South Dakota Investment Council Sells 147,417 Shares of Banc of California, Inc. (NYSE:BANC)

South Dakota Investment Council decreased its holdings in shares of Banc of California, Inc. (NYSE:BANC) by 34.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 282,737 shares of the bank’s stock after selling 147,417 shares during the quarter. South Dakota Investment Council owned about 0.18% of Banc of California worth $4,371,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in BANC. BNP Paribas Financial Markets raised its holdings in shares of Banc of California by 34.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 242,534 shares of the bank’s stock worth $3,573,000 after buying an additional 62,014 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in shares of Banc of California by 461.6% in the 3rd quarter. Assenagon Asset Management S.A. now owns 651,695 shares of the bank’s stock valued at $9,599,000 after buying an additional 535,654 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Banc of California by 3.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,233,452 shares of the bank’s stock valued at $18,169,000 after buying an additional 44,951 shares during the period. Mirabella Financial Services LLP bought a new position in shares of Banc of California in the 3rd quarter worth $2,223,000. Finally, Quantbot Technologies LP boosted its position in shares of Banc of California by 34.8% in the 3rd quarter. Quantbot Technologies LP now owns 247,116 shares of the bank’s stock worth $3,640,000 after purchasing an additional 63,780 shares during the last quarter. Institutional investors own 86.88% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on BANC shares. Barclays reduced their price target on Banc of California from $20.00 to $19.00 and set an “overweight” rating on the stock in a research report on Friday, January 24th. Wells Fargo & Company raised Banc of California from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $17.00 to $20.00 in a research note on Monday, January 6th. JPMorgan Chase & Co. started coverage on Banc of California in a research note on Friday, February 7th. They issued a “neutral” rating and a $18.00 price target on the stock. Raymond James lifted their price target on Banc of California from $17.00 to $18.00 and gave the company an “outperform” rating in a research note on Friday, January 24th. Finally, StockNews.com raised Banc of California from a “sell” rating to a “hold” rating in a research report on Friday, January 24th. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $18.18.

Banc of California Price Performance

Shares of NYSE BANC opened at $14.99 on Monday. The business’s 50 day moving average price is $15.80 and its two-hundred day moving average price is $15.38. The company has a market cap of $2.38 billion, a PE ratio of 26.78 and a beta of 1.14. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.31. Banc of California, Inc. has a twelve month low of $11.88 and a twelve month high of $18.08.

Banc of California (NYSE:BANC) last announced its quarterly earnings results on Thursday, January 23rd. The bank reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.05. Banc of California had a return on equity of 6.20% and a net margin of 7.06%. On average, analysts predict that Banc of California, Inc. will post 1.31 EPS for the current year.

Banc of California Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.67%. The ex-dividend date of this dividend is Friday, March 14th. Banc of California’s dividend payout ratio (DPR) is presently 71.43%.

About Banc of California

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.