Banc of California, Inc. $BANC Shares Purchased by Oliver Luxxe Assets LLC

Oliver Luxxe Assets LLC increased its holdings in shares of Banc of California, Inc. (NYSE:BANC) by 35.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 116,106 shares of the bank’s stock after buying an additional 30,551 shares during the quarter. Oliver Luxxe Assets LLC owned about 0.07% of Banc of California worth $1,648,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. CWM LLC increased its stake in shares of Banc of California by 41.7% during the 1st quarter. CWM LLC now owns 8,049 shares of the bank’s stock valued at $114,000 after acquiring an additional 2,367 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Banc of California in the first quarter valued at approximately $123,000. Xponance Inc. purchased a new stake in Banc of California in the first quarter valued at approximately $148,000. Quantinno Capital Management LP acquired a new position in Banc of California during the fourth quarter worth approximately $156,000. Finally, Cetera Investment Advisers purchased a new position in Banc of California during the fourth quarter worth approximately $178,000. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $18.00 price objective (up from $17.00) on shares of Banc of California in a research note on Friday, July 25th. Wells Fargo & Company boosted their price target on Banc of California from $16.00 to $18.00 and gave the company an “overweight” rating in a research report on Tuesday, July 29th. Barclays upped their price target on Banc of California from $18.00 to $19.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 8th. Jefferies Financial Group assumed coverage on Banc of California in a research note on Wednesday, May 21st. They issued a “buy” rating and a $18.00 price objective on the stock. Finally, Stephens reiterated an “equal weight” rating and set a $15.00 target price on shares of Banc of California in a report on Monday, April 28th. Eight investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, Banc of California currently has an average rating of “Moderate Buy” and an average target price of $17.33.

Insider Buying and Selling at Banc of California

In related news, insider Olivia I. Lindsay sold 11,000 shares of the firm’s stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $13.58, for a total transaction of $149,380.00. Following the completion of the sale, the insider directly owned 30,902 shares of the company’s stock, valued at approximately $419,649.16. This trade represents a 26.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Richard J. Lashley sold 37,500 shares of the business’s stock in a transaction 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 owned 2,280,280 shares in the company, valued at $32,379,976. This represents a 1.62% decrease in their position. The disclosure for this sale can be found here. Insiders sold 86,000 shares of company stock valued at $1,208,000 over the last 90 days. Insiders own 2.69% of the company’s stock.

Banc of California Price Performance

Shares of NYSE BANC opened at $16.2930 on Friday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.90 and a quick ratio of 0.88. Banc of California, Inc. has a 1-year low of $11.52 and a 1-year high of $18.08. The company has a market capitalization of $2.41 billion, a price-to-earnings ratio of 25.07 and a beta of 0.69. The business has a 50-day moving average of $14.69 and a 200-day moving average of $14.26.

Banc of California (NYSE:BANC) last announced its earnings results on Wednesday, July 23rd. The bank reported $0.31 EPS for the quarter, beating the consensus estimate of $0.28 by $0.03. Banc of California had a return on equity of 7.37% and a net margin of 8.30%.The business had revenue of $272.85 million for the quarter, compared to the consensus estimate of $278.43 million. During the same period last year, the business posted $0.12 EPS. The company’s revenue was up 5.2% on a year-over-year basis. On average, equities analysts anticipate that Banc of California, Inc. will post 1.31 EPS for the current fiscal year.

Banc of California Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be paid a $0.10 dividend. The ex-dividend date is Monday, September 15th. This represents a $0.40 annualized dividend and a dividend yield of 2.5%. Banc of California’s dividend payout ratio is 61.54%.

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.