Numerai GP LLC Increases Position in Banc of California, Inc. (NYSE:BANC)

Numerai GP LLC lifted its stake in Banc of California, Inc. (NYSE:BANC) by 24.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 89,942 shares of the bank’s stock after purchasing an additional 17,565 shares during the period. Numerai GP LLC’s holdings in Banc of California were worth $1,391,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Picton Mahoney Asset Management purchased a new position in Banc of California in the fourth quarter valued at about $30,000. SBI Securities Co. Ltd. acquired a new stake in shares of Banc of California in the 4th quarter worth approximately $36,000. Jones Financial Companies Lllp increased its stake in Banc of California by 35.1% in the 4th quarter. Jones Financial Companies Lllp now owns 3,574 shares of the bank’s stock valued at $55,000 after purchasing an additional 928 shares in the last quarter. Smartleaf Asset Management LLC raised its holdings 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 last quarter. Finally, Summit Securities Group LLC acquired a new position in Banc of California during the fourth quarter worth $97,000. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Banc of California Stock Up 0.3%

BANC opened at $14.63 on Wednesday. Banc of California, Inc. has a 12 month low of $11.52 and a 12 month high of $18.08. The business has a 50-day moving average of $13.51 and a two-hundred day moving average of $15.09. 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 $2.32 billion, a price-to-earnings ratio of 26.13 and a beta of 0.69.

Banc of California (NYSE:BANC) last released its earnings results on Wednesday, April 23rd. The bank reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.02. The firm had revenue of $266.01 million during the quarter, compared to the consensus estimate of $272.36 million. Banc of California had a net margin of 7.06% and a return on equity of 6.20%. Banc of California’s revenue was up 1.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.19 earnings per share. On average, research analysts expect 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 disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Monday, June 16th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.73%. Banc of California’s payout ratio is 61.54%.

Insider Buying and Selling

In other news, Director James Andrew Barker purchased 10,000 shares of the company’s stock in a transaction on Tuesday, April 29th. The stock was bought at an average cost of $13.16 per share, for a total transaction of $131,600.00. Following the completion of the purchase, the director now directly owns 169,680 shares of the company’s stock, valued at $2,232,988.80. The trade was a 6.26% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 2.69% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on BANC shares. JPMorgan Chase & Co. lowered their target price on Banc of California from $16.00 to $15.00 and set a “neutral” rating on the stock in a report on Monday, April 28th. StockNews.com raised shares of Banc of California from a “sell” rating to a “hold” rating in a research note on Friday, January 24th. Stephens restated an “equal weight” rating and set a $15.00 target price on shares of Banc of California in a research report on Monday, April 28th. Raymond James increased their price target on shares of Banc of California from $17.00 to $18.00 and gave the company an “outperform” rating in a research report on Friday, January 24th. Finally, Barclays cut their price objective on Banc of California from $19.00 to $18.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $17.09.

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.