20,500 Shares in Banc of California, Inc. $BANC Bought by KG&L Capital Management LLC

KG&L Capital Management LLC acquired a new stake in Banc of California, Inc. (NYSE:BANC) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 20,500 shares of the bank’s stock, valued at approximately $288,000.

Other large investors have also modified their holdings of the company. Cetera Investment Advisers acquired a new stake in shares of Banc of California during the 4th quarter valued at about $178,000. Two Sigma Investments LP grew its holdings in Banc of California by 33.4% in the fourth quarter. Two Sigma Investments LP now owns 132,004 shares of the bank’s stock valued at $2,041,000 after purchasing an additional 33,017 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Banc of California by 26.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 437,593 shares of the bank’s stock valued at $6,765,000 after buying an additional 91,225 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new position in shares of Banc of California during the 4th quarter worth approximately $1,066,000. Finally, Mackenzie Financial Corp purchased a new position in shares of Banc of California during the 4th quarter valued at approximately $455,000. Institutional investors and hedge funds own 86.88% of the company’s stock.

Insider Activity at Banc of California

In other news, insider Hamid Hussain sold 20,000 shares of Banc of California stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $16.59, for a total transaction of $331,800.00. Following the sale, the insider owned 66,444 shares of the company’s stock, valued at approximately $1,102,305.96. The trade was a 23.14% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.69% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Keefe, Bruyette & Woods restated an “outperform” rating and set a $18.00 price objective (up from $17.00) on shares of Banc of California in a research report on Friday, July 25th. Wells Fargo & Company upped their price target on shares of Banc of California from $16.00 to $18.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 29th. Barclays raised their price target on shares of Banc of California from $18.00 to $19.00 and gave the company an “overweight” rating in a research note on Tuesday, July 8th. Finally, JPMorgan Chase & Co. boosted their price objective on Banc of California from $15.00 to $16.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 1st. Eight research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $17.45.

Banc of California Stock Up 0.3%

Shares of NYSE:BANC opened at $16.67 on Monday. Banc of California, Inc. has a 52-week low of $11.52 and a 52-week high of $18.08. The stock has a market cap of $2.46 billion, a P/E ratio of 25.64 and a beta of 0.71. The business has a fifty day moving average of $15.89 and a two-hundred day moving average of $14.56. The company has a quick ratio of 0.88, a current ratio of 0.90 and a debt-to-equity ratio of 0.32.

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

Banc of California Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be issued a dividend of $0.10 per share. The ex-dividend date is Monday, September 15th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.4%. Banc of California’s dividend payout ratio (DPR) is currently 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.