Point72 Asset Management L.P. Takes $7.80 Million Position in Banc of California, Inc. (NYSE:BANC)

Point72 Asset Management L.P. acquired a new position in Banc of California, Inc. (NYSE:BANC) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 504,304 shares of the bank’s stock, valued at approximately $7,797,000. Point72 Asset Management L.P. owned approximately 0.32% of Banc of California at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of BANC. Barclays PLC grew its holdings in Banc of California by 4.4% during the third quarter. Barclays PLC now owns 425,634 shares of the bank’s stock valued at $6,270,000 after purchasing an additional 17,876 shares during the period. Oliver Luxxe Assets LLC purchased a new position in shares of Banc of California during the 4th quarter valued at about $1,323,000. Crescent Grove Advisors LLC grew its stake in shares of Banc of California by 0.7% during the 4th quarter. Crescent Grove Advisors LLC now owns 99,084 shares of the bank’s stock valued at $1,542,000 after acquiring an additional 664 shares during the period. KBC Group NV grew its stake in shares of Banc of California by 71.0% during the 4th quarter. KBC Group NV now owns 7,286 shares of the bank’s stock valued at $113,000 after acquiring an additional 3,026 shares during the period. Finally, Sippican Capital Advisors increased its holdings in Banc of California by 1.7% in the 4th quarter. Sippican Capital Advisors now owns 123,667 shares of the bank’s stock worth $1,912,000 after acquiring an additional 2,057 shares in the last quarter. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BANC has been the topic of several analyst reports. Robert W. Baird lowered their price target on shares of 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 target price on shares of Banc of California from $17.00 to $18.00 and gave the company an “outperform” rating in a research note on Friday, January 24th. JPMorgan Chase & Co. cut their price target on Banc of California from $16.00 to $15.00 and set a “neutral” rating for the company in a research note on Monday, April 28th. Stephens restated an “equal weight” rating and issued a $15.00 price objective on shares of Banc of California in a research report on Monday, April 28th. Finally, Barclays dropped their price objective on Banc of California from $19.00 to $18.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.09.

Banc of California Price Performance

NYSE:BANC opened at $14.45 on Monday. The business’s 50-day moving average is $13.58 and its 200 day moving average is $15.06. Banc of California, Inc. has a 12 month low of $11.52 and a 12 month high of $18.08. The company has a market capitalization of $2.29 billion, a P/E ratio of 25.79 and a beta of 0.69. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31.

Banc of California (NYSE:BANC) last released its quarterly earnings data on Wednesday, April 23rd. The bank reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.02. The business had revenue of $266.01 million for the quarter, compared to the consensus estimate of $272.36 million. Banc of California had a return on equity of 6.20% and a net margin of 7.06%. The company’s revenue was up 1.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.19 EPS. On average, equities research analysts forecast that Banc of California, Inc. will post 1.31 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Monday, June 16th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.40 annualized dividend and a yield of 2.77%. Banc of California’s dividend payout ratio (DPR) is currently 61.54%.

Insider Buying and Selling at Banc of California

In related news, Director James Andrew Barker acquired 10,000 shares of the firm’s stock in a transaction on Tuesday, April 29th. The shares were acquired at an average cost of $13.16 per share, for a total transaction of $131,600.00. Following the completion of the transaction, the director now directly owns 169,680 shares in the company, 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 at this hyperlink. 2.69% of the stock is owned by company insiders.

Banc of California Company 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.