Forest Hill Capital LLC boosted its holdings in shares of Banc of California Inc (NYSE:BANC) by 5.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 670,673 shares of the bank’s stock after purchasing an additional 35,000 shares during the period. Banc of California comprises approximately 3.9% of Forest Hill Capital LLC’s holdings, making the stock its 4th largest holding. Forest Hill Capital LLC owned about 1.33% of Banc of California worth $13,849,000 at the end of the most recent quarter.
A number of other large investors have also made changes to their positions in BANC. HBK Investments L P grew its holdings in shares of Banc of California by 3.2% during the 4th quarter. HBK Investments L P now owns 121,100 shares of the bank’s stock worth $2,501,000 after acquiring an additional 3,700 shares during the period. Deutsche Bank AG grew its holdings in shares of Banc of California by 14.0% during the 4th quarter. Deutsche Bank AG now owns 145,777 shares of the bank’s stock worth $3,008,000 after acquiring an additional 17,885 shares during the period. Brandywine Global Investment Management LLC grew its holdings in shares of Banc of California by 17.6% during the 4th quarter. Brandywine Global Investment Management LLC now owns 157,696 shares of the bank’s stock worth $3,257,000 after acquiring an additional 23,563 shares during the period. Second Curve Capital LLC grew its holdings in shares of Banc of California by 300.0% during the 4th quarter. Second Curve Capital LLC now owns 140,000 shares of the bank’s stock worth $2,891,000 after acquiring an additional 105,000 shares during the period. Finally, Koch Industries Inc. purchased a new position in shares of Banc of California during the 4th quarter worth approximately $754,000.
Shares of Banc of California Inc (BANC) opened at $21.30 on Wednesday. The company has a debt-to-equity ratio of 2.51, a current ratio of 0.96 and a quick ratio of 0.95. The firm has a market capitalization of $1,080.00, a P/E ratio of 36.10, a P/E/G ratio of 1.92 and a beta of 0.91. Banc of California Inc has a 52 week low of $17.10 and a 52 week high of $23.40.
The business also recently declared a quarterly dividend, which will be paid on Monday, April 2nd. Investors of record on Thursday, March 15th will be paid a $0.13 dividend. The ex-dividend date is Wednesday, March 14th. This represents a $0.52 annualized dividend and a dividend yield of 2.44%. Banc of California’s payout ratio is currently 88.14%.
A number of research analysts have weighed in on the company. B. Riley downgraded Banc of California from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $25.00 to $20.00 in a report on Thursday, February 1st. Zacks Investment Research downgraded Banc of California from a “strong-buy” rating to a “sell” rating in a report on Tuesday, January 30th. Piper Jaffray Companies reiterated a “buy” rating and set a $25.00 target price on shares of Banc of California in a report on Thursday, February 8th. ValuEngine upgraded Banc of California from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Finally, FIG Partners downgraded Banc of California from a “market perform” rating to an “underperform” rating in a report on Friday, January 26th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. Banc of California presently has an average rating of “Hold” and a consensus target price of $22.60.
In related news, insider John A. Bogler purchased 20,000 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The shares were bought at an average price of $19.30 per share, for a total transaction of $386,000.00. Following the purchase, the insider now directly owns 37,500 shares of the company’s stock, valued at approximately $723,750. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 16.89% of the company’s stock.
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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.
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