Empowered Funds LLC Sells 45,639 Shares of Banc of California, Inc. (NYSE:BANC)

Empowered Funds LLC reduced its position in shares of Banc of California, Inc. (NYSE:BANC) by 22.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 160,706 shares of the bank’s stock after selling 45,639 shares during the period. Empowered Funds LLC owned 0.10% of Banc of California worth $2,485,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of BANC. GAMMA Investing LLC boosted its holdings in shares of Banc of California by 32.3% during the 3rd quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock worth $44,000 after buying an additional 734 shares during the period. Everence Capital Management Inc. boosted its holdings in shares of Banc of California by 47.7% during the 3rd quarter. Everence Capital Management Inc. now owns 19,671 shares of the bank’s stock worth $290,000 after buying an additional 6,350 shares during the period. Assenagon Asset Management S.A. boosted its holdings in shares of Banc of California by 461.6% during the 3rd quarter. Assenagon Asset Management S.A. now owns 651,695 shares of the bank’s stock worth $9,599,000 after buying an additional 535,654 shares during the period. Tectonic Advisors LLC boosted its holdings in shares of Banc of California by 2.6% during the 3rd quarter. Tectonic Advisors LLC now owns 120,574 shares of the bank’s stock worth $1,776,000 after buying an additional 3,059 shares during the period. Finally, Sippican Capital Advisors raised its stake in Banc of California by 7.5% during the 3rd quarter. Sippican Capital Advisors now owns 121,610 shares of the bank’s stock valued at $1,791,000 after purchasing an additional 8,475 shares during the last quarter. 86.88% of the stock is owned by institutional investors.

Banc of California Trading Up 0.2 %

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 has a market capitalization of $2.52 billion, a P/E ratio of 28.36 and a beta of 1.14. Banc of California, Inc. has a 12-month low of $11.88 and a 12-month high of $18.08. The firm has a 50-day moving average price of $15.95 and a 200 day moving average price of $15.25.

Banc of California (NYSE:BANC) last posted its quarterly earnings data on Thursday, January 23rd. The bank reported $0.28 earnings per share 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%. Research analysts forecast that Banc of California, Inc. will post 1.33 earnings per share 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 given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.52%. The ex-dividend date of this dividend is Friday, March 14th. Banc of California’s payout ratio is presently 71.43%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. DA Davidson upped their target price 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. Stephens cut their target price on shares of Banc of California from $18.00 to $17.00 and set an “equal weight” rating for the company in a research note on Monday, January 27th. JPMorgan Chase & Co. began coverage on shares of Banc of California in a report on Friday, February 7th. They set a “neutral” rating and a $18.00 price objective for the company. Raymond James raised 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. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Banc of California from $17.50 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Banc of California currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.18.

About Banc of California

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.