Banc of California, Inc. $BANC is Salzhauer Michael’s 7th Largest Position

Salzhauer Michael cut its stake in Banc of California, Inc. (NYSE:BANC) by 5.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 431,804 shares of the bank’s stock after selling 26,730 shares during the period. Banc of California comprises about 3.3% of Salzhauer Michael’s investment portfolio, making the stock its 7th largest position. Salzhauer Michael’s holdings in Banc of California were worth $7,146,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in BANC. Balyasny Asset Management L.P. purchased a new stake in Banc of California in the 2nd quarter valued at about $17,400,000. FJ Capital Management LLC increased its position in shares of Banc of California by 265.8% during the second quarter. FJ Capital Management LLC now owns 1,365,440 shares of the bank’s stock worth $19,184,000 after acquiring an additional 992,154 shares during the period. Invesco Ltd. raised its stake in shares of Banc of California by 21.5% during the second quarter. Invesco Ltd. now owns 5,410,938 shares of the bank’s stock valued at $76,024,000 after acquiring an additional 957,693 shares in the last quarter. Jones Financial Companies Lllp boosted its holdings in shares of Banc of California by 22,771.4% in the first quarter. Jones Financial Companies Lllp now owns 817,424 shares of the bank’s stock valued at $11,599,000 after purchasing an additional 813,850 shares during the period. Finally, Millennium Management LLC boosted its holdings in shares of Banc of California by 26.3% in the first quarter. Millennium Management LLC now owns 3,634,591 shares of the bank’s stock valued at $51,575,000 after purchasing an additional 757,677 shares during the period. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Banc of California Stock Down 0.4%

NYSE:BANC opened at $19.63 on Tuesday. The company’s 50-day simple moving average is $18.17 and its 200-day simple moving average is $16.52. 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 fifty-two week low of $11.52 and a fifty-two week high of $20.17. The stock has a market capitalization of $2.97 billion, a P/E ratio of 18.87 and a beta of 0.72.

Banc of California (NYSE:BANC) last issued its quarterly earnings results on Monday, May 13th. The bank reported $1.03 earnings per share (EPS) for the quarter. The business had revenue of $315.66 million for the quarter. Banc of California had a return on equity of 8.00% and a net margin of 11.49%. On average, equities 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 declared a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 15th will be paid a $0.10 dividend. The ex-dividend date is Monday, December 15th. This represents a $0.40 dividend on an annualized basis and a yield of 2.0%. Banc of California’s dividend payout ratio (DPR) is 38.46%.

Analyst Upgrades and Downgrades

Several research analysts have commented on BANC shares. Citigroup upgraded Banc of California from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $18.00 to $21.50 in a report on Monday, October 27th. Wells Fargo & Company increased their price target on Banc of California from $18.00 to $20.00 and gave the stock an “overweight” rating in a research report on Monday, September 29th. Barclays lifted their price objective on Banc of California from $21.00 to $25.00 and gave the company an “overweight” rating in a report on Friday, December 19th. Weiss Ratings reiterated a “hold (c)” rating on shares of Banc of California in a report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. raised their target price on shares of Banc of California from $21.00 to $24.00 and gave the company an “overweight” rating in a research report on Tuesday, December 16th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Banc of California has a consensus rating of “Moderate Buy” and a consensus price target of $19.95.

Banc of California Company Profile

Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.

Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.