Arizona State Retirement System raised its stake in shares of Banc of California Inc (NYSE:BANC) by 225.3% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 71,569 shares of the bank’s stock after purchasing an additional 49,569 shares during the quarter. Arizona State Retirement System owned 0.14% of Banc of California worth $1,478,000 as of its most recent filing with the SEC.
Several other large investors also recently bought and sold shares of BANC. Maltese Capital Management LLC increased its holdings in shares of Banc of California by 171.4% during the 3rd quarter. Maltese Capital Management LLC now owns 760,000 shares of the bank’s stock worth $15,770,000 after purchasing an additional 480,000 shares during the period. American Century Companies Inc. bought a new position in shares of Banc of California during the 4th quarter worth about $6,419,000. EJF Capital LLC increased its holdings in shares of Banc of California by 19.5% during the 3rd quarter. EJF Capital LLC now owns 1,225,000 shares of the bank’s stock worth $25,419,000 after purchasing an additional 200,000 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Banc of California by 22.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 929,532 shares of the bank’s stock worth $19,287,000 after purchasing an additional 170,632 shares during the period. Finally, New York State Common Retirement Fund increased its holdings in shares of Banc of California by 46.5% during the 3rd quarter. New York State Common Retirement Fund now owns 450,924 shares of the bank’s stock worth $9,357,000 after purchasing an additional 143,053 shares during the period.
Several research firms have recently issued reports on BANC. Zacks Investment Research downgraded shares of Banc of California from a “strong-buy” rating to a “sell” rating in a report on Tuesday, January 30th. FIG Partners cut shares of Banc of California from a “market perform” rating to an “underperform” rating in a research note on Friday, January 26th. B. Riley cut shares of Banc of California from a “buy” rating to a “neutral” rating and lowered their target price for the company from $25.00 to $20.00 in a research note on Thursday, February 1st. ValuEngine cut shares of Banc of California from a “strong-buy” rating to a “buy” rating in a research note on Friday, December 1st. Finally, Piper Jaffray Companies reissued a “buy” rating and issued a $25.00 target price on shares of Banc of California in a research note on Thursday, February 8th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $22.60.
In other Banc of California news, insider John A. Bogler bought 20,000 shares of the stock in a transaction that occurred on Thursday, February 1st. The shares were acquired at an average price of $19.30 per share, with a total value of $386,000.00. Following the completion of the purchase, the insider now directly owns 37,500 shares in the company, valued at approximately $723,750. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 16.89% of the company’s stock.
Shares of Banc of California Inc (BANC) opened at $20.95 on Thursday. The firm has a market cap of $1,060.00, a PE ratio of 35.51, 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 company has a debt-to-equity ratio of 2.51, a current ratio of 0.96 and a quick ratio of 0.95.
Banc of California (NYSE:BANC) last posted its earnings results on Thursday, January 25th. The bank reported $0.30 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.23 by $0.07. The business had revenue of $78.87 million for the quarter, compared to analysts’ expectations of $84.02 million. Banc of California had a net margin of 13.28% and a return on equity of 9.93%. The firm’s revenue for the quarter was down 31.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.54 earnings per share. equities analysts expect that Banc of California Inc will post 0.88 EPS for the current year.
The firm also recently announced 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 dividend on an annualized basis and a yield of 2.48%. Banc of California’s payout ratio is currently 88.14%.
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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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