Natixis Advisors LLC Grows Holdings in Banc of California, Inc. (NYSE:BANC)

Natixis Advisors LLC boosted its holdings in shares of Banc of California, Inc. (NYSE:BANC) by 79.7% in the second quarter, HoldingsChannel reports. The fund owned 62,408 shares of the bank’s stock after acquiring an additional 27,685 shares during the period. Natixis Advisors LLC’s holdings in Banc of California were worth $798,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the business. Fifth Third Bancorp boosted its holdings in Banc of California by 146.3% in the second quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock worth $27,000 after acquiring an additional 1,273 shares in the last quarter. Riverview Trust Co bought a new position in Banc of California in the 1st quarter worth about $29,000. Future Financial Wealth Managment LLC purchased a new stake in Banc of California during the 1st quarter valued at about $30,000. Lee Financial Co bought a new stake in Banc of California during the 4th quarter valued at about $40,000. Finally, LifeSteps Financial Inc. purchased a new position in Banc of California in the first quarter worth about $60,000. Institutional investors own 86.88% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on BANC shares. Wedbush reiterated a “neutral” rating and set a $14.00 price target on shares of Banc of California in a report on Wednesday, July 24th. Barclays cut their target price on Banc of California from $15.00 to $14.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 24th. Keefe, Bruyette & Woods decreased their price target on Banc of California from $18.00 to $17.00 and set an “outperform” rating for the company in a research note on Tuesday, July 9th. Wells Fargo & Company dropped their price objective on Banc of California from $16.00 to $15.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 9th. Finally, Stephens reissued an “equal weight” rating and issued a $14.00 target price on shares of Banc of California in a research report on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $15.69.

Insider Buying and Selling

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total value of $1,050,000.00. Following the completion of the transaction, the director now directly owns 719,826 shares in the company, valued at $10,077,564. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 7.37% of the stock is owned by insiders.

Banc of California Trading Down 0.3 %

Shares of NYSE:BANC opened at $13.86 on Friday. The stock’s 50-day simple moving average is $13.72 and its two-hundred day simple moving average is $13.91. The stock has a market capitalization of $2.18 billion, a price-to-earnings ratio of -4.16 and a beta of 1.13. Banc of California, Inc. has a 52-week low of $9.96 and a 52-week high of $15.54. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.83 and a current ratio of 0.89.

Banc of California (NYSE:BANC) last posted its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.09). Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. The business had revenue of $492.38 million during the quarter, compared to analysts’ expectations of $271.42 million. During the same period in the previous year, the business posted $0.32 EPS. Analysts expect that Banc of California, Inc. will post 0.61 EPS for the current year.

Banc of California Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date of this dividend is Monday, September 16th. Banc of California’s payout ratio is -12.01%.

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.