CIBC Asset Management Inc Raises Position in Banc of California, Inc. (NYSE:BANC)

CIBC Asset Management Inc raised its stake in Banc of California, Inc. (NYSE:BANC) by 4.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 15,052 shares of the bank’s stock after purchasing an additional 683 shares during the quarter. CIBC Asset Management Inc’s holdings in Banc of California were worth $233,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of BANC. Sanctuary Advisors LLC lifted its position in shares of Banc of California by 60.4% during the 4th quarter. Sanctuary Advisors LLC now owns 18,132 shares of the bank’s stock worth $294,000 after buying an additional 6,826 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of Banc of California by 2.9% during the 4th quarter. Principal Financial Group Inc. now owns 668,077 shares of the bank’s stock valued at $10,328,000 after purchasing an additional 18,742 shares during the last quarter. Private Management Group Inc. purchased a new position in shares of Banc of California in the 4th quarter worth about $202,000. Tectonic Advisors LLC boosted its holdings in shares of Banc of California by 6.4% in the 4th quarter. Tectonic Advisors LLC now owns 128,296 shares of the bank’s stock worth $1,983,000 after buying an additional 7,722 shares during the last quarter. Finally, First Dallas Securities Inc. lifted its position in shares of Banc of California by 25.8% during the 4th quarter. First Dallas Securities Inc. now owns 77,975 shares of the bank’s stock valued at $1,205,000 after buying an additional 16,000 shares during the last quarter. 86.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently commented on BANC. Barclays reduced their price objective on shares of Banc of California from $20.00 to $19.00 and set an “overweight” rating for the company in a research note on Friday, January 24th. Wells Fargo & Company raised shares of Banc of California from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $17.00 to $20.00 in a research report on Monday, January 6th. Keefe, Bruyette & Woods increased their price target on shares of Banc of California from $17.50 to $20.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. StockNews.com raised shares of Banc of California from a “sell” rating to a “hold” rating in a research report on Friday, January 24th. Finally, JPMorgan Chase & Co. assumed coverage on Banc of California in a report on Friday, February 7th. They issued a “neutral” rating and a $18.00 target price on the stock. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, Banc of California currently has an average rating of “Moderate Buy” and an average price target of $18.18.

Banc of California Price Performance

Shares of NYSE BANC opened at $14.75 on Wednesday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.90. The firm has a fifty day moving average of $15.72 and a 200 day moving average of $15.40. Banc of California, Inc. has a one year low of $11.88 and a one year high of $18.08. The firm has a market cap of $2.34 billion, a PE ratio of 26.33 and a beta of 1.14.

Banc of California (NYSE:BANC) last announced its earnings results on Thursday, January 23rd. The bank reported $0.28 EPS for the quarter, beating 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%. As a group, research analysts predict that Banc of California, Inc. will post 1.31 EPS for the current fiscal year.

Banc of California Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.71%. Banc of California’s payout ratio is currently 71.43%.

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.