Picton Mahoney Asset Management Purchases New Shares in Banc of California, Inc. (NYSE:BANC)

Picton Mahoney Asset Management purchased a new stake in Banc of California, Inc. (NYSE:BANC) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 1,962 shares of the bank’s stock, valued at approximately $30,000.

Other institutional investors have also made changes to their positions in the company. Crescent Grove Advisors LLC increased its position in Banc of California by 0.7% in the fourth quarter. Crescent Grove Advisors LLC now owns 99,084 shares of the bank’s stock worth $1,542,000 after purchasing an additional 664 shares during the period. CIBC Asset Management Inc increased its position in Banc of California by 4.8% in the fourth quarter. CIBC Asset Management Inc now owns 15,052 shares of the bank’s stock worth $233,000 after purchasing an additional 683 shares during the period. World Investment Advisors LLC increased its position in Banc of California by 4.5% in the third quarter. World Investment Advisors LLC now owns 18,082 shares of the bank’s stock worth $266,000 after purchasing an additional 779 shares during the period. Jones Financial Companies Lllp increased its position in Banc of California by 35.1% in the fourth quarter. Jones Financial Companies Lllp now owns 3,574 shares of the bank’s stock worth $55,000 after purchasing an additional 928 shares during the period. Finally, FMR LLC increased its position in Banc of California by 5.8% in the third quarter. FMR LLC now owns 20,659 shares of the bank’s stock worth $304,000 after purchasing an additional 1,126 shares during the period. 86.88% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

BANC has been the subject of several analyst reports. Wells Fargo & Company upgraded Banc of California from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $17.00 to $20.00 in a research report on Monday, January 6th. Barclays decreased their target price on Banc of California from $20.00 to $19.00 and set an “overweight” rating for the company in a research report on Friday, January 24th. Stephens decreased their target price on Banc of California from $18.00 to $17.00 and set an “equal weight” rating for the company in a research report on Monday, January 27th. Keefe, Bruyette & Woods boosted their target price on Banc of California from $17.50 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Finally, JPMorgan Chase & Co. initiated coverage on Banc of California in a research report on Friday, February 7th. They set a “neutral” rating and a $18.00 target price for the company. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $18.18.

Banc of California Trading Up 1.8 %

NYSE:BANC opened at $14.22 on Tuesday. Banc of California, Inc. has a fifty-two week low of $11.88 and a fifty-two week high of $18.08. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.90 and a quick ratio of 0.89. The stock has a market capitalization of $2.26 billion, a PE ratio of 25.38 and a beta of 1.18. The business’s 50-day simple moving average is $15.31 and its 200-day simple moving average is $15.41.

Banc of California (NYSE:BANC) last released its quarterly earnings data on Thursday, January 23rd. The bank reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.05. Banc of California had a return on equity of 6.20% and a net margin of 7.06%. Sell-side analysts expect that Banc of California, Inc. will post 1.31 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.81%. The ex-dividend date of this dividend is Friday, March 14th. Banc of California’s payout ratio is 71.43%.

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.