Royce & Associates LP Has $20.96 Million Stake in Banc of California, Inc. (NYSE:BANC)

Royce & Associates LP decreased its position in shares of Banc of California, Inc. (NYSE:BANC) by 10.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,423,118 shares of the bank’s stock after selling 164,845 shares during the period. Royce & Associates LP owned 0.90% of Banc of California worth $20,963,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Curi RMB Capital LLC lifted its position in Banc of California by 36.8% during the 3rd quarter. Curi RMB Capital LLC now owns 300,000 shares of the bank’s stock worth $4,419,000 after acquiring an additional 80,707 shares during the last quarter. Cable Hill Partners LLC lifted its position in Banc of California by 12.6% during the 3rd quarter. Cable Hill Partners LLC now owns 65,224 shares of the bank’s stock worth $967,000 after acquiring an additional 7,308 shares during the last quarter. Wolverine Asset Management LLC raised its position in shares of Banc of California by 81.4% during the third quarter. Wolverine Asset Management LLC now owns 51,084 shares of the bank’s stock valued at $752,000 after buying an additional 22,930 shares during the last quarter. Hollencrest Capital Management raised its position in shares of Banc of California by 4.6% during the third quarter. Hollencrest Capital Management now owns 112,780 shares of the bank’s stock valued at $1,661,000 after buying an additional 4,938 shares during the last quarter. Finally, Crescent Grove Advisors LLC raised its position in shares of Banc of California by 0.8% during the third quarter. Crescent Grove Advisors LLC now owns 98,420 shares of the bank’s stock valued at $1,460,000 after buying an additional 772 shares during the last quarter. Institutional investors and hedge funds own 86.88% of the company’s stock.

Insiders Place Their Bets

In other news, Director Richard J. Lashley sold 75,000 shares of the stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total transaction of $1,050,000.00. Following the sale, the director now directly owns 719,826 shares of the company’s stock, valued at $10,077,564. This represents a 9.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 7.37% of the company’s stock.

Banc of California Stock Performance

NYSE:BANC opened at $16.22 on Friday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $2.57 billion, a PE ratio of -3.80 and a beta of 1.13. Banc of California, Inc. has a 12-month low of $11.36 and a 12-month high of $16.92. The firm has a 50-day moving average price of $15.00 and a 200 day moving average price of $14.10.

Banc of California (NYSE:BANC) last issued its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.25 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.11. The firm had revenue of $431.44 million for 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 period in the prior year, the firm earned $0.30 earnings per share. Research analysts anticipate that Banc of California, Inc. will post 0.71 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, December 16th. This represents a $0.40 annualized dividend and a yield of 2.47%. Banc of California’s dividend payout ratio is -9.37%.

Analysts Set New Price Targets

A number of research analysts have recently commented on BANC shares. Citigroup started coverage on shares of Banc of California in a research report on Thursday, October 10th. They set a “neutral” rating and a $15.00 price objective for the company. Wells Fargo & Company upped 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 report on Wednesday, October 23rd. DA Davidson upped their price objective on shares of Banc of California from $16.50 to $19.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Barclays raised shares of Banc of California from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $17.00 to $18.00 in a research report on Thursday, October 31st. Finally, Stephens upped their price objective on shares of Banc of California from $15.00 to $16.00 and gave the company an “equal weight” rating in a research report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Banc of California presently has a consensus rating of “Hold” and an average price target of $17.30.

Banc of California 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.