Oliver Luxxe Assets LLC Purchases 1,516 Shares of Banc of California, Inc. $BANC

Oliver Luxxe Assets LLC lifted its position in shares of Banc of California, Inc. (NYSE:BANC) by 1.3% during the second quarter, Holdings Channel reports. The firm owned 117,622 shares of the bank’s stock after acquiring an additional 1,516 shares during the period. Oliver Luxxe Assets LLC’s holdings in Banc of California were worth $1,653,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the company. Principal Financial Group Inc. increased its holdings in Banc of California by 2.7% during the first quarter. Principal Financial Group Inc. now owns 686,067 shares of the bank’s stock worth $9,735,000 after buying an additional 17,990 shares during the last quarter. Centerbridge Partners L.P. increased its holdings in Banc of California by 18.7% during the first quarter. Centerbridge Partners L.P. now owns 4,771,784 shares of the bank’s stock worth $67,712,000 after buying an additional 752,239 shares during the last quarter. Hsbc Holdings PLC increased its holdings in Banc of California by 111.4% during the first quarter. Hsbc Holdings PLC now owns 177,344 shares of the bank’s stock worth $2,503,000 after buying an additional 93,454 shares during the last quarter. GAMMA Investing LLC increased its holdings in Banc of California by 1,287.1% during the first quarter. GAMMA Investing LLC now owns 48,799 shares of the bank’s stock worth $692,000 after buying an additional 45,281 shares during the last quarter. Finally, Two Sigma Investments LP increased its holdings in Banc of California by 33.4% during the fourth quarter. Two Sigma Investments LP now owns 132,004 shares of the bank’s stock worth $2,041,000 after buying an additional 33,017 shares during the last quarter. 86.88% of the stock is owned by institutional investors.

Banc of California Trading Down 1.0%

Shares of BANC opened at $16.89 on Monday. The firm has a market cap of $2.50 billion, a price-to-earnings ratio of 25.98 and a beta of 0.71. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.88 and a current ratio of 0.90. Banc of California, Inc. has a fifty-two week low of $11.52 and a fifty-two week high of $18.08. The firm has a 50 day moving average price of $15.70 and a 200-day moving average price of $14.45.

Banc of California (NYSE:BANC) last announced its quarterly earnings data on Wednesday, July 23rd. The bank reported $0.31 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.03. The firm had revenue of $272.85 million during the quarter, compared to analyst estimates of $278.43 million. Banc of California had a net margin of 8.30% and a return on equity of 7.37%. The business’s quarterly revenue was up 5.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.12 EPS. As a group, equities research analysts forecast that Banc of California, Inc. will post 1.31 earnings per share for the current year.

Banc of California Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend is Monday, September 15th. Banc of California’s payout ratio is presently 61.54%.

Insider Activity at Banc of California

In related news, insider Hamid Hussain sold 20,000 shares of Banc of California stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $16.59, for a total value of $331,800.00. Following the transaction, the insider directly owned 66,444 shares of the company’s stock, valued at $1,102,305.96. The trade was a 23.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.69% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms recently issued reports on BANC. Wells Fargo & Company raised their price objective on shares of Banc of California from $16.00 to $18.00 and gave the stock an “overweight” rating in a report on Tuesday, July 29th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $18.00 price target (up previously from $17.00) on shares of Banc of California in a research report on Friday, July 25th. JPMorgan Chase & Co. boosted their price target on shares of Banc of California from $15.00 to $16.00 and gave the company a “neutral” rating in a research report on Tuesday, July 1st. Finally, Barclays boosted their price target on shares of Banc of California from $18.00 to $19.00 and gave the company an “overweight” rating in a research report on Tuesday, July 8th. Eight equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Banc of California has a consensus rating of “Moderate Buy” and a consensus target price of $17.45.

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.