Marshall Wace LLP Makes New $166,000 Investment in Banc of California, Inc. (NYSE:BANC)

Marshall Wace LLP bought a new position in shares of Banc of California, Inc. (NYSE:BANC) in the 2nd quarter, Holdings Channel reports. The institutional investor bought 13,000 shares of the bank’s stock, valued at approximately $166,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in Banc of California by 17.6% during the first quarter. Vanguard Group Inc. now owns 10,597,751 shares of the bank’s stock worth $161,192,000 after purchasing an additional 1,582,941 shares during the last quarter. PL Capital Advisors LLC increased its holdings in shares of Banc of California by 0.7% during the first quarter. PL Capital Advisors LLC now owns 3,224,219 shares of the bank’s stock worth $49,040,000 after buying an additional 22,500 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of Banc of California by 25.9% during the second quarter. American Century Companies Inc. now owns 3,222,376 shares of the bank’s stock worth $41,182,000 after buying an additional 663,061 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Banc of California by 148.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,997,802 shares of the bank’s stock worth $40,260,000 after buying an additional 1,791,992 shares in the last quarter. Finally, William Blair Investment Management LLC increased its holdings in shares of Banc of California by 42.1% during the first quarter. William Blair Investment Management LLC now owns 2,575,930 shares of the bank’s stock worth $39,180,000 after buying an additional 762,959 shares in the last quarter. 86.88% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Wells Fargo & Company upped their price target on shares of Banc of California from $15.00 to $16.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 1st. Keefe, Bruyette & Woods lowered their price target on shares of Banc of California from $18.00 to $17.00 and set an “outperform” rating for the company in a report on Tuesday, July 9th. Stephens reiterated an “equal weight” rating and set a $14.00 price target on shares of Banc of California in a report on Wednesday, September 4th. Citigroup started coverage on shares of Banc of California in a report on Thursday. They set a “neutral” rating and a $15.00 price target for the company. Finally, Barclays increased their price objective on Banc of California from $14.00 to $16.00 and gave the company an “equal weight” rating in a report on Friday, September 27th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $16.45.

Banc of California Stock Performance

Shares of Banc of California stock opened at $14.49 on Friday. 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 business has a 50-day moving average price of $14.05 and a two-hundred day moving average price of $13.88. Banc of California, Inc. has a 1-year low of $9.96 and a 1-year high of $15.54. The company has a market cap of $2.28 billion, a P/E ratio of -4.35 and a beta of 1.14.

Banc of California (NYSE:BANC) last issued its quarterly 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 business had revenue of $492.38 million for the quarter, compared to analyst estimates of $271.42 million. During the same quarter in the previous year, the business posted $0.32 earnings per share. As a group, analysts anticipate that Banc of California, Inc. will post 0.61 EPS for the current year.

Banc of California Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.40 dividend on an annualized basis and a yield of 2.76%. Banc of California’s payout ratio is currently -12.01%.

Insiders Place Their Bets

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of the stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $14.00, for a total transaction of $1,050,000.00. Following the completion of the sale, the director now directly owns 719,826 shares in the company, valued at approximately $10,077,564. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible 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.