Man Group plc Buys Shares of 214,845 Banc of California, Inc. $BANC

Man Group plc purchased a new stake in Banc of California, Inc. (NYSE:BANC) during the 2nd quarter, HoldingsChannel reports. The institutional investor purchased 214,845 shares of the bank’s stock, valued at approximately $4,389,000.

A number of other hedge funds have also modified their holdings of the business. Triumph Capital Management purchased a new stake in Banc of California in the 3rd quarter valued at about $25,000. Navalign LLC purchased a new stake in Banc of California in the fourth quarter valued at approximately $27,000. Western Wealth Management LLC purchased a new stake in Banc of California in the first quarter valued at approximately $29,000. Orion Capital Management LLC acquired a new stake in shares of Banc of California in the fourth quarter valued at $35,000. Finally, Advisory Services Network LLC acquired a new position in Banc of California during the 3rd quarter worth about $36,000. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BANC has been the topic of a number of recent research reports. Wall Street Zen lowered shares of Banc of California from a “hold” rating to a “sell” rating in a research note on Saturday, August 15th. Weiss Ratings downgraded shares of Banc of California from a “hold (c+)” rating to a “hold (c-)” rating in a research note on Friday, August 21st. Brean Capital cut Banc of California from a “buy” rating to a “neutral” rating in a research note on Thursday, July 30th. Barclays decreased their target price on Banc of California from $23.00 to $22.00 and set an “overweight” rating for the company in a report on Monday, August 3rd. Finally, 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. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $22.62.

Insider Activity at Banc of California

In related news, insider Olivia I. Lindsay sold 6,000 shares of the stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $19.50, for a total value of $117,000.00. Following the transaction, the insider owned 32,842 shares of the company’s stock, valued at $640,419. This represents a 15.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 2.78% of the company’s stock.

Banc of California Stock Up 0.1%

Shares of Banc of California stock opened at $18.62 on Monday. Banc of California, Inc. has a 52-week low of $15.33 and a 52-week high of $21.93. The company has a 50 day moving average of $19.98 and a 200 day moving average of $19.10. The company has a quick ratio of 0.86, a current ratio of 0.89 and a debt-to-equity ratio of 0.20. The company has a market capitalization of $2.95 billion, a P/E ratio of -44.33 and a beta of 0.74.

Banc of California (NYSE:BANC) last posted its quarterly earnings results on Wednesday, July 29th. The bank reported ($1.61) EPS for the quarter, missing the consensus estimate of $0.40 by ($2.01). Banc of California had a positive return on equity of 7.98% and a negative net margin of 1.44%.The firm had revenue of $16.41 million for the quarter, compared to analyst estimates of $295.32 million. During the same quarter last year, the firm earned $0.31 EPS. The company’s revenue was down 94.0% on a year-over-year basis. As a group, research analysts forecast that Banc of California, Inc. will post 1.68 EPS for the current fiscal year.

Banc of California Dividend Announcement

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

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.