By otakuyassine3@gmail.com 
Crescent Grove Advisors LLC grew its holdings in Banc of California, Inc. (NYSE:BANC – Free Report) by 0.7% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 99,084 shares of the bank’s stock after buying an additional 664 shares during the period. Crescent Grove Advisors LLC owned 0.06% of Banc of California worth $1,542,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in BANC. Future Financial Wealth Managment LLC purchased a new position in Banc of California during the 3rd quarter worth $29,000. GAMMA Investing LLC raised its holdings in Banc of California by 32.3% during the third quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock worth $44,000 after purchasing an additional 734 shares in the last quarter. Mendon Capital Advisors Corp purchased a new position in Banc of California during the second quarter worth about $102,000. Paloma Partners Management Co acquired a new stake in Banc of California in the third quarter valued at about $158,000. Finally, Marshall Wace LLP purchased a new stake in Banc of California in the 2nd quarter valued at approximately $166,000. Hedge funds and other institutional investors own 86.88% of the company’s stock.
Banc of California Trading Up 1.9 %
Shares of NYSE BANC opened at $16.00 on Friday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31. The firm’s 50-day moving average is $16.17 and its two-hundred day moving average is $15.04. Banc of California, Inc. has a 12-month low of $11.88 and a 12-month high of $18.08.
Banc of California (NYSE:BANC – Get Free Report) last announced its earnings results 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 positive return on equity of 2.93% and a negative net margin of 20.75%. Research analysts anticipate that Banc of California, Inc. will post 0.71 EPS for the current year.
Banc of California Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Monday, December 16th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.50%. The ex-dividend date was Monday, December 16th. Banc of California’s dividend payout ratio is presently -9.37%.
Wall Street Analyst Weigh In
BANC has been the subject of a number of analyst reports. Raymond James increased their target price on Banc of California from $17.00 to $18.00 and gave the stock an “outperform” rating in a research note on Friday. DA Davidson raised their target price on Banc of California from $16.50 to $19.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Barclays lowered their price target on shares of Banc of California from $20.00 to $19.00 and set an “overweight” rating on the stock in a research note on Friday. Keefe, Bruyette & Woods raised their price objective on shares of Banc of California from $17.50 to $20.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Finally, Wedbush boosted their price objective on shares of Banc of California from $18.00 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Four 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, the company presently has a consensus rating of “Moderate Buy” and an average target price of $18.10.
Read Our Latest Report on BANC
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.
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