Oppenheimer Asset Management Inc. bought a new stake in Banc of California, Inc. (NYSE:BANC) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 5,273 shares of the bank’s stock, valued at approximately $109,000.

Several other hedge funds have also added to or reduced their stakes in BANC. Comerica Bank increased its stake in Banc of California by 5.7% in the fourth quarter. Comerica Bank now owns 52,747 shares of the bank’s stock valued at $889,000 after buying an additional 2,832 shares during the period. Dimensional Fund Advisors LP increased its stake in Banc of California by 11.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,413,695 shares of the bank’s stock valued at $41,878,000 after buying an additional 252,718 shares during the period. AQR Capital Management LLC increased its stake in Banc of California by 69.2% in the fourth quarter. AQR Capital Management LLC now owns 247,794 shares of the bank’s stock valued at $4,299,000 after buying an additional 101,322 shares during the period. First Mercantile Trust Co. acquired a new stake in Banc of California during the first quarter valued at $304,000. Finally, Great Lakes Advisors LLC acquired a new stake in Banc of California during the first quarter valued at $1,839,000.

Banc of California, Inc. (NYSE BANC) opened at 20.80 on Tuesday. The stock’s 50 day moving average price is $21.05 and its 200 day moving average price is $19.57. The stock has a market cap of $985.48 million, a price-to-earnings ratio of 11.63 and a beta of 0.97. Banc of California, Inc. has a 52 week low of $10.93 and a 52 week high of $23.25.

Banc of California (NYSE:BANC) last posted its earnings results on Wednesday, May 3rd. The bank reported $0.27 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by $0.01. Banc of California had a return on equity of 16.41% and a net margin of 17.80%. The firm had revenue of $95.38 million for the quarter, compared to analyst estimates of $151.51 million. During the same period in the previous year, the company posted $0.36 EPS. On average, analysts forecast that Banc of California, Inc. will post $1.14 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Monday, July 3rd. Investors of record on Thursday, June 15th were paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 2.50%. The ex-dividend date of this dividend was Tuesday, June 13th. Banc of California’s payout ratio is 29.05%.

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BANC has been the subject of several research analyst reports. Zacks Investment Research downgraded Banc of California from a “hold” rating to a “sell” rating in a research report on Monday, April 10th. Keefe, Bruyette & Woods downgraded Banc of California from an “outperform” rating to a “market perform” rating and set a $22.00 target price for the company. in a research report on Thursday, May 4th. Wells Fargo & Company upgraded Banc of California from a “market perform” rating to an “outperform” rating in a research report on Tuesday, April 11th. FBR & Co decreased their target price on Banc of California from $25.00 to $24.00 and set an “outperform” rating for the company in a research report on Thursday, May 4th. Finally, BidaskClub upgraded Banc of California from a “hold” rating to a “buy” rating in a research report on Tuesday, June 13th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Banc of California presently has a consensus rating of “Buy” and a consensus price target of $23.00.

About Banc of California

Banc of California, Inc is a financial holding company. The Company is the parent of Banc of California, National Association (the Bank). The Company operates through Commercial Banking; Mortgage Banking, and Corporate/Other segments. As of December 31, 2016, the Bank had 90 California banking locations, including 39 full service branches in San Diego, Orange, Santa Barbara, and Los Angeles Counties.

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

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