Sippican Capital Advisors Acquires New Holdings in Banc of California Inc (BANC)

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Sippican Capital Advisors acquired a new position in Banc of California Inc (NYSE:BANC) in the first quarter, HoldingsChannel reports. The institutional investor acquired 17,515 shares of the bank’s stock, valued at approximately $242,000.

A number of other large investors have also modified their holdings of BANC. Legacy Advisors LLC bought a new stake in Banc of California during the first quarter valued at about $31,000. PNC Financial Services Group Inc. raised its position in shares of Banc of California by 140.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 8,942 shares of the bank’s stock valued at $119,000 after buying an additional 5,218 shares during the last quarter. Piedmont Investment Advisors Inc. acquired a new position in shares of Banc of California during the fourth quarter valued at about $135,000. Quantamental Technologies LLC acquired a new position in shares of Banc of California during the fourth quarter valued at about $146,000. Finally, Municipal Employees Retirement System of Michigan acquired a new position in shares of Banc of California during the fourth quarter valued at about $164,000.

Banc of California stock traded up $0.12 during trading hours on Wednesday, hitting $15.09. 5,454 shares of the stock were exchanged, compared to its average volume of 351,334. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 2.37. The stock has a market capitalization of $741.62 million, a price-to-earnings ratio of 30.78, a P/E/G ratio of 1.20 and a beta of 1.25. Banc of California Inc has a 12 month low of $12.22 and a 12 month high of $20.45.

Banc of California (NYSE:BANC) last released its quarterly earnings results on Thursday, January 24th. The bank reported $0.05 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by ($0.18). Banc of California had a net margin of 10.18% and a return on equity of 6.62%. The company had revenue of $73.50 million for the quarter, compared to the consensus estimate of $76.00 million. During the same period last year, the company earned $0.12 earnings per share. Banc of California’s revenue for the quarter was down 7.8% compared to the same quarter last year. As a group, equities research analysts predict that Banc of California Inc will post 0.99 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were paid a dividend of $0.13 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.52 annualized dividend and a dividend yield of 3.45%. Banc of California’s dividend payout ratio (DPR) is currently 106.12%.

BANC has been the subject of a number of research analyst reports. Zacks Investment Research lowered shares of Banc of California from a “hold” rating to a “strong sell” rating in a research report on Tuesday, January 29th. B. Riley dropped their price target on shares of Banc of California from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Tuesday, December 18th. DA Davidson lowered shares of Banc of California from a “buy” rating to a “neutral” rating and set a $17.00 price target for the company. in a research report on Wednesday, March 6th. Finally, ValuEngine lowered shares of Banc of California from a “buy” rating to a “hold” rating in a research report on Tuesday, December 18th. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $17.75.

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About Banc of California

Banc of California, Inc operates as the bank holding company for Banc of California, National Association that provides banking products and services in the United States. The company offers deposit products, including checking, savings, money market, retirement, and interest and noninterest-bearing demand accounts, as well as certificates of deposits.

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

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