Sanctuary Advisors LLC Makes New $167,000 Investment in Banc of California, Inc. (NYSE:BANC)

Sanctuary Advisors LLC acquired a new stake in Banc of California, Inc. (NYSE:BANC) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 11,306 shares of the bank’s stock, valued at approximately $167,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Future Financial Wealth Managment LLC bought a new stake in Banc of California in the third quarter valued at $29,000. GAMMA Investing LLC grew its holdings in shares of Banc of California by 32.3% in the 3rd quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock worth $44,000 after purchasing an additional 734 shares during the last quarter. Mendon Capital Advisors Corp acquired a new stake in shares of Banc of California during the 2nd quarter worth about $102,000. Paloma Partners Management Co bought a new position in Banc of California during the 3rd quarter valued at about $158,000. Finally, Marshall Wace LLP acquired a new position in Banc of California in the second quarter valued at about $166,000. 86.88% of the stock is owned by institutional investors.

Banc of California Stock Performance

Shares of Banc of California stock opened at $15.57 on Tuesday. The firm has a fifty day moving average of $16.21 and a two-hundred day moving average of $14.65. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.89. The stock has a market capitalization of $2.47 billion, a price-to-earnings ratio of -3.65 and a beta of 1.14. Banc of California, Inc. has a 52 week low of $11.88 and a 52 week high of $18.08.

Banc of California (NYSE:BANC) last released its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.25 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.11. Banc of California had a positive return on equity of 2.93% and a negative net margin of 20.75%. The business had revenue of $431.44 million during the quarter, compared to the consensus estimate of $229.46 million. During the same quarter in the prior year, the company posted $0.30 earnings per share. As a group, equities research analysts predict that Banc of California, Inc. will post 0.7 EPS for the current year.

Banc of California Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 16th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.57%. The ex-dividend date of this dividend is Monday, December 16th. Banc of California’s payout ratio is -9.37%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Citigroup started coverage on shares of Banc of California in a research note on Thursday, October 10th. They issued a “neutral” rating and a $15.00 target price for the company. 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 research note on Wednesday, October 23rd. Keefe, Bruyette & Woods upped their price target on shares of Banc of California from $17.50 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Wedbush raised their price objective on shares of Banc of California from $18.00 to $19.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Finally, Wells Fargo & Company upped their target price on shares of Banc of California from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Banc of California currently has an average rating of “Hold” and an average price target of $17.80.

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.