Tiptree Advisors LLC Makes New $7.16 Million Investment in Banc of California, Inc. $BANC

Tiptree Advisors LLC acquired a new stake in shares of Banc of California, Inc. (NYSE:BANC) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 350,340 shares of the bank’s stock, valued at approximately $7,157,000. Banc of California comprises about 4.4% of Tiptree Advisors LLC’s investment portfolio, making the stock its 9th biggest position. Tiptree Advisors LLC owned about 0.22% of Banc of California at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of BANC. BlackRock Inc. bought a new position in Banc of California in the 2nd quarter valued at approximately $462,252,000. Vanguard Group Inc. increased its holdings in shares of Banc of California by 4.6% in the 4th quarter. Vanguard Group Inc. now owns 9,951,795 shares of the bank’s stock worth $191,970,000 after purchasing an additional 438,320 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Banc of California by 10.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 6,464,447 shares of the bank’s stock worth $113,640,000 after purchasing an additional 600,791 shares in the last quarter. Invesco Ltd. raised its stake in shares of Banc of California by 3.1% in the fourth quarter. Invesco Ltd. now owns 6,010,260 shares of the bank’s stock worth $115,938,000 after purchasing an additional 181,029 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Banc of California by 8.5% during the first quarter. Goldman Sachs Group Inc. now owns 3,796,996 shares of the bank’s stock valued at $53,879,000 after purchasing an additional 297,680 shares in the last quarter. 86.88% of the stock is currently owned by institutional investors.

Banc of California Trading Up 1.5%

Shares of BANC stock opened at $18.87 on Thursday. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.89 and a quick ratio of 0.86. The company has a market cap of $2.99 billion, a price-to-earnings ratio of -44.93 and a beta of 0.74. Banc of California, Inc. has a 1 year low of $15.33 and a 1 year high of $21.93. The firm has a fifty day moving average price of $20.04 and a 200-day moving average price of $19.13.

Banc of California (NYSE:BANC) last released its earnings results on Wednesday, July 29th. The bank reported ($1.61) earnings per share for the quarter, missing the consensus estimate of $0.40 by ($2.01). Banc of California had a negative net margin of 1.44% and a positive return on equity of 7.98%. The company had revenue of $16.41 million for the quarter, compared to analysts’ expectations of $295.32 million. During the same quarter last year, the firm posted $0.31 earnings per share. Banc of California’s revenue for the quarter was down 94.0% on a year-over-year basis. As a group, equities analysts predict that Banc of California, Inc. will post 1.68 earnings per share for the current year.

Banc of California Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.12 per share. The ex-dividend date is Tuesday, September 15th. This represents a $0.48 dividend on an annualized basis and a yield of 2.5%. Banc of California’s dividend payout ratio (DPR) is presently -114.29%.

Insider Buying and Selling

In other Banc of California news, insider Olivia I. Lindsay sold 6,000 shares of Banc of California stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $19.50, for a total transaction of $117,000.00. Following the transaction, the insider owned 32,842 shares of the company’s stock, valued at $640,419. The trade was a 15.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.78% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on BANC shares. Weiss Ratings lowered Banc of California from a “hold (c+)” rating to a “hold (c-)” rating in a research report on Friday, August 21st. Barclays decreased their price objective on shares of Banc of California from $23.00 to $22.00 and set an “overweight” rating for the company in a report on Monday, August 3rd. Wells Fargo & Company began coverage on shares of Banc of California in a research note on Monday, August 10th. They set an “overweight” rating and a $23.00 target price for the company. Citigroup lowered their price target on Banc of California from $23.50 to $22.00 and set a “buy” rating on the stock in a report on Friday, July 31st. Finally, Brean Capital downgraded Banc of California from a “buy” rating to a “neutral” rating in a research note on Thursday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Banc of California has a consensus rating of “Buy” and a consensus target price of $22.62.

Banc of California 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.