Assenagon Asset Management S.A. Sells 27,322 Shares of Banc of California, Inc. (NYSE:BANC)

Assenagon Asset Management S.A. lowered its holdings in shares of Banc of California, Inc. (NYSE:BANCFree Report) by 24.4% in the 1st quarter, Holdings Channel.com reports. The firm owned 84,795 shares of the bank’s stock after selling 27,322 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Banc of California were worth $1,290,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Commonwealth Equity Services LLC bought a new position in shares of Banc of California during the 3rd quarter valued at approximately $178,000. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Banc of California by 4.1% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 24,435 shares of the bank’s stock valued at $303,000 after acquiring an additional 955 shares during the period. LSV Asset Management lifted its holdings in shares of Banc of California by 5.5% in the 3rd quarter. LSV Asset Management now owns 793,000 shares of the bank’s stock worth $9,817,000 after acquiring an additional 41,400 shares during the last quarter. Victory Capital Management Inc. boosted its stake in shares of Banc of California by 69.7% during the 3rd quarter. Victory Capital Management Inc. now owns 1,876,594 shares of the bank’s stock worth $23,232,000 after purchasing an additional 770,938 shares during the period. Finally, Illinois Municipal Retirement Fund bought a new position in Banc of California during the 3rd quarter valued at about $391,000. 86.88% of the stock is owned by hedge funds and other institutional investors.

Banc of California Stock Up 0.1 %

Shares of Banc of California stock traded up $0.02 during trading on Tuesday, hitting $14.55. 1,459,108 shares of the stock traded hands, compared to its average volume of 2,481,218. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. The stock’s fifty day simple moving average is $14.40 and its 200 day simple moving average is $13.67. The firm has a market cap of $2.29 billion, a P/E ratio of -4.37 and a beta of 1.17. Banc of California, Inc. has a 52-week low of $9.96 and a 52-week high of $16.08.

Banc of California (NYSE:BANCGet Free Report) last issued its earnings results on Tuesday, April 23rd. The bank reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.07). Banc of California had a positive return on equity of 2.25% and a negative net margin of 29.10%. The business had revenue of $522.57 million for the quarter, compared to the consensus estimate of $296.02 million. During the same quarter in the previous year, the company earned $0.37 earnings per share. On average, equities analysts predict that Banc of California, Inc. will post 1.14 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.75%. The ex-dividend date of this dividend is Friday, June 14th. Banc of California’s dividend payout ratio (DPR) is -12.01%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Keefe, Bruyette & Woods raised shares of Banc of California from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $16.00 to $18.00 in a research note on Friday, March 22nd. Wedbush decreased their price target on Banc of California from $16.00 to $15.00 and set a “neutral” rating for the company in a research note on Wednesday, April 24th. Barclays cut their price objective on Banc of California from $16.00 to $15.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 24th. DA Davidson decreased their target price on Banc of California from $20.00 to $17.50 and set a “buy” rating for the company in a research report on Wednesday, May 15th. Finally, Wells Fargo & Company boosted their target price on shares of Banc of California from $14.00 to $16.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 10th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $16.31.

Check Out Our Latest Stock Report on BANC

Insiders Place Their Bets

In other news, CEO Jared M. Wolff bought 7,130 shares of Banc of California stock in a transaction on Thursday, April 25th. The stock was acquired at an average cost of $13.98 per share, for a total transaction of $99,677.40. Following the completion of the acquisition, the chief executive officer now owns 268,695 shares of the company’s stock, valued at approximately $3,756,356.10. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO Jared M. Wolff bought 7,130 shares of the stock in a transaction on Thursday, April 25th. The stock was bought at an average cost of $13.98 per share, for a total transaction of $99,677.40. Following the completion of the purchase, the chief executive officer now directly owns 268,695 shares in the company, valued at $3,756,356.10. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Richard J. Lashley purchased 10,000 shares of the business’s stock in a transaction on Thursday, February 29th. The stock was purchased at an average cost of $21.40 per share, for a total transaction of $214,000.00. Following the completion of the acquisition, the director now directly owns 10,000 shares of the company’s stock, valued at approximately $214,000. The disclosure for this purchase can be found here. 2.80% of the stock is owned by company insiders.

About Banc of California

(Free Report)

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.

See Also

Want to see what other hedge funds are holding BANC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Banc of California, Inc. (NYSE:BANCFree Report).

Institutional Ownership by Quarter for Banc of California (NYSE:BANC)

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