Mirabella Financial Services LLP Purchases 258,618 Shares of Banc of California, Inc. (NYSE:BANC)

Mirabella Financial Services LLP increased its position in Banc of California, Inc. (NYSE:BANC) by 171.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 409,511 shares of the bank’s stock after purchasing an additional 258,618 shares during the quarter. Mirabella Financial Services LLP’s holdings in Banc of California were worth $6,331,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of BANC. Picton Mahoney Asset Management acquired a new position in shares of Banc of California in the 4th quarter valued at $30,000. SBI Securities Co. Ltd. bought a new stake in Banc of California in the fourth quarter valued at about $36,000. Jones Financial Companies Lllp raised its position in Banc of California by 35.1% in the fourth quarter. Jones Financial Companies Lllp now owns 3,574 shares of the bank’s stock worth $55,000 after purchasing an additional 928 shares in the last quarter. Smartleaf Asset Management LLC lifted its stake in Banc of California by 205.8% during the fourth quarter. Smartleaf Asset Management LLC now owns 4,348 shares of the bank’s stock worth $68,000 after purchasing an additional 2,926 shares during the period. Finally, Summit Securities Group LLC bought a new stake in shares of Banc of California in the 4th quarter valued at approximately $97,000. Institutional investors and hedge funds own 86.88% of the company’s stock.

Banc of California Price Performance

BANC opened at $13.19 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.90 and a quick ratio of 0.89. The stock has a market capitalization of $2.09 billion, a P/E ratio of 23.55 and a beta of 0.85. The company’s 50 day simple moving average is $13.98 and its 200-day simple moving average is $15.21. Banc of California, Inc. has a one year low of $11.52 and a one year high of $18.08.

Banc of California (NYSE:BANC) last announced its quarterly earnings data on Thursday, January 23rd. The bank reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.05. Banc of California had a return on equity of 6.20% and a net margin of 7.06%. Sell-side analysts anticipate that Banc of California, Inc. will post 1.31 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.40 dividend on an annualized basis and a yield of 3.03%. Banc of California’s payout ratio is presently 71.43%.

Wall Street Analyst Weigh In

BANC has been the subject of several analyst reports. Stephens cut their target price on Banc of California from $18.00 to $17.00 and set an “equal weight” rating for the company in a research report on Monday, January 27th. StockNews.com upgraded shares of Banc of California from a “sell” rating to a “hold” rating in a research note on Friday, January 24th. Wells Fargo & Company lowered their target price 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. Barclays cut their price target on shares of Banc of California from $19.00 to $18.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. Finally, JPMorgan Chase & Co. started coverage on shares of Banc of California in a research note on Friday, February 7th. They set a “neutral” rating and a $18.00 price objective on the stock. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Banc of California has an average rating of “Moderate Buy” and a consensus price target of $17.73.

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.