Hsbc Holdings PLC Grows Stake in Banc of California, Inc. (NYSE:BANC)

Hsbc Holdings PLC increased its holdings in Banc of California, Inc. (NYSE:BANCFree Report) by 447.5% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 151,750 shares of the bank’s stock after buying an additional 124,034 shares during the period. Hsbc Holdings PLC owned 0.26% of Banc of California worth $2,052,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Versant Capital Management Inc grew its stake in Banc of California by 2,466.2% in the 4th quarter. Versant Capital Management Inc now owns 1,899 shares of the bank’s stock worth $26,000 after buying an additional 1,825 shares in the last quarter. Lee Financial Co purchased a new position in Banc of California in the fourth quarter worth $40,000. Longfellow Investment Management Co. LLC bought a new position in Banc of California in the fourth quarter valued at $41,000. Anchor Investment Management LLC purchased a new stake in Banc of California during the fourth quarter valued at about $44,000. Finally, Avior Wealth Management LLC bought a new stake in Banc of California during the fourth quarter worth about $44,000. Institutional investors own 86.88% of the company’s stock.

Banc of California Stock Down 1.0 %

NYSE BANC opened at $13.04 on Friday. Banc of California, Inc. has a 1 year low of $9.96 and a 1 year high of $16.08. The stock has a market capitalization of $2.05 billion, a PE ratio of -3.91 and a beta of 1.15. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.89. The business’s 50-day moving average is $14.15 and its 200 day moving average is $13.77.

Banc of California (NYSE:BANCGet Free Report) last issued its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.07). The business had revenue of $522.57 million during the quarter, compared to the consensus estimate of $296.02 million. Banc of California had a positive return on equity of 2.25% and a negative net margin of 29.10%. During the same quarter in the prior year, the business posted $0.37 earnings per share. Sell-side analysts forecast that Banc of California, Inc. will post 1.11 earnings per share for the current year.

Banc of California Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date of this dividend is Friday, June 14th. Banc of California’s payout ratio is currently -12.01%.

Insiders Place Their Bets

In related news, CEO Jared M. Wolff bought 7,130 shares of the business’s stock in a transaction dated Thursday, April 25th. The shares were purchased at an average price of $13.98 per share, with a total value of $99,677.40. Following the purchase, the chief executive officer now owns 268,695 shares of the company’s stock, valued at approximately $3,756,356.10. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 7.37% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on BANC. Stephens reduced their price objective on Banc of California from $16.00 to $15.00 and set an “equal weight” rating on the stock in a research report on Tuesday, May 14th. Wedbush lowered their price objective on shares of Banc of California from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Wednesday, April 24th. Keefe, Bruyette & Woods raised shares of Banc of California from a “market perform” rating to an “outperform” rating and increased their target price for the company from $16.00 to $18.00 in a report on Friday, March 22nd. DA Davidson lowered their price target on shares of Banc of California from $20.00 to $17.50 and set a “buy” rating for the company in a research note on Wednesday, May 15th. Finally, Barclays 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 Wednesday, April 24th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Banc of California has an average rating of “Hold” and a consensus target price of $16.31.

Read Our Latest Analysis on BANC

About Banc of California

(Free Report)

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.

Further Reading

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

Institutional Ownership by Quarter for Banc of California (NYSE:BANC)

Receive News & Ratings for Banc of California Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Banc of California and related companies with MarketBeat.com's FREE daily email newsletter.