Empowered Funds LLC Has $2.49 Million Stake in Banc of California, Inc. (NYSE:BANC)

Empowered Funds LLC decreased its holdings in shares of Banc of California, Inc. (NYSE:BANC) by 22.1% in the 4th quarter, Holdings Channel reports. The institutional investor owned 160,706 shares of the bank’s stock after selling 45,639 shares during the period. Empowered Funds LLC’s holdings in Banc of California were worth $2,485,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Private Management Group Inc. acquired a new stake in shares of Banc of California during the 4th quarter worth approximately $202,000. Tectonic Advisors LLC grew its holdings in Banc of California by 6.4% during the fourth quarter. Tectonic Advisors LLC now owns 128,296 shares of the bank’s stock valued at $1,983,000 after purchasing an additional 7,722 shares during the period. First Dallas Securities Inc. grew its holdings in Banc of California by 25.8% during the fourth quarter. First Dallas Securities Inc. now owns 77,975 shares of the bank’s stock valued at $1,205,000 after purchasing an additional 16,000 shares during the period. Hodges Capital Management Inc. grew its holdings in Banc of California by 10.7% during the fourth quarter. Hodges Capital Management Inc. now owns 2,281,410 shares of the bank’s stock valued at $35,270,000 after purchasing an additional 221,125 shares during the period. Finally, EMC Capital Management grew its holdings in Banc of California by 4,319.8% during the fourth quarter. EMC Capital Management now owns 15,425 shares of the bank’s stock valued at $238,000 after purchasing an additional 15,076 shares during the period. Institutional investors and hedge funds own 86.88% of the company’s stock.

Analyst Upgrades and Downgrades

BANC has been the subject of a number of analyst reports. Keefe, Bruyette & Woods boosted their price objective on shares of Banc of California from $17.50 to $20.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Raymond James boosted their price objective on shares of Banc of California from $17.00 to $18.00 and gave the company an “outperform” rating in a report on Friday, January 24th. Stephens decreased their price objective on shares of Banc of California from $18.00 to $17.00 and set an “equal weight” rating for the company in a report on Monday, January 27th. DA Davidson lifted their price target on shares of Banc of California from $16.50 to $19.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Finally, Barclays cut their price target on shares of Banc of California from $20.00 to $19.00 and set an “overweight” rating on the stock in a research note on Friday, January 24th. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $18.18.

Banc of California Stock Performance

Shares of BANC stock opened at $15.88 on Friday. 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’s fifty day simple moving average is $15.95 and its 200-day simple moving average is $15.25. Banc of California, Inc. has a 12 month low of $11.88 and a 12 month high of $18.08. The firm has a market cap of $2.52 billion, a PE ratio of 28.36 and a beta of 1.14.

Banc of California (NYSE:BANC) last released its quarterly earnings data on Thursday, January 23rd. The bank reported $0.28 EPS for the quarter, beating 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%. Equities research analysts expect that Banc of California, Inc. will post 1.33 EPS for the current fiscal year.

Banc of California Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders 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 annualized dividend and a dividend yield of 2.52%. Banc of California’s dividend payout ratio is currently 71.43%.

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.