SBI Securities Co. Ltd. Takes Position in Banc of California, Inc. (NYSE:BANC)

SBI Securities Co. Ltd. bought a new stake in shares of Banc of California, Inc. (NYSE:BANC) during the 4th quarter, Holdings Channel reports. The fund bought 2,323 shares of the bank’s stock, valued at approximately $36,000.

Several other hedge funds have also recently made changes to their positions in BANC. BNP Paribas Financial Markets grew its stake in Banc of California by 34.4% in the third quarter. BNP Paribas Financial Markets now owns 242,534 shares of the bank’s stock worth $3,573,000 after purchasing an additional 62,014 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Banc of California by 3.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,233,452 shares of the bank’s stock worth $18,169,000 after purchasing an additional 44,951 shares during the period. Mirabella Financial Services LLP purchased a new stake in Banc of California in the third quarter worth $2,223,000. Quantbot Technologies LP grew its stake in Banc of California by 34.8% in the third quarter. Quantbot Technologies LP now owns 247,116 shares of the bank’s stock worth $3,640,000 after purchasing an additional 63,780 shares during the period. Finally, Intech Investment Management LLC purchased a new stake in Banc of California in the third quarter worth $748,000. 86.88% of the stock is owned by hedge funds and other institutional investors.

Banc of California Trading Up 3.0 %

Shares of NYSE:BANC opened at $13.33 on Wednesday. The company has a market cap of $2.12 billion, a P/E ratio of 23.81 and a beta of 1.18. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.90 and a quick ratio of 0.89. Banc of California, Inc. has a 1 year low of $11.88 and a 1 year high of $18.08. The stock’s fifty day moving average price is $15.45 and its 200-day moving average price is $15.42.

Banc of California (NYSE:BANC) last announced its quarterly earnings results on Thursday, January 23rd. The bank reported $0.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.05. Banc of California had a return on equity of 6.20% and a net margin of 7.06%. Sell-side analysts expect that Banc of California, Inc. will post 1.31 earnings per share for the current year.

Banc of California Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date of this dividend is Friday, March 14th. Banc of California’s payout ratio is currently 71.43%.

Analyst Ratings Changes

Several brokerages recently weighed in on BANC. StockNews.com raised Banc of California from a “sell” rating to a “hold” rating in a research note on Friday, January 24th. Raymond James upped their price target on Banc of California from $17.00 to $18.00 and gave the stock an “outperform” rating in a research note on Friday, January 24th. JPMorgan Chase & Co. started coverage on Banc of California in a research note on Friday, February 7th. They issued a “neutral” rating and a $18.00 target price on the stock. Stephens cut their target price on Banc of California from $18.00 to $17.00 and set an “equal weight” rating on the stock in a research note on Monday, January 27th. Finally, Barclays cut their target price on Banc of California from $20.00 to $19.00 and set an “overweight” rating on the stock in a research note on Friday, January 24th. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $18.18.

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.