Sippican Capital Advisors Buys New Position in Banc of California Inc (BANC)

Sippican Capital Advisors bought a new stake in Banc of California Inc (NYSE:BANC) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 17,515 shares of the bank’s stock, valued at approximately $242,000.

A number of other hedge funds also recently modified their holdings of the business. Pennsylvania Trust Co acquired a new position in Banc of California in the first quarter valued at approximately $18,793,000. Hennessy Advisors Inc. boosted its position in shares of Banc of California by 23.2% during the first quarter. Hennessy Advisors Inc. now owns 350,000 shares of the bank’s stock worth $4,844,000 after buying an additional 66,000 shares during the period. Legacy Advisors LLC acquired a new position in shares of Banc of California during the first quarter worth approximately $31,000. Deutsche Bank AG boosted its position in shares of Banc of California by 9.5% during the fourth quarter. Deutsche Bank AG now owns 275,589 shares of the bank’s stock worth $3,665,000 after buying an additional 23,965 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of Banc of California by 6.3% during the fourth quarter. Geode Capital Management LLC now owns 428,293 shares of the bank’s stock worth $5,700,000 after buying an additional 25,461 shares during the period.

NYSE:BANC traded up $0.12 during trading hours on Wednesday, hitting $15.09. 5,454 shares of the stock traded hands, compared to its average volume of 351,334. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 2.37. Banc of California Inc has a fifty-two week low of $12.22 and a fifty-two week high of $20.45. The company has a market cap of $741.62 million, a P/E ratio of 30.78, a price-to-earnings-growth ratio of 1.20 and a beta of 1.25.

Banc of California (NYSE:BANC) last announced its earnings results on Thursday, January 24th. The bank reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.18). Banc of California had a net margin of 10.18% and a return on equity of 6.62%. The firm had revenue of $73.50 million for the quarter, compared to analyst estimates of $76.00 million. During the same period last year, the firm earned $0.12 earnings per share. Banc of California’s revenue for the quarter was down 7.8% compared to the same quarter last year. Equities research analysts anticipate that Banc of California Inc will post 0.99 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 3.45%. The ex-dividend date was Thursday, March 14th. Banc of California’s dividend payout ratio (DPR) is currently 106.12%.

BANC has been the topic of several research reports. Zacks Investment Research cut Banc of California from a “hold” rating to a “strong sell” rating in a report on Tuesday, January 29th. B. Riley dropped their price target on Banc of California from $16.00 to $15.00 and set a “neutral” rating on the stock in a report on Tuesday, December 18th. DA Davidson cut Banc of California from a “buy” rating to a “neutral” rating and set a $17.00 price target on the stock. in a report on Wednesday, March 6th. Finally, ValuEngine cut Banc of California from a “buy” rating to a “hold” rating in a report on Tuesday, December 18th. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $17.75.

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Banc of California Profile

Banc of California, Inc operates as the bank holding company for Banc of California, National Association that provides banking products and services in the United States. The company offers deposit products, including checking, savings, money market, retirement, and interest and noninterest-bearing demand accounts, as well as certificates of deposits.

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Institutional Ownership by Quarter for Banc of California (NYSE:BANC)

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