The Manufacturers Life Insurance Company Sells 2,020 Shares of Banc of California, Inc. (NYSE:BANC)

The Manufacturers Life Insurance Company decreased its holdings in Banc of California, Inc. (NYSE:BANC) by 2.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 73,079 shares of the bank’s stock after selling 2,020 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Banc of California were worth $1,130,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in the stock. PL Capital Advisors LLC lifted its position in shares of Banc of California by 1,446.0% in the 4th quarter. PL Capital Advisors LLC now owns 46,754,426 shares of the bank’s stock worth $722,823,000 after purchasing an additional 43,730,207 shares during the period. Wellington Management Group LLP lifted its holdings in Banc of California by 274.6% in the fourth quarter. Wellington Management Group LLP now owns 5,393,076 shares of the bank’s stock worth $83,377,000 after buying an additional 3,953,380 shares during the period. T. Rowe Price Investment Management Inc. boosted its position in Banc of California by 6.3% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 10,913,012 shares of the bank’s stock valued at $168,716,000 after acquiring an additional 644,330 shares in the last quarter. Penn Capital Management Company LLC purchased a new position in shares of Banc of California during the 4th quarter worth approximately $9,326,000. Finally, New York State Common Retirement Fund raised its position in shares of Banc of California by 1,159.7% in the 4th quarter. New York State Common Retirement Fund now owns 479,912 shares of the bank’s stock worth $7,419,000 after acquiring an additional 441,814 shares in the last quarter. Institutional investors own 86.88% of the company’s stock.

Banc of California Stock Performance

Shares of Banc of California stock opened at $14.63 on Wednesday. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. The stock’s fifty day moving average price is $13.51 and its 200-day moving average price is $15.09. The firm has a market cap of $2.32 billion, a P/E ratio of 26.13 and a beta of 0.69. Banc of California, Inc. has a 12 month low of $11.52 and a 12 month high of $18.08.

Banc of California (NYSE:BANC) last announced its earnings results on Wednesday, April 23rd. The bank reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.02. Banc of California had a return on equity of 6.20% and a net margin of 7.06%. The business had revenue of $266.01 million for the quarter, compared to analysts’ expectations of $272.36 million. During the same quarter last year, the firm earned $0.19 EPS. The business’s revenue for the quarter was up 1.2% on a year-over-year basis. On average, equities research 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 will be paid on Tuesday, July 1st. Investors of record on Monday, June 16th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.40 dividend on an annualized basis and a yield of 2.73%. Banc of California’s dividend payout ratio (DPR) is 61.54%.

Insiders Place Their Bets

In other Banc of California news, Director James Andrew Barker bought 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 29th. The stock was bought at an average cost of $13.16 per share, for a total transaction of $131,600.00. Following the completion of the transaction, the director now directly owns 169,680 shares of the company’s stock, valued at approximately $2,232,988.80. This trade represents a 6.26% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.69% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities research analysts recently weighed in on BANC shares. Barclays dropped their price target on Banc of California from $19.00 to $18.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. Wells Fargo & Company decreased 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 note on Wednesday, April 9th. JPMorgan Chase & Co. lowered 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, April 28th. Raymond James boosted their price objective on shares of Banc of California from $17.00 to $18.00 and gave the stock an “outperform” rating in a research note on Friday, January 24th. Finally, Stephens reaffirmed an “equal weight” rating and set a $15.00 target price on shares of Banc of California in a research note on Monday, April 28th. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Banc of California currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.09.

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.