Wolverine Asset Management LLC Buys 2,491 Shares of Banc of California, Inc. (NYSE:BANC)

Wolverine Asset Management LLC boosted its holdings in shares of Banc of California, Inc. (NYSE:BANC) by 4.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 53,575 shares of the bank’s stock after buying an additional 2,491 shares during the quarter. Wolverine Asset Management LLC’s holdings in Banc of California were worth $828,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in BANC. Basswood Capital Management L.L.C. grew its stake in shares of Banc of California by 589.8% during the 3rd quarter. Basswood Capital Management L.L.C. now owns 1,732,894 shares of the bank’s stock worth $25,526,000 after purchasing an additional 1,481,692 shares during the period. Wellington Management Group LLP purchased a new position in shares of Banc of California during the 3rd quarter worth $21,207,000. Verition Fund Management LLC increased its position in shares of Banc of California by 93.2% during the 3rd quarter. Verition Fund Management LLC now owns 2,476,387 shares of the bank’s stock worth $36,477,000 after purchasing an additional 1,194,839 shares during the last quarter. Azora Capital LP acquired a new stake in shares of Banc of California during the 3rd quarter worth about $12,494,000. Finally, Assenagon Asset Management S.A. grew its position in Banc of California by 461.6% in the 3rd quarter. Assenagon Asset Management S.A. now owns 651,695 shares of the bank’s stock valued at $9,599,000 after acquiring an additional 535,654 shares in the last quarter. 86.88% of the stock is currently owned by institutional investors.

Banc of California Price Performance

Shares of NYSE:BANC opened at $14.99 on Friday. Banc of California, Inc. has a 52 week low of $11.88 and a 52 week high of $18.08. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $2.38 billion, a P/E ratio of 26.78 and a beta of 1.14. The firm’s 50 day moving average is $15.80 and its two-hundred day moving average is $15.36.

Banc of California (NYSE:BANC) last posted its quarterly earnings results on Thursday, January 23rd. The bank reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.05. Banc of California had a net margin of 7.06% and a return on equity of 6.20%. Analysts anticipate 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. Shareholders of record on Friday, March 14th will be given a $0.10 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.40 annualized dividend and a yield of 2.67%. Banc of California’s dividend payout ratio (DPR) is 71.43%.

Analyst Ratings Changes

BANC has been the subject of several recent research reports. Barclays decreased their price objective on Banc of California from $20.00 to $19.00 and set an “overweight” rating for the company in a research note on Friday, January 24th. JPMorgan Chase & Co. started coverage on shares of Banc of California in a research note on Friday, February 7th. They set a “neutral” rating and a $18.00 price target for the company. Keefe, Bruyette & Woods raised their price target on Banc of California from $17.50 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Raymond James lifted their price objective on Banc of California from $17.00 to $18.00 and gave the company an “outperform” rating in a report on Friday, January 24th. Finally, Wells Fargo & Company raised Banc of California from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $17.00 to $20.00 in a report on Monday, January 6th. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.18.

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.