

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.