149,610 Shares in Banc of California, Inc. (NYSE:BANC) Acquired by Alaska Permanent Fund Corp

Alaska Permanent Fund Corp purchased a new stake in Banc of California, Inc. (NYSE:BANC) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 149,610 shares of the bank’s stock, valued at approximately $2,009,000. Alaska Permanent Fund Corp owned 0.26% of Banc of California at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Banc of California by 4.1% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 24,435 shares of the bank’s stock worth $303,000 after buying an additional 955 shares in the last quarter. Sippican Capital Advisors raised its holdings in shares of Banc of California by 1.2% in the 3rd quarter. Sippican Capital Advisors now owns 115,144 shares of the bank’s stock valued at $1,425,000 after acquiring an additional 1,325 shares in the last quarter. Versant Capital Management Inc boosted its position in shares of Banc of California by 2,466.2% during the 4th quarter. Versant Capital Management Inc now owns 1,899 shares of the bank’s stock valued at $26,000 after acquiring an additional 1,825 shares during the last quarter. Anchor Investment Management LLC purchased a new position in shares of Banc of California during the fourth quarter worth about $44,000. Finally, Avior Wealth Management LLC purchased a new position in shares of Banc of California during the fourth quarter worth about $44,000. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

Banc of California Price Performance

Banc of California stock opened at $14.17 on Friday. The firm has a fifty day simple moving average of $14.50 and a two-hundred day simple moving average of $13.32. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.89. Banc of California, Inc. has a twelve month low of $9.72 and a twelve month high of $16.08.

Banc of California (NYSE:BANC) last released its earnings results on Tuesday, April 23rd. The bank reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.07). The company had revenue of $522.57 million during the quarter, compared to the consensus estimate of $296.02 million. Banc of California had a negative net margin of 29.10% and a positive return on equity of 2.25%. During the same period last year, the firm posted $0.37 EPS. On average, research analysts predict that Banc of California, Inc. will post 1.5 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.40 dividend on an annualized basis and a yield of 2.82%. Banc of California’s dividend payout ratio is currently -12.01%.

Analysts Set New Price Targets

Several brokerages have issued reports on BANC. Barclays dropped their target price on shares of Banc of California from $16.00 to $15.00 and set an “equal weight” rating for the company in a research report on Wednesday. StockNews.com upgraded shares of Banc of California to a “sell” rating in a research report on Thursday. Keefe, Bruyette & Woods upgraded shares of Banc of California from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $16.00 to $18.00 in a research report on Friday, March 22nd. Wells Fargo & Company increased their target price on Banc of California from $14.00 to $16.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 10th. Finally, Stephens reaffirmed an “equal weight” rating and set a $16.00 price target on shares of Banc of California in a research note on Thursday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, Banc of California currently has a consensus rating of “Hold” and an average price target of $16.64.

Insider Buying and Selling at Banc of California

In other Banc of California news, insider Robert G. Dyck sold 10,000 shares of the company’s stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $14.97, for a total value of $149,700.00. Following the completion of the transaction, the insider now directly owns 24,979 shares in the company, valued at approximately $373,935.63. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 7.37% of the company’s stock.

Banc of California Company 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.