William Blair Investment Management LLC raised its holdings in shares of Banc of California, Inc. (NYSE:BANC - Free Report) by 2.5% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 2,556,614 shares of the bank's stock after acquiring an additional 62,269 shares during the period. William Blair Investment Management LLC owned approximately 1.61% of Banc of California worth $39,525,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. PL Capital Advisors LLC increased its holdings in Banc of California by 1,446.0% in the fourth quarter. PL Capital Advisors LLC now owns 46,754,426 shares of the bank's stock valued at $722,823,000 after purchasing an additional 43,730,207 shares during the last quarter. Basswood Capital Management L.L.C. grew its position in shares of 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 worth $25,526,000 after buying an additional 1,481,692 shares during the period. Wellington Management Group LLP bought a new stake in shares of Banc of California in the 3rd quarter valued at about $21,207,000. Verition Fund Management LLC increased its stake 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 acquiring an additional 1,194,839 shares during the last quarter. Finally, Azora Capital LP acquired a new stake in shares of Banc of California in the 3rd quarter valued at approximately $12,494,000. Institutional investors own 86.88% of the company's stock.
Analyst Ratings Changes
Several equities research analysts have commented on BANC shares. Stephens lowered 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 note on Monday, January 27th. StockNews.com upgraded shares of Banc of California from a "sell" rating to a "hold" rating in a research report on Friday, January 24th. JPMorgan Chase & Co. initiated coverage on Banc of California in a report on Friday, February 7th. They set a "neutral" rating and a $18.00 target price on the stock. Keefe, Bruyette & Woods boosted their target price on Banc of California from $17.50 to $20.00 and gave the company an "outperform" rating in a research note on Wednesday, December 4th. Finally, 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 research report on Friday, January 24th. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, Banc of California has a consensus rating of "Moderate Buy" and an average price target of $18.18.
Read Our Latest Research Report on BANC
Banc of California Stock Down 0.3 %
Shares of NYSE BANC traded down $0.05 during midday trading on Friday, reaching $14.05. The company's stock had a trading volume of 5,918,683 shares, compared to its average volume of 2,141,698. The stock has a 50 day simple moving average of $15.22 and a 200-day simple moving average of $15.39. 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 stock has a market capitalization of $2.23 billion, a price-to-earnings ratio of 25.08 and a beta of 1.18. Banc of California, Inc. has a fifty-two week low of $11.88 and a fifty-two week high of $18.08.
Banc of California (NYSE:BANC - Get Free Report) last issued its quarterly earnings results on Thursday, January 23rd. The bank reported $0.28 EPS for the quarter, topping 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 research analysts predict that Banc of California, Inc. will post 1.31 earnings per share for the current year.
Banc of California Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be paid a $0.10 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.40 dividend on an annualized basis and a yield of 2.85%. Banc of California's dividend payout ratio is 71.43%.
About Banc of California
(
Free Report)
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.
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