Tiptree Advisors LLC Has $5.14 Million Stock Position in Banc of California, Inc. $BANC
Tiptree Advisors LLC increased its stake in Banc of California, Inc. by 52.7% in Q1, owning 362,000 shares valued at $5.14 million. Other institutional investors also raised their holdings significantly. Insiders sold shares recently, with a total of 94,843 shares sold in the last 90 days. Analysts have a positive outlook on Banc of California, with several raising their target prices, resulting in a consensus rating of "Moderate Buy" and an average target price of $17.33.
Tiptree Advisors LLC grew its position in Banc of California, Inc. (NYSE:BANC - Free Report) by 52.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 362,000 shares of the bank's stock after acquiring an additional 125,000 shares during the quarter. Banc of California accounts for about 4.2% of Tiptree Advisors LLC's holdings, making the stock its 12th largest position. Tiptree Advisors LLC owned 0.23% of Banc of California worth $5,137,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also modified their holdings of the company. Wellington Management Group LLP raised its stake in shares of Banc of California by 274.6% in the fourth quarter. Wellington Management Group LLP now owns 5,393,076 shares of the bank's stock valued at $83,377,000 after purchasing an additional 3,953,380 shares in the last quarter. Millennium Management LLC increased its holdings in Banc of California by 2,119.0% in the 4th quarter. Millennium Management LLC now owns 2,876,914 shares of the bank's stock valued at $44,477,000 after buying an additional 2,747,262 shares during the period. Invesco Ltd. increased its holdings in Banc of California by 127.4% in the 1st quarter. Invesco Ltd. now owns 4,453,245 shares of the bank's stock valued at $63,192,000 after buying an additional 2,495,043 shares during the period. T. Rowe Price Investment Management Inc. raised its stake in shares of Banc of California by 18.6% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 12,942,131 shares of the bank's stock valued at $183,649,000 after buying an additional 2,029,119 shares in the last quarter. Finally, Centerbridge Partners L.P. raised its stake in shares of Banc of California by 18.7% in the 1st quarter. Centerbridge Partners L.P. now owns 4,771,784 shares of the bank's stock valued at $67,712,000 after buying an additional 752,239 shares in the last quarter. 86.88% of the stock is currently owned by institutional investors.
Get Banc of California alerts:
Insider Buying and Selling at Banc of California
In other news, Director Richard J. Lashley sold 37,500 shares of the stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $14.20, for a total transaction of $532,500.00. Following the sale, the director owned 2,280,280 shares in the company, valued at approximately $32,379,976. This represents a 1.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Hamid Hussain sold 20,000 shares of Banc of California stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $16.59, for a total value of $331,800.00. Following the completion of the transaction, the insider directly owned 66,444 shares of the company's stock, valued at $1,102,305.96. This represents a 23.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 94,843 shares of company stock worth $1,388,222 in the last 90 days. Company insiders own 2.69% of the company's stock.
Wall Street Analyst Weigh In
Several analysts have recently weighed in on BANC shares. Keefe, Bruyette & Woods reiterated an "outperform" rating and set a $18.00 target price (up from $17.00) on shares of Banc of California in a research report on Friday, July 25th. Jefferies Financial Group started coverage on shares of Banc of California in a research note on Wednesday, May 21st. They set a "buy" rating and a $18.00 price target for the company. Barclays lifted their price objective on Banc of California from $18.00 to $19.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. JPMorgan Chase & Co. increased their target price on Banc of California from $15.00 to $16.00 and gave the stock a "neutral" rating in a report on Tuesday, July 1st. Finally, Wells Fargo & Company raised their target price on Banc of California from $16.00 to $18.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 29th. Eight analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $17.33.
Read Our Latest Analysis on Banc of California
Banc of California Price Performance
Shares of Banc of California stock opened at $16.85 on Friday. The stock has a market capitalization of $2.49 billion, a price-to-earnings ratio of 25.92 and a beta of 0.71. The firm's 50-day moving average price is $15.29 and its two-hundred day moving average price is $14.31. The company has a current ratio of 0.90, a quick ratio of 0.88 and a debt-to-equity ratio of 0.32. Banc of California, Inc. has a 1-year low of $11.52 and a 1-year high of $18.08.
Banc of California (NYSE:BANC - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The bank reported $0.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.28 by $0.03. The company had revenue of $272.85 million during the quarter, compared to analysts' expectations of $278.43 million. Banc of California had a net margin of 8.30% and a return on equity of 7.37%. Banc of California's quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.12 earnings per share. On average, equities analysts predict that Banc of California, Inc. will post 1.31 earnings per share for the current fiscal year.
Banc of California Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.40 dividend on an annualized basis and a yield of 2.4%. Banc of California's payout ratio is currently 61.54%.
Banc of California Company Profile
(Free Report)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.
Read More
- Five stocks we like better than Banc of California
- 5 discounted opportunities for dividend growth investors
- Spire Global: Tiny Satellites, Big Buy Ratings and Upside
- What is the Dow Jones Industrial Average (DJIA)?
- Energy Fuels: Is This America's Most Strategic Stock?
- What is the MACD Indicator and How to Use it in Your Trading
- Silver and Gold Break Out—3 Names to Ride The Wave
Want to see what other hedge funds are holding BANC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Banc of California, Inc. (NYSE:BANC - Free Report).
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Should You Invest $1,000 in Banc of California Right Now?
Before you consider Banc of California, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Banc of California wasn't on the list.
While Banc of California currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
