Salzhauer Michael Grows Stock Holdings in Banc of California, Inc. (NYSE:BANC)

Salzhauer Michael increased its stake in Banc of California, Inc. (NYSE:BANC) by 29.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 490,200 shares of the bank’s stock after purchasing an additional 112,624 shares during the period. Banc of California accounts for 2.8% of Salzhauer Michael’s portfolio, making the stock its 8th largest holding. Salzhauer Michael’s holdings in Banc of California were worth $6,956,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of BANC. Picton Mahoney Asset Management acquired a new position in Banc of California during the 4th quarter valued at about $30,000. SBI Securities Co. Ltd. bought a new stake in shares of Banc of California during the fourth quarter worth approximately $36,000. Jones Financial Companies Lllp lifted its holdings 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 valued at $55,000 after buying an additional 928 shares during the period. Smartleaf Asset Management LLC boosted its stake in Banc of California by 205.8% in the fourth quarter. Smartleaf Asset Management LLC now owns 4,348 shares of the bank’s stock valued at $68,000 after acquiring an additional 2,926 shares during the last quarter. Finally, Summit Securities Group LLC bought a new position in Banc of California in the fourth quarter valued at approximately $97,000. Institutional investors and hedge funds own 86.88% of the company’s stock.

Banc of California Trading Down 0.3%

NYSE BANC opened at $13.86 on Thursday. Banc of California, Inc. has a one year low of $11.52 and a one year 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 firm has a market cap of $2.05 billion, a P/E ratio of 21.32 and a beta of 0.67. The stock’s 50-day moving average is $13.79 and its 200-day moving average is $14.56.

Banc of California (NYSE:BANC) last posted its earnings results on Wednesday, April 23rd. The bank reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.02. Banc of California had a return on equity of 6.30% and a net margin of 8.23%. The business had revenue of $266.01 million during the quarter, compared to analysts’ expectations of $272.36 million. During the same period in the prior year, the business earned $0.19 EPS. Banc of California’s revenue for the quarter was up 1.2% compared to the same quarter last year. Sell-side 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 business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Monday, June 16th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.89%. The ex-dividend date of this dividend is Monday, June 16th. Banc of California’s dividend payout ratio is 61.54%.

Analysts Set New Price Targets

Several analysts have commented on the stock. Barclays dropped their target price on shares of Banc of California from $19.00 to $18.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Stephens reaffirmed an “equal weight” rating and set a $15.00 price objective on shares of Banc of California in a research note on Monday, April 28th. Robert W. Baird cut their target price on Banc of California from $19.00 to $17.00 and set an “outperform” rating on the stock in a research note on Friday, April 25th. JPMorgan Chase & Co. decreased their target price on Banc of California from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Monday, April 28th. Finally, Jefferies Financial Group initiated coverage on Banc of California in a research note on Wednesday, May 21st. They issued a “buy” rating and a $18.00 price target for the company. Five research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $17.17.

Insider Buying and Selling

In other Banc of California news, Director Richard J. Lashley sold 37,500 shares of the company’s stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $14.20, for a total transaction of $532,500.00. Following the completion of the transaction, the director now owns 2,280,280 shares of the company’s stock, valued at $32,379,976. This represents a 1.62% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director James Andrew Barker purchased 10,000 shares of the firm’s stock in a transaction dated Tuesday, April 29th. The shares were acquired at an average cost of $13.16 per share, with a total value of $131,600.00. Following the completion of the purchase, the director now directly owns 169,680 shares in the company, valued at approximately $2,232,988.80. This represents a 6.26% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 86,000 shares of company stock worth $1,208,000 over the last ninety days. Company insiders own 2.69% of the company’s stock.

About Banc of California

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.