Banc of California, Inc. $BANC is Salzhauer Michael’s 7th Largest Position

Salzhauer Michael reduced its stake in Banc of California, Inc. (NYSE:BANC) by 5.8% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 431,804 shares of the bank’s stock after selling 26,730 shares during the period. Banc of California makes up 3.3% of Salzhauer Michael’s portfolio, making the stock its 7th largest holding. Salzhauer Michael owned approximately 0.29% of Banc of California worth $7,146,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of the stock. Invesco Ltd. grew its position in shares of Banc of California by 21.5% during the second quarter. Invesco Ltd. now owns 5,410,938 shares of the bank’s stock valued at $76,024,000 after purchasing an additional 957,693 shares in the last quarter. Centerbridge Partners L.P. lifted its position in shares of Banc of California by 18.7% in the first quarter. Centerbridge Partners L.P. now owns 4,771,784 shares of the bank’s stock worth $67,712,000 after buying an additional 752,239 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in Banc of California by 8.5% during the first quarter. Goldman Sachs Group Inc. now owns 3,796,996 shares of the bank’s stock valued at $53,879,000 after buying an additional 297,680 shares during the last quarter. Millennium Management LLC grew its holdings in Banc of California by 26.3% during the 1st quarter. Millennium Management LLC now owns 3,634,591 shares of the bank’s stock valued at $51,575,000 after buying an additional 757,677 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in Banc of California by 63.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,797,082 shares of the bank’s stock valued at $25,249,000 after buying an additional 698,426 shares in the last quarter. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Banc of California Price Performance

BANC stock opened at $19.63 on Tuesday. The stock has a market cap of $2.97 billion, a PE ratio of 18.87 and a beta of 0.72. Banc of California, Inc. has a 12 month low of $11.52 and a 12 month high of $20.17. The company has a 50-day moving average price of $18.17 and a 200 day moving average price of $16.52. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32.

Banc of California (NYSE:BANC) last posted its quarterly earnings data on Monday, May 13th. The bank reported $1.03 earnings per share for the quarter. Banc of California had a net margin of 11.49% and a return on equity of 8.00%. The company had revenue of $315.66 million for the quarter. Equities research analysts anticipate that Banc of California, Inc. will post 1.31 earnings per share for the current year.

Banc of California Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Monday, December 15th will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Monday, December 15th. Banc of California’s dividend payout ratio (DPR) is currently 38.46%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Raymond James Financial upgraded shares of Banc of California from an “outperform” rating to a “strong-buy” rating in a research report on Tuesday, October 7th. Wells Fargo & Company boosted their target price on shares of Banc of California from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Monday, September 29th. Weiss Ratings restated a “hold (c)” rating on shares of Banc of California in a research report on Wednesday, October 8th. JPMorgan Chase & Co. lifted their price target on Banc of California from $21.00 to $24.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 16th. Finally, Citigroup raised Banc of California from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $18.00 to $21.50 in a research note on Monday, October 27th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.95.

Banc of California Profile

Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.

Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.