Legion Partners Asset Management LLC Has $60.14 Million Position in Banc of California, Inc. (BANC)

Legion Partners Asset Management LLC trimmed its holdings in Banc of California, Inc. (NYSE:BANC) by 0.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,898,479 shares of the bank’s stock after selling 2,750 shares during the quarter. Banc of California comprises about 21.6% of Legion Partners Asset Management LLC’s investment portfolio, making the stock its biggest holding. Legion Partners Asset Management LLC owned about 5.75% of Banc of California worth $60,143,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of BANC. Channing Capital Management LLC purchased a new stake in Banc of California during the 3rd quarter valued at about $48,607,000. Maltese Capital Management LLC grew its position in Banc of California by 171.4% during the 3rd quarter. Maltese Capital Management LLC now owns 760,000 shares of the bank’s stock valued at $15,770,000 after purchasing an additional 480,000 shares during the last quarter. Balyasny Asset Management LLC purchased a new stake in Banc of California during the 2nd quarter valued at about $8,750,000. State Street Corp grew its position in Banc of California by 13.5% during the 2nd quarter. State Street Corp now owns 3,345,022 shares of the bank’s stock valued at $71,920,000 after purchasing an additional 397,611 shares during the last quarter. Finally, Royal Bank of Canada grew its position in Banc of California by 991.4% during the 2nd quarter. Royal Bank of Canada now owns 432,541 shares of the bank’s stock valued at $9,301,000 after purchasing an additional 392,911 shares during the last quarter.

Shares of Banc of California, Inc. (BANC) opened at $21.15 on Monday. The company has a debt-to-equity ratio of 2.21, a quick ratio of 0.91 and a current ratio of 0.91. The stock has a market cap of $1,068.84, a PE ratio of 16.79, a PEG ratio of 1.94 and a beta of 0.97. Banc of California, Inc. has a 1-year low of $14.40 and a 1-year high of $23.40.

Banc of California (NYSE:BANC) last announced its quarterly earnings results on Thursday, October 26th. The bank reported $0.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.04. The firm had revenue of $93.40 million for the quarter, compared to the consensus estimate of $84.24 million. Banc of California had a net margin of 15.48% and a return on equity of 11.78%. During the same quarter last year, the firm posted $0.59 EPS. sell-side analysts forecast that Banc of California, Inc. will post 0.88 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 15th will be issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date is Thursday, December 14th. Banc of California’s payout ratio is presently 45.61%.

A number of analysts have recently issued reports on BANC shares. FBR & Co reaffirmed a “buy” rating and set a $24.00 price target on shares of Banc of California in a report on Thursday, October 26th. ValuEngine downgraded shares of Banc of California from a “strong-buy” rating to a “buy” rating in a report on Friday, December 1st. BidaskClub raised shares of Banc of California from a “sell” rating to a “hold” rating in a report on Wednesday, November 1st. Keefe, Bruyette & Woods set a $20.00 price target on shares of Banc of California and gave the company a “hold” rating in a report on Monday, August 28th. Finally, Zacks Investment Research raised shares of Banc of California from a “strong sell” rating to a “hold” rating in a report on Monday, October 9th. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $22.67.

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Banc of California Profile

Banc of California, Inc is a financial holding company. The Company is the parent of Banc of California, National Association (the Bank). The Company operates through Commercial Banking; Mortgage Banking, and Corporate/Other segments. As of December 31, 2016, the Bank had 90 California banking locations, including 39 full service branches in San Diego, Orange, Santa Barbara, and Los Angeles Counties.

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

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