Wells Fargo & Company MN grew its position in shares of Banc of California, Inc. (NYSE:BANC) by 66.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 161,110 shares of the bank’s stock after acquiring an additional 64,480 shares during the quarter. Wells Fargo & Company MN owned about 0.32% of Banc of California worth $3,463,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. increased its holdings in shares of Banc of California by 48,720.8% during the first quarter. BlackRock Inc. now owns 6,494,627 shares of the bank’s stock valued at $134,438,000 after acquiring an additional 6,481,324 shares in the last quarter. State Street Corp grew its holdings in Banc of California by 3.6% during the first quarter. State Street Corp now owns 2,947,411 shares of the bank’s stock worth $61,012,000 after buying an additional 102,282 shares in the last quarter. Wellington Management Group LLP grew its holdings in Banc of California by 939.7% during the first quarter. Wellington Management Group LLP now owns 1,915,231 shares of the bank’s stock worth $39,645,000 after buying an additional 1,731,026 shares in the last quarter. Victory Capital Management Inc. grew its holdings in Banc of California by 39.0% during the second quarter. Victory Capital Management Inc. now owns 1,115,596 shares of the bank’s stock worth $23,985,000 after buying an additional 312,947 shares in the last quarter. Finally, Deprince Race & Zollo Inc. grew its holdings in Banc of California by 1.5% during the second quarter. Deprince Race & Zollo Inc. now owns 612,742 shares of the bank’s stock worth $13,174,000 after buying an additional 9,149 shares in the last quarter.
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Banc of California, Inc. (BANC) opened at 21.30 on Friday. Banc of California, Inc. has a 52-week low of $12.25 and a 52-week high of $23.25. The stock has a market cap of $1.02 billion, a PE ratio of 14.25 and a beta of 0.99. The firm has a 50-day moving average price of $19.87 and a 200 day moving average price of $20.44.
Banc of California (NYSE:BANC) last posted its quarterly earnings data on Thursday, October 26th. The bank reported $0.23 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.19 by $0.04. Banc of California had a return on equity of 14.44% and a net margin of 17.12%. During the same quarter last year, the firm posted $0.59 earnings per share. On average, analysts forecast that Banc of California, Inc. will post $0.77 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Friday, September 15th were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date of this dividend was Thursday, September 14th. Banc of California’s payout ratio is 34.67%.
BANC has been the subject of several recent research reports. Zacks Investment Research upgraded Banc of California from a “strong sell” rating to a “buy” rating and set a $24.00 price target for the company in a report on Tuesday, July 11th. BidaskClub upgraded Banc of California from a “sell” rating to a “hold” rating in a report on Thursday, September 28th. Keefe, Bruyette & Woods set a $20.00 price target on Banc of California and gave the stock a “hold” rating in a report on Monday, August 28th. Finally, ValuEngine downgraded Banc of California from a “buy” rating to a “hold” rating in a report on Friday, July 14th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $22.67.
In other Banc of California news, CEO Douglas H. Bowers bought 57,000 shares of Banc of California stock in a transaction on Thursday, September 7th. The stock was acquired at an average price of $17.56 per share, with a total value of $1,000,920.00. Following the acquisition, the chief executive officer now owns 92,000 shares in the company, valued at $1,615,520. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 16.89% of the stock is currently owned by company insiders.
Banc of California Company 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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