13,577 Shares in Banc of California, Inc. (NYSE:BANC) Acquired by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC bought a new stake in Banc of California, Inc. (NYSE:BANC) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 13,577 shares of the bank’s stock, valued at approximately $210,000.

Several other large investors have also recently added to or reduced their stakes in the business. Picton Mahoney Asset Management acquired a new position in shares of Banc of California during the 4th quarter valued at $30,000. SBI Securities Co. Ltd. acquired a new stake in shares of Banc of California in the fourth quarter worth $36,000. Jones Financial Companies Lllp boosted its position in shares of Banc of California by 35.1% in the fourth quarter. Jones Financial Companies Lllp now owns 3,574 shares of the bank’s stock worth $55,000 after buying an additional 928 shares during the period. Smartleaf Asset Management LLC boosted its position in shares of Banc of California by 205.8% in the fourth quarter. Smartleaf Asset Management LLC now owns 4,348 shares of the bank’s stock worth $68,000 after buying an additional 2,926 shares during the period. Finally, Summit Securities Group LLC acquired a new stake in shares of Banc of California in the fourth quarter worth $97,000. 86.88% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Banc of California

In other news, Director Richard J. Lashley sold 37,500 shares of Banc of California stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $14.20, for a total value of $532,500.00. Following the transaction, the director now directly owns 2,280,280 shares in the company, valued at approximately $32,379,976. The trade was a 1.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Olivia I. Lindsay sold 11,000 shares of the business’s stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $13.58, for a total value of $149,380.00. Following the transaction, the insider now owns 30,902 shares in the company, valued at $419,649.16. This represents a 26.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 86,000 shares of company stock worth $1,208,000. Company insiders own 2.69% of the company’s stock.

Banc of California Price Performance

NYSE BANC opened at $13.48 on Tuesday. Banc of California, Inc. has a fifty-two week low of $11.52 and a fifty-two week high of $18.08. The stock’s 50-day moving average is $13.65 and its two-hundred day moving average is $14.69. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.90 and a quick ratio of 0.89. The firm has a market cap of $1.99 billion, a P/E ratio of 24.08 and a beta of 0.67.

Banc of California (NYSE:BANC) last posted its earnings results on Wednesday, April 23rd. The bank reported $0.26 earnings per share 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 company had revenue of $266.01 million for the quarter, compared to analyst estimates of $272.36 million. During the same period last year, the company earned $0.19 earnings per share. The business’s revenue was up 1.2% compared to the same quarter last year. On average, analysts anticipate that Banc of California, Inc. will post 1.31 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders 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 dividend yield of 2.97%. Banc of California’s payout ratio is presently 61.54%.

Analyst Ratings Changes

BANC has been the subject of a number of research reports. Barclays reduced their price objective on Banc of California from $19.00 to $18.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Stephens reissued an “equal weight” rating and set a $15.00 price objective on shares of Banc of California in a research report on Monday, April 28th. Wells Fargo & Company reduced their price objective on 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. Jefferies Financial Group initiated coverage on Banc of California in a research report on Wednesday, May 21st. They set a “buy” rating and a $18.00 price objective for the company. Finally, Robert W. Baird reduced their price objective on Banc of California from $19.00 to $17.00 and set an “outperform” rating for the company in a research report on Friday, April 25th. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $17.17.

Banc of California Company Profile

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.