147,413 Shares in Banc of California, Inc. $BANC Acquired by Orchard Capital Management LLC

Orchard Capital Management LLC purchased a new position in shares of Banc of California, Inc. (NYSE:BANC) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 147,413 shares of the bank’s stock, valued at approximately $3,012,000. Banc of California makes up 2.9% of Orchard Capital Management LLC’s portfolio, making the stock its 13th largest position. Orchard Capital Management LLC owned about 0.10% of Banc of California as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Royal Bank of Canada raised its holdings in shares of Banc of California by 9.4% in the 1st quarter. Royal Bank of Canada now owns 74,043 shares of the bank’s stock valued at $1,050,000 after purchasing an additional 6,364 shares in the last quarter. AQR Capital Management LLC increased its holdings in Banc of California by 209.4% in the first quarter. AQR Capital Management LLC now owns 103,044 shares of the bank’s stock valued at $1,462,000 after buying an additional 69,739 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Banc of California by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 82,689 shares of the bank’s stock valued at $1,173,000 after buying an additional 3,611 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in Banc of California by 8.5% in 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 in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Banc of California by 1.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 441,856 shares of the bank’s stock worth $6,270,000 after buying an additional 4,263 shares during the last quarter. 86.88% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Olivia I. Lindsay sold 6,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $19.50, for a total transaction of $117,000.00. Following the transaction, the insider directly owned 32,842 shares in the company, valued at approximately $640,419. This trade represents a 15.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.78% of the company’s stock.

Banc of California Stock Performance

Shares of BANC stock opened at $18.64 on Friday. The stock’s 50-day moving average is $20.11 and its two-hundred day moving average is $19.17. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.86 and a current ratio of 0.89. Banc of California, Inc. has a 1 year low of $15.33 and a 1 year high of $21.93. The firm has a market cap of $2.95 billion, a price-to-earnings ratio of -44.38 and a beta of 0.74.

Banc of California (NYSE:BANC) last posted its earnings results on Wednesday, July 29th. The bank reported ($1.61) earnings per share for the quarter, missing the consensus estimate of $0.40 by ($2.01). The firm had revenue of $16.41 million during the quarter, compared to analysts’ expectations of $295.32 million. Banc of California had a negative net margin of 1.44% and a positive return on equity of 7.98%. The firm’s revenue for the quarter was down 94.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.31 earnings per share. Analysts predict that Banc of California, Inc. will post 1.68 earnings per share for the current year.

Banc of California Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Tuesday, September 15th. Banc of California’s dividend payout ratio is presently -114.29%.

Analysts Set New Price Targets

A number of research analysts have recently commented on BANC shares. Citigroup dropped their price objective on Banc of California from $23.50 to $22.00 and set a “buy” rating on the stock in a report on Friday, July 31st. JPMorgan Chase & Co. boosted their target price on Banc of California from $22.00 to $24.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 1st. Wall Street Zen downgraded Banc of California from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Weiss Ratings raised shares of Banc of California from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, August 7th. Finally, DA Davidson restated a “buy” rating and set a $24.00 price objective on shares of Banc of California in a research report on Tuesday, April 28th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $22.62.

Banc of California Company 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.