Janney Montgomery Scott LLC Has $2.89 Million Stake in Banc of California, Inc. (NYSE:BANC)

Janney Montgomery Scott LLC lowered its holdings in shares of Banc of California, Inc. (NYSE:BANC) by 5.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 203,853 shares of the bank’s stock after selling 11,906 shares during the period. Janney Montgomery Scott LLC’s holdings in Banc of California were worth $2,893,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Handelsbanken Fonder AB lifted its position in shares of Banc of California by 74.0% during the 1st quarter. Handelsbanken Fonder AB now owns 42,316 shares of the bank’s stock worth $600,000 after buying an additional 18,000 shares during the period. SG Americas Securities LLC lifted its holdings in shares of Banc of California by 183.6% during the first quarter. SG Americas Securities LLC now owns 57,319 shares of the bank’s stock valued at $813,000 after acquiring an additional 37,108 shares during the period. Harbor Capital Advisors Inc. bought a new position in shares of Banc of California during the first quarter valued at $695,000. GAMMA Investing LLC boosted its stake in shares of Banc of California by 1,287.1% in the 1st quarter. GAMMA Investing LLC now owns 48,799 shares of the bank’s stock valued at $692,000 after purchasing an additional 45,281 shares in the last quarter. Finally, Wellington Management Group LLP grew its holdings in shares of Banc of California by 274.6% in the 4th quarter. Wellington Management Group LLP now owns 5,393,076 shares of the bank’s stock worth $83,377,000 after purchasing an additional 3,953,380 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 $13.90 on Wednesday. The stock has a 50-day moving average price of $13.77 and a 200 day moving average price of $14.56. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.31. The firm has a market cap of $2.05 billion, a price-to-earnings ratio of 21.39 and a beta of 0.67. Banc of California, Inc. has a 12 month low of $11.52 and a 12 month high of $18.08.

Banc of California (NYSE:BANC) last issued its earnings results on Wednesday, April 23rd. The bank reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.02. The company had revenue of $266.01 million for the quarter, compared to analyst estimates of $272.36 million. Banc of California had a net margin of 8.23% and a return on equity of 6.30%. The company’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.19 EPS. Research analysts expect that Banc of California, Inc. will post 1.31 EPS for the current year.

Banc of California Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Monday, June 16th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.40 dividend on an annualized basis and a yield of 2.88%. Banc of California’s payout ratio is presently 61.54%.

Analysts Set New Price Targets

BANC has been the topic of a number of recent analyst reports. Wells Fargo & Company reduced their price target on shares of Banc of California from $20.00 to $16.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 9th. Jefferies Financial Group began coverage on Banc of California in a report on Wednesday, May 21st. They issued a “buy” rating and a $18.00 target price on the stock. JPMorgan Chase & Co. dropped their price target on Banc of California from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Monday, April 28th. Barclays cut their price objective on Banc of California from $19.00 to $18.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Finally, Stephens restated an “equal weight” rating and issued a $15.00 target price on shares of Banc of California in a research note on Monday, April 28th. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.17.

Insiders Place Their Bets

In other Banc of California news, Director Richard J. Lashley sold 37,500 shares of the stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $14.20, for a total value of $532,500.00. Following the sale, the director now directly owns 2,280,280 shares in the company, valued at approximately $32,379,976. This trade represents a 1.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Olivia I. Lindsay sold 11,000 shares of Banc of California stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $13.58, for a total transaction of $149,380.00. Following the transaction, the insider now directly owns 30,902 shares in the company, valued at approximately $419,649.16. This represents a 26.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 86,000 shares of company stock valued at $1,208,000. Company insiders own 2.69% of the company’s stock.

Banc of California Company 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.