Legal & General Group Plc Makes New $6.19 Million Investment in Banc of California, Inc. $BANC

Legal & General Group Plc bought a new position in Banc of California, Inc. (NYSE:BANC) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 303,107 shares of the bank’s stock, valued at approximately $6,192,000.

Other large investors have also made changes to their positions in the company. Triumph Capital Management purchased a new stake in shares of Banc of California in the 3rd quarter valued at approximately $25,000. Navalign LLC acquired a new stake in Banc of California during the 4th quarter valued at $27,000. Western Wealth Management LLC acquired a new stake in Banc of California during the 1st quarter valued at $29,000. Orion Capital Management LLC purchased a new stake in shares of Banc of California in the fourth quarter valued at $35,000. Finally, Advisory Services Network LLC purchased a new stake in shares of Banc of California in the third quarter valued at $36,000. Institutional investors and hedge funds own 86.88% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on BANC. 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. Wells Fargo & Company started coverage on Banc of California in a research note on Monday, August 10th. They issued an “overweight” rating and a $23.00 price objective for the company. Wall Street Zen lowered Banc of California from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. Brean Capital cut Banc of California from a “buy” rating to a “neutral” rating in a research note on Thursday, July 30th. Finally, Barclays dropped their target price on Banc of California from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Monday, August 3rd. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Banc of California currently has a consensus rating of “Buy” and an average target price of $22.62.

Insider Buying and Selling

In other news, insider Olivia I. Lindsay sold 6,000 shares of the stock in a transaction 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 in the company, valued at $640,419. This represents a 15.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.78% of the stock is owned by corporate insiders.

Banc of California Trading Up 3.9%

Banc of California stock opened at $18.86 on Thursday. The company’s fifty day simple moving average is $19.87 and its 200-day simple moving average is $19.06. The company has a quick ratio of 0.86, a current ratio of 0.89 and a debt-to-equity ratio of 0.20. Banc of California, Inc. has a 12 month low of $15.33 and a 12 month high of $21.93. The stock has a market cap of $2.99 billion, a P/E ratio of -44.91 and a beta of 0.73.

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

Banc of California Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Tuesday, September 15th. Banc of California’s payout ratio is currently -114.29%.

About Banc of California

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.