The Manufacturers Life Insurance Company Invests $1.44 Million in Banc of California, Inc. $BANC

The Manufacturers Life Insurance Company acquired a new position in shares of Banc of California, Inc. (NYSE:BANC) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 70,613 shares of the bank’s stock, valued at approximately $1,443,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of BANC. Triumph Capital Management boosted its holdings in Banc of California by 32.8% during the fourth quarter. Triumph Capital Management now owns 2,025 shares of the bank’s stock valued at $39,000 after acquiring an additional 500 shares during the period. Crescent Grove Advisors LLC lifted its position in shares of Banc of California by 0.5% during the 1st quarter. Crescent Grove Advisors LLC now owns 102,275 shares of the bank’s stock worth $1,810,000 after purchasing an additional 525 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in Banc of California by 38.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank’s stock valued at $39,000 after purchasing an additional 564 shares during the period. CIBC Asset Management Inc boosted its stake in Banc of California by 4.5% during the 4th quarter. CIBC Asset Management Inc now owns 14,652 shares of the bank’s stock valued at $283,000 after purchasing an additional 637 shares during the period. Finally, Maryland State Retirement & Pension System grew its holdings in Banc of California by 4.2% in the 4th quarter. Maryland State Retirement & Pension System now owns 19,630 shares of the bank’s stock valued at $379,000 after buying an additional 783 shares during the last quarter. Institutional investors and hedge funds own 86.88% of the company’s stock.

Banc of California Price Performance

Shares of BANC stock opened at $18.78 on Friday. Banc of California, Inc. has a 12 month low of $15.33 and a 12 month high of $21.93. The company has a market capitalization of $2.98 billion, a P/E ratio of -44.71 and a beta of 0.73. The stock has a 50 day moving average of $19.82 and a two-hundred day moving average of $19.05. The company has a current ratio of 0.89, a quick ratio of 0.86 and a debt-to-equity ratio of 0.20.

Banc of California (NYSE:BANC) last released its quarterly earnings data on Wednesday, July 29th. The bank reported ($1.61) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.40 by ($2.01). The firm had revenue of $16.41 million for the quarter, compared to the consensus estimate 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 business’s revenue for the quarter was down 94.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.31 earnings per share. As a group, equities analysts expect that Banc of California, Inc. will post 1.68 EPS for the current year.

Banc of California Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders 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 yield of 2.6%. Banc of California’s payout ratio is currently -114.29%.

Insider Transactions at Banc of California

In other Banc of California news, insider Olivia Lindsay sold 6,000 shares of the business’s stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $19.50, for a total value of $117,000.00. Following the sale, the insider owned 32,842 shares of the company’s stock, valued at $640,419. The trade was a 15.45% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 2.78% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

BANC has been the subject of a number of research analyst reports. Wall Street Zen lowered Banc of California from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Wells Fargo & Company started coverage on shares of Banc of California in a research report on Monday, August 10th. They set an “overweight” rating and a $23.00 target price on the stock. Barclays reduced their price target on shares of Banc of California from $23.00 to $22.00 and set an “overweight” rating for the company in a report on Monday, August 3rd. Brean Capital lowered shares of Banc of California from a “buy” rating to a “neutral” rating in a research report on Thursday, July 30th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Banc of California from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Wednesday, July 1st. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Banc of California has a consensus rating of “Buy” and an average target price of $22.62.

Banc of California 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.