Banc of California, Inc. (NYSE:BANC) Stock Position Trimmed by Rockefeller Capital Management L.P.

Rockefeller Capital Management L.P. trimmed its position in Banc of California, Inc. (NYSE:BANC) by 55.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 32,287 shares of the bank’s stock after selling 40,540 shares during the period. Rockefeller Capital Management L.P.’s holdings in Banc of California were worth $476,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of BANC. Seven Eight Capital LP acquired a new position in Banc of California in the 2nd quarter valued at about $549,000. Hodges Capital Management Inc. raised its holdings in Banc of California by 13.6% during the 2nd quarter. Hodges Capital Management Inc. now owns 1,986,246 shares of the bank’s stock worth $25,384,000 after purchasing an additional 238,242 shares during the last quarter. Hollencrest Capital Management boosted its position in Banc of California by 71.4% during the second quarter. Hollencrest Capital Management now owns 107,842 shares of the bank’s stock valued at $1,378,000 after acquiring an additional 44,920 shares during the last quarter. Assenagon Asset Management S.A. raised its position 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 worth $9,599,000 after acquiring an additional 535,654 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its stake 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 valued at $3,573,000 after purchasing an additional 62,014 shares during the period. Institutional investors and hedge funds own 86.88% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on BANC. Wells Fargo & Company upped their target price on shares of Banc of California from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 23rd. DA Davidson increased their price objective on Banc of California from $16.50 to $19.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Wedbush boosted their price objective on Banc of California from $18.00 to $19.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods raised their price objective on Banc of California from $17.50 to $20.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Finally, Citigroup initiated coverage on shares of Banc of California in a research note on Thursday, October 10th. They issued a “neutral” rating and a $15.00 target price for the company. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Banc of California has a consensus rating of “Hold” and an average target price of $17.80.

Banc of California Stock Down 0.1 %

Shares of NYSE:BANC opened at $16.79 on Wednesday. Banc of California, Inc. has a 52 week low of $11.88 and a 52 week high of $18.08. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.89. The company has a market cap of $2.67 billion, a PE ratio of -3.93 and a beta of 1.14. The firm has a 50 day simple moving average of $15.80 and a 200 day simple moving average of $14.41.

Banc of California (NYSE:BANC) last announced its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.11. Banc of California had a positive return on equity of 2.93% and a negative net margin of 20.75%. The business had revenue of $431.44 million during the quarter, compared to analyst estimates of $229.46 million. During the same period last year, the company earned $0.30 earnings per share. As a group, research analysts expect that Banc of California, Inc. will post 0.7 earnings per share for the current year.

Banc of California Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 16th will be paid a $0.10 dividend. The ex-dividend date is Monday, December 16th. This represents a $0.40 dividend on an annualized basis and a yield of 2.38%. Banc of California’s payout ratio is currently -9.37%.

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.