Cable Hill Partners LLC Buys 7,308 Shares of Banc of California, Inc. (NYSE:BANC)

Cable Hill Partners LLC boosted its stake in shares of Banc of California, Inc. (NYSE:BANC) by 12.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 65,224 shares of the bank’s stock after acquiring an additional 7,308 shares during the period. Cable Hill Partners LLC’s holdings in Banc of California were worth $967,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its position in shares of Banc of California by 17.6% during the 1st quarter. Vanguard Group Inc. now owns 10,597,751 shares of the bank’s stock valued at $161,192,000 after acquiring an additional 1,582,941 shares during the last quarter. Sei Investments Co. raised its stake in Banc of California by 86.0% during the first quarter. Sei Investments Co. now owns 506,202 shares of the bank’s stock valued at $7,699,000 after purchasing an additional 234,021 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Banc of California by 394.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 331,076 shares of the bank’s stock valued at $5,037,000 after purchasing an additional 264,070 shares during the last quarter. Redwood Investment Management LLC purchased a new position in shares of Banc of California in the 1st quarter worth $630,000. Finally, Capital Research Global Investors bought a new stake in shares of Banc of California in the 1st quarter worth about $32,618,000. 86.88% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on BANC. Wedbush lifted their target price on Banc of California from $18.00 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. DA Davidson lifted their price objective on shares of Banc of California from $16.50 to $19.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Wells Fargo & Company increased their target price on shares of Banc of California from $16.00 to $17.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 23rd. Citigroup initiated coverage on shares of Banc of California in a report on Thursday, October 10th. They issued a “neutral” rating and a $15.00 target price for the company. Finally, Barclays upgraded shares of Banc of California from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $17.00 to $18.00 in a report on Thursday, October 31st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $17.30.

Insiders Place Their Bets

In related news, Director Richard J. Lashley sold 75,000 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $14.00, for a total value of $1,050,000.00. Following the completion of the transaction, the director now owns 719,826 shares in the company, valued at $10,077,564. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 7.37% of the company’s stock.

Banc of California Stock Down 1.4 %

Banc of California stock opened at $16.40 on Thursday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31. The firm has a market cap of $2.60 billion, a P/E ratio of -3.84 and a beta of 1.13. The business has a fifty day moving average of $14.91 and a two-hundred day moving average of $14.07. Banc of California, Inc. has a twelve month low of $11.36 and a twelve month high of $16.92.

Banc of California (NYSE:BANC) last posted its earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.11. The company had revenue of $431.44 million for the quarter, compared to analyst estimates of $229.46 million. Banc of California had a positive return on equity of 2.93% and a negative net margin of 20.75%. During the same quarter in the previous year, the firm earned $0.30 earnings per share. On average, analysts forecast that Banc of California, Inc. will post 0.71 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.44%. The ex-dividend date is Monday, December 16th. Banc of California’s dividend payout ratio is presently -9.37%.

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.