Proficio Capital Partners LLC Invests $360,000 in Banc of California, Inc. (NYSE:BANC)

Proficio Capital Partners LLC acquired a new stake in shares of Banc of California, Inc. (NYSE:BANC) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 23,314 shares of the bank’s stock, valued at approximately $360,000.

A number of other large investors have also recently made changes to their positions in the business. KBC Group NV raised its holdings in shares of Banc of California by 71.0% in the 4th quarter. KBC Group NV now owns 7,286 shares of the bank’s stock worth $113,000 after acquiring an additional 3,026 shares during the last quarter. Paloma Partners Management Co bought a new stake in Banc of California during the 3rd quarter worth approximately $158,000. Sanctuary Advisors LLC purchased a new stake in shares of Banc of California in the third quarter worth approximately $167,000. Private Management Group Inc. bought a new position in shares of Banc of California in the fourth quarter valued at approximately $202,000. Finally, CIBC Asset Management Inc boosted its position in shares of Banc of California by 4.8% during the fourth quarter. CIBC Asset Management Inc now owns 15,052 shares of the bank’s stock valued at $233,000 after buying an additional 683 shares during the last quarter. 86.88% of the stock is owned by institutional investors.

Banc of California Price Performance

NYSE BANC opened at $12.97 on Tuesday. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.31. The company has a market cap of $2.06 billion, a PE ratio of 23.15 and a beta of 1.18. Banc of California, Inc. has a 52 week low of $11.88 and a 52 week high of $18.08. The firm’s 50-day simple moving average is $15.49 and its two-hundred day simple moving average is $15.43.

Banc of California (NYSE:BANC) last released its quarterly earnings data on Thursday, January 23rd. The bank reported $0.28 EPS for the quarter, topping the consensus estimate of $0.23 by $0.05. Banc of California had a net margin of 7.06% and a return on equity of 6.20%. Research analysts predict that Banc of California, Inc. will post 1.31 earnings per share for the current year.

Banc of California Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be paid a dividend of $0.10 per share. The ex-dividend date is Friday, March 14th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.09%. Banc of California’s payout ratio is 71.43%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Raymond James lifted their price objective on shares of Banc of California from $17.00 to $18.00 and gave the stock an “outperform” rating in a report on Friday, January 24th. Stephens cut their price target on shares of Banc of California from $18.00 to $17.00 and set an “equal weight” rating on the stock in a report on Monday, January 27th. StockNews.com upgraded Banc of California from a “sell” rating to a “hold” rating in a research note on Friday, January 24th. Wells Fargo & Company raised Banc of California from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $17.00 to $20.00 in a research report on Monday, January 6th. Finally, JPMorgan Chase & Co. started coverage on Banc of California in a research report on Friday, February 7th. They issued a “neutral” rating and a $18.00 price objective on the stock. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, Banc of California presently has an average rating of “Moderate Buy” and a consensus price target of $18.18.

Banc of California Company 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.