Senator Investment Group LP Has $16.42 Million Stock Holdings in Banc of California, Inc. (NYSE:BANC)

Senator Investment Group LP lowered its position in shares of Banc of California, Inc. (NYSE:BANC) by 47.5% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,285,000 shares of the bank’s stock after selling 1,160,685 shares during the quarter. Senator Investment Group LP owned about 0.82% of Banc of California worth $16,422,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Fifth Third Bancorp increased its position in Banc of California by 146.3% during 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 during the period. Riverview Trust Co acquired a new position in shares of Banc of California during the 1st quarter worth approximately $29,000. Future Financial Wealth Managment LLC bought a new position in shares of Banc of California during the first quarter worth approximately $30,000. LifeSteps Financial Inc. acquired a new stake in shares of Banc of California in the first quarter valued at approximately $60,000. Finally, Simplicity Wealth LLC bought a new stake in shares of Banc of California in the second quarter valued at approximately $132,000. Institutional investors own 86.88% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on BANC shares. Raymond James upgraded Banc of California from a “market perform” rating to an “outperform” rating and set a $16.00 price objective on the stock in a research note on Tuesday, September 17th. Stephens restated an “equal weight” rating and issued a $14.00 price target on shares of Banc of California in a research report on Wednesday, September 4th. Keefe, Bruyette & Woods cut their price objective on shares of Banc of California from $18.00 to $17.00 and set an “outperform” rating for the company in a research report on Tuesday, July 9th. Barclays increased their price objective on shares of Banc of California from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Friday. Finally, Wedbush upgraded shares of Banc of California from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $14.00 to $18.00 in a research report on Tuesday, September 24th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $16.50.

Banc of California Trading Down 0.2 %

BANC opened at $14.79 on Monday. The company has a market cap of $2.33 billion, a P/E ratio of -4.44 and a beta of 1.13. The company has a current ratio of 0.89, a quick ratio of 0.83 and a debt-to-equity ratio of 0.32. The company’s 50 day moving average is $13.99 and its 200-day moving average is $13.90. Banc of California, Inc. has a 1-year low of $9.96 and a 1-year high of $15.54.

Banc of California (NYSE:BANC) last posted its earnings results on Tuesday, July 23rd. The bank reported $0.10 earnings per share 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 company had revenue of $492.38 million for the quarter, compared to the consensus estimate of $271.42 million. During the same period in the previous year, the firm posted $0.32 EPS. Equities research analysts predict that Banc of California, Inc. will post 0.59 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date is Monday, September 16th. Banc of California’s payout ratio is -12.01%.

Insider Transactions at Banc of California

In related news, Director Richard J. Lashley sold 75,000 shares of the firm’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 owns 719,826 shares in the company, valued at approximately $10,077,564. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 7.37% of the company’s stock.

Banc of California 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.