Private Management Group Inc. Acquires Shares of 13,036 Banc of California, Inc. (NYSE:BANC)

Private Management Group Inc. bought a new position in shares of Banc of California, Inc. (NYSE:BANC) in the fourth quarter, Holdings Channel reports. The institutional investor bought 13,036 shares of the bank’s stock, valued at approximately $202,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Future Financial Wealth Managment LLC purchased a new stake in shares of Banc of California during the third quarter worth about $29,000. GAMMA Investing LLC increased its stake in shares of Banc of California by 32.3% during the third quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock worth $44,000 after purchasing an additional 734 shares in the last quarter. KBC Group NV increased its stake in shares of Banc of California by 71.0% during the fourth quarter. KBC Group NV now owns 7,286 shares of the bank’s stock worth $113,000 after purchasing an additional 3,026 shares in the last quarter. Paloma Partners Management Co purchased a new stake in shares of Banc of California during the third quarter worth about $158,000. Finally, Sanctuary Advisors LLC purchased a new stake in shares of Banc of California during the third quarter worth about $167,000. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Citigroup assumed coverage on shares of Banc of California in a research note on Thursday, October 10th. They set a “neutral” rating and a $15.00 target price for the company. Keefe, Bruyette & Woods boosted their price target on shares of Banc of California from $17.50 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Raymond James boosted their price target on shares of Banc of California from $17.00 to $18.00 and gave the stock an “outperform” rating in a research report on Friday, January 24th. Wedbush boosted their price target on shares of Banc of California from $18.00 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Finally, DA Davidson increased 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. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.20.

Banc of California Stock Performance

NYSE:BANC opened at $16.52 on Friday. The stock has a market capitalization of $2.62 billion, a P/E ratio of 29.51 and a beta of 1.14. Banc of California, Inc. has a fifty-two week low of $11.88 and a fifty-two week high of $18.08. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.90. The company has a 50 day moving average price of $16.05 and a 200 day moving average price of $15.17.

Banc of California (NYSE:BANC) last released its earnings results on Thursday, January 23rd. The bank reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 forecast that Banc of California, Inc. will post 1.35 EPS for the current year.

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.