Tiptree Advisors LLC Sells 11,660 Shares of Banc of California, Inc. $BANC

Tiptree Advisors LLC lessened its stake in shares of Banc of California, Inc. (NYSE:BANC) by 3.2% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 350,340 shares of the bank’s stock after selling 11,660 shares during the period. Banc of California comprises approximately 3.9% of Tiptree Advisors LLC’s investment portfolio, making the stock its 13th largest holding. Tiptree Advisors LLC’s holdings in Banc of California were worth $4,922,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Invesco Ltd. increased its position in Banc of California by 127.4% during the first quarter. Invesco Ltd. now owns 4,453,245 shares of the bank’s stock worth $63,192,000 after buying an additional 2,495,043 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its position in Banc of California by 18.6% during the first quarter. T. Rowe Price Investment Management Inc. now owns 12,942,131 shares of the bank’s stock worth $183,649,000 after buying an additional 2,029,119 shares during the last quarter. Wellington Management Group LLP increased its position in Banc of California by 16.5% during the first quarter. Wellington Management Group LLP now owns 6,280,573 shares of the bank’s stock worth $89,121,000 after buying an additional 887,497 shares during the last quarter. Jones Financial Companies Lllp increased its position in Banc of California by 22,771.4% during the first quarter. Jones Financial Companies Lllp now owns 817,424 shares of the bank’s stock worth $11,599,000 after buying an additional 813,850 shares during the last quarter. Finally, Millennium Management LLC increased its position in Banc of California by 26.3% during the first quarter. Millennium Management LLC now owns 3,634,591 shares of the bank’s stock worth $51,575,000 after buying an additional 757,677 shares during the last quarter. Institutional investors own 86.88% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on BANC. Weiss Ratings reissued a “hold (c)” rating on shares of Banc of California in a research report on Wednesday, October 8th. Barclays boosted their price target on Banc of California from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 8th. Raymond James Financial raised Banc of California from an “outperform” rating to a “strong-buy” rating in a research report on Tuesday, October 7th. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $18.00 price target (up previously from $17.00) on shares of Banc of California in a research report on Friday, July 25th. Finally, Wells Fargo & Company upped their target price on Banc of California from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Monday, September 29th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Banc of California currently has an average rating of “Moderate Buy” and a consensus price target of $18.70.

Insider Transactions at Banc of California

In related news, insider Hamid Hussain sold 20,000 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The stock was 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 $1,102,305.96. This represents a 23.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.69% of the stock is owned by corporate insiders.

Banc of California Stock Up 0.6%

BANC opened at $16.78 on Wednesday. Banc of California, Inc. has a fifty-two week low of $11.52 and a fifty-two week high of $18.24. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.88 and a current ratio of 0.90. The company has a market capitalization of $2.48 billion, a P/E ratio of 25.82 and a beta of 0.68. The stock has a fifty day moving average of $16.62 and a 200-day moving average of $14.90.

Banc of California (NYSE:BANC) last posted its earnings results on Monday, May 13th. The bank reported $1.03 earnings per share for the quarter. Banc of California had a return on equity of 7.37% and a net margin of 8.30%.The company had revenue of $315.66 million during the quarter. On average, equities analysts expect that Banc of California, Inc. will post 1.31 EPS for the current year.

Banc of California Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Monday, September 15th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, September 15th. This represents a $0.40 dividend on an annualized basis and a yield of 2.4%. Banc of California’s dividend payout ratio is currently 61.54%.

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.