Cwm LLC Trims Stake in Banc of California, Inc. (NYSE:BANC)

Cwm LLC reduced its position in Banc of California, Inc. (NYSE:BANC) by 22.6% during the third quarter, HoldingsChannel.com reports. The firm owned 5,093 shares of the bank’s stock after selling 1,489 shares during the period. Cwm LLC’s holdings in Banc of California were worth $75,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Fifth Third Bancorp grew its stake in Banc of California by 146.3% in the 2nd quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock worth $27,000 after acquiring an additional 1,273 shares in the last quarter. Future Financial Wealth Managment LLC bought a new position in Banc of California in the 3rd quarter worth about $29,000. GAMMA Investing LLC grew its stake in Banc of California by 32.3% in the 3rd quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock worth $44,000 after acquiring an additional 734 shares in the last quarter. Mendon Capital Advisors Corp bought a new position in Banc of California in the 2nd quarter worth about $102,000. Finally, Simplicity Wealth LLC bought a new position in Banc of California in the 2nd quarter worth about $132,000. 86.88% of the stock is currently owned by institutional investors.

Banc of California Trading Down 1.5 %

NYSE:BANC opened at $15.22 on Friday. Banc of California, Inc. has a 52 week low of $10.53 and a 52 week high of $15.69. The firm has a 50 day moving average of $14.47 and a 200 day moving average of $13.90. The company has a quick ratio of 0.83, a current ratio of 0.89 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $2.42 billion, a price-to-earnings ratio of -3.56 and a beta of 1.14.

Banc of California (NYSE:BANC) last posted its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.11. The business had revenue of $431.44 million during the quarter, compared to analysts’ expectations of $229.46 million. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%. During the same quarter last year, the company posted $0.30 earnings per share. As a group, sell-side analysts anticipate that Banc of California, Inc. will post 0.61 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th were issued a $0.10 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.63%. Banc of California’s dividend payout ratio is currently -9.37%.

Insiders Place Their Bets

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of the firm’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total value of $1,050,000.00. Following the completion of the transaction, the director now owns 719,826 shares of the company’s stock, valued at approximately $10,077,564. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 7.37% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Barclays upped their target price on shares of Banc of California from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Wednesday. DA Davidson upped their target price on shares of Banc of California from $16.50 to $19.00 and gave the stock a “buy” rating in a research note on Wednesday. Keefe, Bruyette & Woods dropped their price objective on shares of Banc of California from $18.00 to $17.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 9th. Wedbush increased their price objective on shares of Banc of California from $18.00 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, Wells Fargo & Company increased their price objective on shares of Banc of California from $16.00 to $17.00 and gave the company an “equal weight” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $17.20.

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.