LPL Financial LLC Sells 2,094 Shares of Banc of California, Inc. (NYSE:BANC)

LPL Financial LLC cut its stake in shares of Banc of California, Inc. (NYSE:BANC) by 10.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 17,704 shares of the bank’s stock after selling 2,094 shares during the quarter. LPL Financial LLC’s holdings in Banc of California were worth $274,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. SBI Securities Co. Ltd. bought a new stake in Banc of California in the 4th quarter worth about $36,000. Swiss National Bank increased its holdings in Banc of California by 0.9% in the 4th quarter. Swiss National Bank now owns 280,214 shares of the bank’s stock worth $4,332,000 after buying an additional 2,600 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Banc of California by 1.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,252,528 shares of the bank’s stock worth $19,364,000 after buying an additional 19,076 shares in the last quarter. Proficio Capital Partners LLC bought a new stake in Banc of California in the 4th quarter worth about $360,000. Finally, Sei Investments Co. increased its holdings in Banc of California by 9.3% in the 4th quarter. Sei Investments Co. now owns 637,423 shares of the bank’s stock worth $9,855,000 after buying an additional 54,238 shares in the last quarter. 86.88% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

BANC has been the subject of several research analyst reports. StockNews.com upgraded Banc of California from a “sell” rating to a “hold” rating in a report on Friday, January 24th. Robert W. Baird dropped their target price on Banc of California from $19.00 to $17.00 and set an “outperform” rating on the stock in a research report on Friday. Wells Fargo & Company reduced their price target on shares of Banc of California from $20.00 to $16.00 and set an “overweight” rating for the company in a research report on Wednesday, April 9th. JPMorgan Chase & Co. reduced their price target on shares of Banc of California from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Monday. Finally, Raymond James upped 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. Five research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.25.

Banc of California Stock Down 0.8 %

Shares of BANC opened at $13.09 on Tuesday. The stock has a market capitalization of $2.08 billion, a price-to-earnings ratio of 23.38 and a beta of 0.85. Banc of California, Inc. has a 1 year low of $11.52 and a 1 year high of $18.08. The business’s 50 day simple moving average is $13.69 and its 200-day simple moving average is $15.19. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.90 and a quick ratio of 0.89.

Banc of California (NYSE:BANC) last issued its quarterly earnings data on Wednesday, April 23rd. The bank reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.02. The business had revenue of $266.01 million for the quarter, compared to analysts’ expectations of $272.36 million. Banc of California had a return on equity of 6.20% and a net margin of 7.06%. The company’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.19 EPS. As a group, equities analysts expect that Banc of California, Inc. will post 1.31 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were issued a $0.10 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.40 annualized dividend and a dividend yield of 3.06%. Banc of California’s dividend payout ratio (DPR) is presently 61.54%.

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.