Salzhauer Michael Has $6.96 Million Stake in Banc of California, Inc. (NYSE:BANC)

Salzhauer Michael raised its stake in shares of Banc of California, Inc. (NYSE:BANC) by 29.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 490,200 shares of the bank’s stock after purchasing an additional 112,624 shares during the period. Banc of California accounts for 2.8% of Salzhauer Michael’s portfolio, making the stock its 8th largest holding. Salzhauer Michael owned 0.31% of Banc of California worth $6,956,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of BANC. PL Capital Advisors LLC increased its stake in shares of 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 worth $722,823,000 after purchasing an additional 43,730,207 shares during the period. T. Rowe Price Investment Management Inc. grew its holdings in Banc of California by 6.3% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 10,913,012 shares of the bank’s stock valued at $168,716,000 after buying an additional 644,330 shares during the last quarter. Wellington Management Group LLP increased its position in Banc of California by 274.6% in the 4th quarter. Wellington Management Group LLP now owns 5,393,076 shares of the bank’s stock worth $83,377,000 after buying an additional 3,953,380 shares during the period. Millennium Management LLC lifted its holdings in shares of Banc of California by 2,119.0% during the fourth quarter. Millennium Management LLC now owns 2,876,914 shares of the bank’s stock worth $44,477,000 after buying an additional 2,747,262 shares during the last quarter. Finally, William Blair Investment Management LLC lifted its holdings in shares of Banc of California by 2.5% during the fourth quarter. William Blair Investment Management LLC now owns 2,556,614 shares of the bank’s stock worth $39,525,000 after buying an additional 62,269 shares during the last quarter. Institutional investors own 86.88% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Barclays lowered their price objective on shares of Banc of California from $19.00 to $18.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 8th. JPMorgan Chase & Co. decreased their price target on shares of Banc of California from $16.00 to $15.00 and set a “neutral” rating on the stock in a research report on Monday, April 28th. Wells Fargo & Company dropped their price objective on shares of Banc of California from $20.00 to $16.00 and set an “overweight” rating on the stock in a report on Wednesday, April 9th. Robert W. Baird reduced their target price on shares of Banc of California from $19.00 to $17.00 and set an “outperform” rating for the company in a research note on Friday, April 25th. Finally, Jefferies Financial Group started coverage on Banc of California in a research report on Wednesday, May 21st. They set a “buy” rating and a $18.00 target price on the stock. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $17.17.

Banc of California Stock Down 0.3%

Shares of BANC opened at $13.86 on Thursday. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.31. The company has a 50-day moving average price of $13.79 and a two-hundred day moving average price of $14.56. The stock has a market cap of $2.05 billion, a price-to-earnings ratio of 21.32 and a beta of 0.67. Banc of California, Inc. has a 12 month low of $11.52 and a 12 month high of $18.08.

Banc of California (NYSE:BANC) last posted its earnings results on Wednesday, April 23rd. The bank reported $0.26 EPS for the quarter, topping the consensus estimate of $0.24 by $0.02. The business had revenue of $266.01 million during the quarter, compared to the consensus estimate of $272.36 million. Banc of California had a return on equity of 6.30% and a net margin of 8.23%. Banc of California’s revenue was up 1.2% on a year-over-year basis. During the same quarter last year, the company earned $0.19 EPS. Equities analysts predict that Banc of California, Inc. will post 1.31 EPS for the current fiscal year.

Banc of California Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Monday, June 16th will be issued 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 2.89%. Banc of California’s payout ratio is presently 61.54%.

Insider Activity

In other news, Director James Andrew Barker bought 10,000 shares of the business’s stock in a transaction dated Tuesday, April 29th. The stock was bought at an average price of $13.16 per share, for a total transaction of $131,600.00. Following the completion of the purchase, the director now owns 169,680 shares of the company’s stock, valued at approximately $2,232,988.80. The trade was a 6.26% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Olivia I. Lindsay sold 11,000 shares of the stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $13.58, for a total value of $149,380.00. Following the sale, the insider now owns 30,902 shares in the company, valued at approximately $419,649.16. This trade represents a 26.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 86,000 shares of company stock worth $1,208,000. Corporate insiders own 2.69% of the company’s stock.

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.