Banc of California, Inc. (NYSE:BANC) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lowered its position in shares of Banc of California, Inc. (NYSE:BANC) by 0.9% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,098,656 shares of the bank’s stock after selling 10,192 shares during the quarter. Bank of New York Mellon Corp owned about 0.69% of Banc of California worth $15,590,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. T. Rowe Price Investment Management Inc. raised its position in shares of 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 worth $168,716,000 after purchasing an additional 644,330 shares during the period. Wellington Management Group LLP grew its holdings in Banc of California by 274.6% in the 4th 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 in the last quarter. Millennium Management LLC grew its holdings in Banc of California by 2,119.0% in the 4th quarter. Millennium Management LLC now owns 2,876,914 shares of the bank’s stock worth $44,477,000 after buying an additional 2,747,262 shares in the last quarter. Basswood Capital Management L.L.C. grew its holdings in Banc of California by 7.2% in the 4th quarter. Basswood Capital Management L.L.C. now owns 1,858,527 shares of the bank’s stock worth $28,733,000 after buying an additional 125,633 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in Banc of California by 10.3% in the 4th quarter. Northern Trust Corp now owns 1,629,512 shares of the bank’s stock worth $25,192,000 after buying an additional 152,032 shares in the last quarter. Institutional investors and hedge funds own 86.88% of the company’s stock.

Banc of California Price Performance

NYSE BANC opened at $15.02 on Friday. 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 $14.18 and its two-hundred day moving average is $14.39. 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 $2.22 billion, a P/E ratio of 23.11 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 6.30% and a net margin of 8.23%. 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 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Monday, June 16th were paid a $0.10 dividend. The ex-dividend date was Monday, June 16th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.66%. Banc of California’s payout ratio is presently 61.54%.

Wall Street Analyst Weigh In

BANC has been the subject of a number of research reports. Stephens reaffirmed an “equal weight” rating and set a $15.00 price target on shares of Banc of California in a research note on Monday, April 28th. Wells Fargo & Company decreased their price target on 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. increased their price target on Banc of California from $15.00 to $16.00 and gave the company a “neutral” rating in a research note on Tuesday, July 1st. Jefferies Financial Group initiated coverage on Banc of California in a research note on Wednesday, May 21st. They set a “buy” rating and a $18.00 price objective for the company. Finally, Barclays raised their price objective on Banc of California from $18.00 to $19.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 8th. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Banc of California currently has a consensus rating of “Moderate Buy” and an average target price of $17.33.

Insider Transactions at Banc of California

In related news, insider Olivia I. Lindsay sold 11,000 shares of the business’s stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $13.58, for a total transaction of $149,380.00. Following the transaction, the insider directly owned 30,902 shares in the company, valued at $419,649.16. The trade was a 26.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director James Andrew Barker purchased 10,000 shares of the stock in a transaction that occurred on Tuesday, April 29th. The shares were purchased at an average price of $13.16 per share, for a total transaction of $131,600.00. Following the completion of the purchase, the director directly owned 169,680 shares of the company’s stock, valued at approximately $2,232,988.80. This trade represents a 6.26% increase in their ownership of the stock. The disclosure for this purchase 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 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.