Banc of California, Inc. $BANC Shares Sold by Deutsche Bank AG

Deutsche Bank AG cut its stake in shares of Banc of California, Inc. (NYSE:BANC) by 6.9% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 108,732 shares of the bank’s stock after selling 8,090 shares during the period. Deutsche Bank AG owned 0.07% of Banc of California worth $1,543,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Bank of Montreal Can grew its stake in shares of Banc of California by 6.8% during the 4th quarter. Bank of Montreal Can now owns 16,341 shares of the bank’s stock valued at $253,000 after buying an additional 1,038 shares during the period. Illinois Municipal Retirement Fund grew its stake in shares of Banc of California by 1.5% during the 1st quarter. Illinois Municipal Retirement Fund now owns 75,563 shares of the bank’s stock valued at $1,072,000 after buying an additional 1,100 shares during the period. Cetera Investment Advisers grew its stake in shares of Banc of California by 11.1% during the 1st quarter. Cetera Investment Advisers now owns 12,802 shares of the bank’s stock valued at $182,000 after buying an additional 1,276 shares during the period. Mercer Global Advisors Inc. ADV grew its stake in shares of Banc of California by 9.9% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 14,370 shares of the bank’s stock valued at $222,000 after buying an additional 1,299 shares during the period. Finally, Cable Hill Partners LLC grew its stake in shares of Banc of California by 2.5% during the 1st quarter. Cable Hill Partners LLC now owns 67,093 shares of the bank’s stock valued at $904,000 after buying an additional 1,613 shares during the period. 86.88% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Banc of California news, Director Richard J. Lashley sold 37,500 shares of the business’s stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $14.20, for a total value of $532,500.00. Following the transaction, the director owned 2,280,280 shares in the company, valued at $32,379,976. The trade was a 1.62% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Olivia I. Lindsay sold 11,000 shares of the business’s stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $13.58, for a total transaction of $149,380.00. Following the completion of the transaction, the insider owned 30,902 shares in the company, valued at $419,649.16. This represents a 26.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 86,000 shares of company stock worth $1,208,000 in the last quarter. 2.69% of the stock is currently owned by company insiders.

Banc of California Stock Performance

NYSE:BANC opened at $16.2930 on Friday. Banc of California, Inc. has a twelve month low of $11.52 and a twelve month high of $18.08. The company has a current ratio of 0.90, a quick ratio of 0.88 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $2.41 billion, a price-to-earnings ratio of 25.07 and a beta of 0.69. The firm’s fifty day simple moving average is $14.69 and its 200 day simple moving average is $14.27.

Banc of California (NYSE:BANC) last issued its quarterly earnings data on Wednesday, July 23rd. The bank reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.03. Banc of California had a net margin of 8.30% and a return on equity of 7.37%. The firm had revenue of $272.85 million for the quarter, compared to analyst estimates of $278.43 million. During the same quarter in the previous year, the business posted $0.12 EPS. The firm’s revenue was up 5.2% compared to the same quarter last year. As a group, equities research analysts expect that Banc of California, Inc. will post 1.31 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be issued a $0.10 dividend. The ex-dividend date is Monday, September 15th. This represents a $0.40 dividend on an annualized basis and a yield of 2.5%. Banc of California’s payout ratio is currently 61.54%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Jefferies Financial Group assumed coverage on shares of 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. Keefe, Bruyette & Woods restated an “outperform” rating and set a $18.00 target price (up previously from $17.00) on shares of Banc of California in a report on Friday, July 25th. Stephens restated an “equal weight” rating and set a $15.00 target price on shares of Banc of California in a report on Monday, April 28th. Barclays lifted their target price on shares of Banc of California from $18.00 to $19.00 and gave the company an “overweight” rating in a report on Tuesday, July 8th. Finally, Robert W. Baird reduced their target price on shares of Banc of California from $19.00 to $17.00 and set an “outperform” rating on the stock in a report on Friday, April 25th. Eight equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $17.33.

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.