Raymond James Financial Inc. Takes $1.34 Million Position in Banc of California, Inc. (NYSE:BANC)

Raymond James Financial Inc. acquired a new position in shares of Banc of California, Inc. (NYSE:BANC - Free Report) in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 86,906 shares of the bank's stock, valued at approximately $1,343,000. Raymond James Financial Inc. owned about 0.05% of Banc of California at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in BANC. Aigen Investment Management LP purchased a new stake in Banc of California during the fourth quarter valued at approximately $400,000. Proficio Capital Partners LLC purchased a new stake in shares of Banc of California during the 4th quarter valued at $360,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Banc of California by 1.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,252,528 shares of the bank's stock valued at $19,364,000 after purchasing an additional 19,076 shares during the last quarter. SBI Securities Co. Ltd. purchased a new position in Banc of California during the 4th quarter worth $36,000. Finally, Jones Financial Companies Lllp increased its position in Banc of California by 35.1% during the 4th quarter. Jones Financial Companies Lllp now owns 3,574 shares of the bank's stock valued at $55,000 after buying an additional 928 shares in the last quarter. Institutional investors own 86.88% of the company's stock.

Banc of California Stock Performance

BANC stock traded down $0.27 during trading on Monday, hitting $12.11. 5,606,975 shares of the company traded hands, compared to its average volume of 2,264,189. Banc of California, Inc. has a 1 year low of $11.74 and a 1 year high of $18.08. The company has a market cap of $1.92 billion, a PE ratio of 21.62 and a beta of 0.85. The stock's 50-day simple moving average is $14.76 and its 200 day simple moving average is $15.38. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.90 and a quick ratio of 0.89.

Banc of California (NYSE:BANC - Get Free Report) last posted its earnings results on Thursday, January 23rd. The bank reported $0.28 earnings per share 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%. On average, equities analysts expect 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 announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 3.30%. The ex-dividend date was Friday, March 14th. Banc of California's payout ratio is currently 71.43%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on BANC shares. Raymond James raised their price target on Banc of California from $17.00 to $18.00 and gave the stock an "outperform" rating in a report on Friday, January 24th. Barclays lowered 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 note on Friday, January 24th. Stephens cut their price target on shares of Banc of California from $18.00 to $17.00 and set an "equal weight" rating on the stock in a research note on Monday, January 27th. JPMorgan Chase & Co. initiated coverage on shares of Banc of California in a research note on Friday, February 7th. They set a "neutral" rating and a $18.00 price objective for the company. Finally, StockNews.com upgraded 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 issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $18.18.

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.