17,350 Shares in Banc of California, Inc. $BANC Bought by Y Intercept Hong Kong Ltd

Y Intercept Hong Kong Ltd bought a new stake in Banc of California, Inc. (NYSE:BANC) in the second quarter, HoldingsChannel reports. The fund bought 17,350 shares of the bank’s stock, valued at approximately $244,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. CWM LLC grew its holdings in shares of Banc of California by 9.1% in the 2nd quarter. CWM LLC now owns 8,783 shares of the bank’s stock valued at $123,000 after acquiring an additional 734 shares in the last quarter. GAMMA Investing LLC boosted its position in Banc of California by 22.2% during the second quarter. GAMMA Investing LLC now owns 4,201 shares of the bank’s stock valued at $59,000 after purchasing an additional 762 shares during the last quarter. 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 purchasing an additional 1,276 shares in the last quarter. Oliver Luxxe Assets LLC increased its position in shares of Banc of California by 1.3% during the 2nd quarter. Oliver Luxxe Assets LLC now owns 117,622 shares of the bank’s stock worth $1,653,000 after purchasing an additional 1,516 shares during the last quarter. Finally, Sippican Capital Advisors raised its stake in shares of Banc of California by 1.2% during the 2nd quarter. Sippican Capital Advisors now owns 127,895 shares of the bank’s stock worth $1,797,000 after purchasing an additional 1,539 shares in the last quarter. 86.88% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

BANC has been the topic of a number of recent analyst reports. Wall Street Zen upgraded shares of Banc of California from a “sell” rating to a “hold” rating in a report on Saturday, October 25th. JPMorgan Chase & Co. lifted their price objective on shares of Banc of California from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Friday, October 24th. Citigroup upgraded shares of Banc of California from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $18.00 to $21.50 in a research note on Monday, October 27th. Weiss Ratings reiterated a “hold (c)” rating on shares of Banc of California in a research note on Wednesday, October 8th. Finally, DA Davidson boosted their price target on Banc of California from $20.00 to $21.00 and gave the stock a “buy” rating in a research report on Friday, October 24th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $19.25.

Banc of California Trading Up 0.0%

Shares of Banc of California stock opened at $17.10 on Friday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a 50-day moving average of $16.85 and a 200-day moving average of $15.30. Banc of California, Inc. has a 52-week low of $11.52 and a 52-week high of $18.24. The stock has a market cap of $2.53 billion, a PE ratio of 16.45 and a beta of 0.75.

Banc of California (NYSE:BANC) last issued its quarterly earnings data on Monday, May 13th. The bank reported $1.03 earnings per share for the quarter. Banc of California had a net margin of 11.49% and a return on equity of 8.00%. The business had revenue of $315.66 million during the quarter. As a group, sell-side analysts forecast that Banc of California, Inc. will post 1.31 EPS for the current year.

Banc of California Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Monday, December 15th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, December 15th. This represents a $0.40 annualized dividend and a yield of 2.3%. Banc of California’s dividend payout ratio is currently 38.46%.

Insider Transactions at Banc of California

In other Banc of California news, insider Hamid Hussain sold 20,000 shares of the firm’s stock in a transaction dated 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. This trade represents a 23.14% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.69% of the stock is owned by insiders.

Banc of California 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.