Mutual of America Capital Management LLC Sells 3,615 Shares of Banc of California, Inc. $BANC

Mutual of America Capital Management LLC lowered its position in Banc of California, Inc. (NYSE:BANC) by 18.0% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,444 shares of the bank’s stock after selling 3,615 shares during the period. Mutual of America Capital Management LLC’s holdings in Banc of California were worth $231,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in BANC. CWM LLC boosted its stake in shares of Banc of California by 9.1% during the 2nd quarter. CWM LLC now owns 8,783 shares of the bank’s stock worth $123,000 after buying an additional 734 shares during the last quarter. Sippican Capital Advisors raised its holdings in Banc of California by 1.2% in the 2nd quarter. Sippican Capital Advisors now owns 127,895 shares of the bank’s stock valued at $1,797,000 after acquiring an additional 1,539 shares during the period. Hennessy Advisors Inc. raised its holdings in Banc of California by 1.3% in the 2nd quarter. Hennessy Advisors Inc. now owns 233,000 shares of the bank’s stock valued at $3,274,000 after acquiring an additional 3,000 shares during the period. KG&L Capital Management LLC bought a new position in shares of Banc of California during the second quarter worth approximately $288,000. Finally, Oliver Luxxe Assets LLC increased its holdings in shares of Banc of California by 1.3% during the second quarter. Oliver Luxxe Assets LLC now owns 117,622 shares of the bank’s stock worth $1,653,000 after purchasing an additional 1,516 shares during the period. Institutional investors own 86.88% of the company’s stock.

Insider Activity at Banc of California

In other news, insider Hamid Hussain sold 20,000 shares of Banc of California stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $16.59, for a total transaction of $331,800.00. Following the transaction, the insider owned 66,444 shares in the company, valued at approximately $1,102,305.96. The trade was a 23.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.69% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on BANC shares. Weiss Ratings reissued a “hold (c)” rating on shares of Banc of California in a research note on Wednesday, October 8th. Barclays lifted their price objective on shares of Banc of California from $19.00 to $21.00 and gave the company an “overweight” rating in a research note on Wednesday, October 8th. Wall Street Zen upgraded shares of Banc of California from a “sell” rating to a “hold” rating in a research report on Saturday, October 25th. Wells Fargo & Company raised their target price on shares of Banc of California from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Monday, September 29th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and issued a $18.00 target price (up previously from $17.00) on shares of Banc of California in a research report on Friday, July 25th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $19.25.

Banc of California Price Performance

Shares of NYSE:BANC opened at $16.94 on Thursday. The firm has a market cap of $2.50 billion, a PE ratio of 16.29 and a beta of 0.68. The firm’s fifty day moving average is $16.78 and its 200-day moving average is $15.11. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.89. Banc of California, Inc. has a 52 week low of $11.52 and a 52 week high of $18.24.

Banc of California (NYSE:BANC) last issued its quarterly earnings results on Monday, May 13th. The bank reported $1.03 EPS for the quarter. The company had revenue of $315.66 million for the quarter. Banc of California had a net margin of 11.49% and a return on equity of 8.00%. Sell-side analysts predict that Banc of California, Inc. will post 1.31 earnings per share for the current year.

Banc of California Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Monday, September 15th. Banc of California’s payout ratio is 38.46%.

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.