Seidman Lawrence B Acquires 256,184 Shares of Banc of California Inc (BANC)

Seidman Lawrence B lifted its holdings in shares of Banc of California Inc (NYSE:BANC) by 118.7% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 471,989 shares of the bank’s stock after acquiring an additional 256,184 shares during the period. Banc of California accounts for approximately 5.3% of Seidman Lawrence B’s investment portfolio, making the stock its 8th biggest holding. Seidman Lawrence B’s holdings in Banc of California were worth $6,532,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of BANC. Laurion Capital Management LP purchased a new stake in Banc of California during the first quarter valued at about $634,000. Everence Capital Management Inc. purchased a new stake in shares of Banc of California in the first quarter worth about $143,000. Texas Permanent School Fund boosted its position in shares of Banc of California by 3.8% in the first quarter. Texas Permanent School Fund now owns 28,958 shares of the bank’s stock worth $401,000 after buying an additional 1,049 shares during the period. Pearl River Capital LLC boosted its position in shares of Banc of California by 1,016.5% in the first quarter. Pearl River Capital LLC now owns 8,932 shares of the bank’s stock worth $124,000 after buying an additional 8,132 shares during the period. Finally, Rhumbline Advisers boosted its position in shares of Banc of California by 1.9% in the first quarter. Rhumbline Advisers now owns 127,007 shares of the bank’s stock worth $1,758,000 after buying an additional 2,400 shares during the period.

NYSE:BANC opened at $13.85 on Tuesday. The company has a debt-to-equity ratio of 1.58, a quick ratio of 1.00 and a current ratio of 1.00. Banc of California Inc has a one year low of $12.22 and a one year high of $20.45. The stock has a market capitalization of $705.71 million, a P/E ratio of 28.27, a price-to-earnings-growth ratio of 1.65 and a beta of 1.25.

Banc of California (NYSE:BANC) last released its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.05 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.24 by ($0.19). Banc of California had a return on equity of 7.52% and a net margin of 9.63%. The business had revenue of $74.10 million during the quarter, compared to analyst estimates of $75.56 million. During the same quarter last year, the firm posted $0.06 EPS. As a group, equities research analysts predict that Banc of California Inc will post 0.68 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 17th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 1.73%. The ex-dividend date is Friday, June 14th. Banc of California’s dividend payout ratio (DPR) is 106.12%.

Several equities research analysts have recently weighed in on BANC shares. B. Riley set a $14.00 target price on Banc of California and gave the stock a “hold” rating in a research report on Friday, January 25th. Zacks Investment Research upgraded Banc of California from a “strong sell” rating to a “hold” rating in a research note on Tuesday, March 26th. Finally, 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 research note on Wednesday, March 6th. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $17.75.

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About Banc of California

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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