Banc of California, Inc. (NYSE:BANC) Shares Bought by Twinbeech Capital LP

Twinbeech Capital LP raised its stake in Banc of California, Inc. (NYSE:BANC) by 494.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 241,414 shares of the bank’s stock after acquiring an additional 200,820 shares during the period. Twinbeech Capital LP owned 0.15% of Banc of California worth $3,732,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the stock. Picton Mahoney Asset Management purchased a new position in shares of Banc of California during the fourth quarter worth about $30,000. SBI Securities Co. Ltd. purchased a new position in shares of Banc of California during the fourth quarter worth about $36,000. Jones Financial Companies Lllp grew its holdings in shares of 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 grew 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 during the last quarter. Finally, Summit Securities Group LLC purchased a new position in shares of Banc of California during the fourth quarter worth about $97,000. Institutional investors and hedge funds own 86.88% of the company’s stock.

Banc of California Price Performance

BANC stock opened at $14.28 on Wednesday. The firm has a 50 day moving average of $13.61 and a 200-day moving average of $15.05. Banc of California, Inc. has a 12-month low of $11.52 and a 12-month high of $18.08. 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 cap of $2.27 billion, a price-to-earnings ratio of 25.50 and a beta of 0.69.

Banc of California (NYSE:BANC) last posted its quarterly earnings results on Wednesday, April 23rd. The bank reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.02. Banc of California had a net margin of 7.06% and a return on equity of 6.20%. The company had revenue of $266.01 million during the quarter, compared to the consensus estimate of $272.36 million. During the same period last year, the firm earned $0.19 EPS. The company’s revenue for the quarter was up 1.2% on a year-over-year basis. As a group, equities analysts expect that Banc of California, Inc. will post 1.31 EPS for the current fiscal year.

Banc of California Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Monday, June 16th will be given a dividend of $0.10 per share. The ex-dividend date is Monday, June 16th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.80%. Banc of California’s payout ratio is 61.54%.

Insider Activity

In related news, Director James Andrew Barker acquired 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 29th. The stock was purchased at an average cost of $13.16 per share, for a total transaction of $131,600.00. Following the transaction, the director now directly owns 169,680 shares of the company’s stock, valued at approximately $2,232,988.80. This trade represents a 6.26% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 2.69% of the company’s stock.

Analyst Ratings Changes

BANC has been the topic of a number of research reports. JPMorgan Chase & Co. lowered their price target on Banc of California from $16.00 to $15.00 and set a “neutral” rating on the stock in a report on Monday, April 28th. Robert W. Baird lowered their price objective on Banc of California from $19.00 to $17.00 and set an “outperform” rating on the stock in a report on Friday, April 25th. Raymond James lifted their price objective on Banc of California from $17.00 to $18.00 and gave the company an “outperform” rating in a report on Friday, January 24th. StockNews.com raised Banc of California from a “sell” rating to a “hold” rating in a report on Friday, January 24th. Finally, Wells Fargo & Company lowered their price objective on Banc of California from $20.00 to $16.00 and set an “overweight” rating on the stock in a report on Wednesday, April 9th. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $17.09.

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.