Banc of California, Inc. (NYSE:BANC) Shares Bought by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC raised its position in shares of Banc of California, Inc. (NYSE:BANC – Free Report) by 7.4% in the second quarter, HoldingsChannel reports. The fund owned 49,713 shares of the bank’s stock after acquiring an additional 3,410 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Banc of California were worth $635,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have recently added to or reduced their stakes in BANC. Vanguard Group Inc. boosted its holdings in Banc of California by 17.6% in the first quarter. Vanguard Group Inc. now owns 10,597,751 shares of the bank’s stock valued at $161,192,000 after purchasing an additional 1,582,941 shares in the last quarter. Basswood Capital Management LLC purchased a new stake in shares of Banc of California in the fourth quarter valued at approximately $3,374,000. Carmignac Gestion purchased a new position in Banc of California during the fourth quarter valued at $2,152,000. Sei Investments Co. raised its position in Banc of California by 86.0% in the first quarter. Sei Investments Co. now owns 506,202 shares of the bank’s stock worth $7,699,000 after purchasing an additional 234,021 shares in the last quarter. Finally, Empowered Funds LLC raised its holdings in Banc of California by 55.5% in the first quarter. Empowered Funds LLC now owns 185,329 shares of the bank’s stock valued at $2,819,000 after acquiring an additional 66,183 shares during the period. 86.88% of the shares are held by hedge funds and other institutional investors.

Banc of California shares rose 4.5%

Shares of NYSE:BANC opened at $15.38 on Friday. The company has a quick ratio of 0.83, a current ratio of 0.89, and a debt-to-equity ratio of 0.32. The company has a market cap of $2.42 billion, a P/E ratio of -4.62 and a beta of 1.13. Banc of California, Inc. has a 52 week low of $9.96 and a 52 week high of $15.54. The stock’s fifty-day simple moving average is $13.87, and its 200-day simple moving average is $13.90.

Banc of California (NYSE:BANC – Get Free Report ) last posted its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.09). The firm had revenue of $492.38 million for the quarter, compared to analyst estimates of $271.42 million. Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. In the same period last year, the company earned $0.32 per share. As a group, equities research analysts forecast that Banc of California, Inc. will post 0.61 earnings per share for the current fiscal year.

Banc of California announces dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 16th will be given a $0.10 dividend. The ex-dividend date of this dividend is Monday, September 16. This represents an annualized dividend of $0.40 and a yield of 2.60%. Banc of California’s payout ratio is currently -12.01%.

Changes in Analyst Ratings

A number of research firms recently weighed in on BANC. Barclays cut their price target on shares of Banc of California from $15.00 to $14.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 24th. Keefe, Bruyette & Woods decreased their price target on shares of Banc of California from $18.00 to $17.00 and set an “outperform” rating for the company in a report on Tuesday, July 9th. Wells Fargo & Company cut their price target on shares of Banc of California from $16.00 to $15.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 9th. Wedbush restated a “neutral” rating and issued a $14.00 target price on shares of Banc of California in a report on Wednesday, July 24th. Finally, Raymond James raised Banc of California from a “market perform” rating to an “outperform” rating and set a $16.00 price objective for the company in a report on Tuesday. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company’s stock. Banc of California currently has an average rating of “Hold” and a consensus price target of $15.72, according to MarketBeat.com.

Read our latest BANC report

Insider buying and selling

In other news, Director Richard J. Lashley sold 75,000 shares of the business’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $14.00, for a total value of $1,050,000.00. Following the transaction, the director now directly owns 719,826 shares in the company, valued at approximately $10,077,564. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC’s website. Corporate insiders own 7.37% of the company’s shares.

Bank of California profile

(Free report)

Banc of California, Inc operates as the bank holding company for Banc of California, which provides various banking products and services in California. The Company offers deposit products such as checking, savings, money market, demand and time deposits; deposit certificates; retirement accounts; and safes.

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Want to see what other hedge funds BANC owns? Visit HoldingsChannel.com to get the latest 13F filings and insider trading for Banc of California, Inc. (NYSE:BANC – Free Report).

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