Tiptree Advisors LLC Has $4.92 Million Holdings in Banc of California, Inc. $BANC

Tiptree Advisors LLC cut its stake in shares of Banc of California, Inc. (NYSE:BANC) by 3.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 350,340 shares of the bank’s stock after selling 11,660 shares during the period. Banc of California makes up approximately 3.9% of Tiptree Advisors LLC’s investment portfolio, making the stock its 13th largest holding. Tiptree Advisors LLC owned about 0.24% of Banc of California worth $4,922,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. GAMMA Investing LLC grew its stake in shares of Banc of California by 22.2% during the second quarter. GAMMA Investing LLC now owns 4,201 shares of the bank’s stock worth $59,000 after purchasing an additional 762 shares during the period. CWM LLC grew its stake in Banc of California by 41.7% in the first quarter. CWM LLC now owns 8,049 shares of the bank’s stock valued at $114,000 after acquiring an additional 2,367 shares during the period. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Banc of California in the first quarter valued at about $123,000. Xponance Inc. acquired a new position in Banc of California in the first quarter valued at about $148,000. Finally, Cetera Investment Advisers grew its stake in Banc of California by 11.1% in the first quarter. Cetera Investment Advisers now owns 12,802 shares of the bank’s stock valued at $182,000 after acquiring an additional 1,276 shares during the period. 86.88% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Banc of California

In related news, insider Hamid Hussain sold 20,000 shares of the company’s stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $16.59, for a total transaction of $331,800.00. Following the sale, the insider owned 66,444 shares in the company, valued at approximately $1,102,305.96. This represents a 23.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 2.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Wells Fargo & Company boosted their target price on Banc of California from $18.00 to $20.00 and gave the company an “overweight” rating in a research note on Monday, September 29th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $18.00 target price (up from $17.00) on shares of Banc of California in a research note on Friday, July 25th. Raymond James Financial raised Banc of California from an “outperform” rating to a “strong-buy” rating in a research note on Tuesday, October 7th. Weiss Ratings reissued a “hold (c)” rating on shares of Banc of California in a research note on Wednesday, October 8th. Finally, JPMorgan Chase & Co. raised Banc of California from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $17.00 to $20.00 in a research note on Wednesday, October 1st. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Banc of California currently has an average rating of “Moderate Buy” and an average price target of $18.70.

Banc of California Stock Performance

Shares of Banc of California stock opened at $16.78 on Wednesday. The firm has a market cap of $2.48 billion, a price-to-earnings ratio of 25.82 and a beta of 0.68. The stock’s 50-day moving average is $16.62 and its 200-day moving average is $14.90. Banc of California, Inc. has a one year low of $11.52 and a one year high of $18.24. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.90 and a quick ratio of 0.88.

Banc of California (NYSE:BANC) last issued its quarterly earnings results on Monday, May 13th. The bank reported $1.03 EPS for the quarter. The company had revenue of $315.66 million for the quarter. Banc of California had a return on equity of 7.37% and a net margin of 8.30%. Equities analysts predict that Banc of California, Inc. will post 1.31 earnings per share for the current fiscal year.

Banc of California Announces Dividend

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

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.