Quinn Opportunity Partners LLC Reduces Holdings in Banc of California, Inc. (NYSE:BANC)

Quinn Opportunity Partners LLC reduced its position in Banc of California, Inc. (NYSE:BANC) by 18.2% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 22,512 shares of the bank’s stock after selling 5,000 shares during the period. Quinn Opportunity Partners LLC’s holdings in Banc of California were worth $348,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Picton Mahoney Asset Management acquired a new position in Banc of California during the fourth quarter worth approximately $30,000. SBI Securities Co. Ltd. acquired a new position in shares of Banc of California in the 4th quarter valued at $36,000. Jones Financial Companies Lllp raised its position in Banc of California by 35.1% in the 4th quarter. Jones Financial Companies Lllp now owns 3,574 shares of the bank’s stock valued at $55,000 after purchasing an additional 928 shares during the last quarter. Smartleaf Asset Management LLC raised its position in Banc of California by 205.8% in the 4th quarter. Smartleaf Asset Management LLC now owns 4,348 shares of the bank’s stock valued at $68,000 after purchasing an additional 2,926 shares during the last quarter. Finally, Summit Securities Group LLC acquired a new stake in Banc of California during the 4th quarter worth $97,000. 86.88% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

BANC has been the topic of a number of recent research reports. StockNews.com upgraded shares of Banc of California from a “sell” rating to a “hold” rating in a research note on Friday, January 24th. Raymond James upped their price objective on Banc of California from $17.00 to $18.00 and gave the company an “outperform” rating in a research note on Friday, January 24th. Wells Fargo & Company decreased their price objective on Banc of California from $20.00 to $16.00 and set an “overweight” rating for the company in a research report on Wednesday. Barclays dropped their target price on Banc of California from $19.00 to $18.00 and set an “overweight” rating on the stock in a report on Tuesday. Finally, JPMorgan Chase & Co. began coverage on Banc of California in a report on Friday, February 7th. They set a “neutral” rating and a $18.00 price target for the company. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $17.73.

Banc of California Trading Up 1.5 %

Shares of BANC stock opened at $12.29 on Friday. The business’s fifty day moving average price is $14.32 and its 200 day moving average price is $15.26. The firm has a market capitalization of $1.95 billion, a PE ratio of 21.94 and a beta of 0.85. 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, Inc. has a 1-year low of $11.52 and a 1-year high of $18.08.

Banc of California (NYSE:BANC) 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%. As a group, sell-side analysts forecast that Banc of California, Inc. will post 1.31 EPS for the current fiscal year.

Banc of California Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were issued a $0.10 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.40 dividend on an annualized basis and a yield of 3.26%. Banc of California’s dividend payout ratio (DPR) is presently 71.43%.

Banc of California 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.