Rhumbline Advisers boosted its stake in shares of Banc of California Inc (NYSE:BANC) by 13.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 102,307 shares of the bank’s stock after purchasing an additional 12,447 shares during the period. Rhumbline Advisers owned approximately 0.20% of Banc of California worth $2,113,000 at the end of the most recent reporting period.
A number of other large investors also recently added to or reduced their stakes in the business. California Public Employees Retirement System grew its position in Banc of California by 4.9% during the 3rd quarter. California Public Employees Retirement System now owns 65,267 shares of the bank’s stock worth $1,354,000 after purchasing an additional 3,067 shares during the last quarter. Russell Investments Group Ltd. grew its position in Banc of California by 3.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 106,196 shares of the bank’s stock worth $2,204,000 after purchasing an additional 3,324 shares during the last quarter. Schwab Charles Investment Management Inc. grew its position in Banc of California by 2.2% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 182,827 shares of the bank’s stock worth $3,776,000 after purchasing an additional 3,936 shares during the last quarter. Municipal Employees Retirement System of Michigan grew its position in Banc of California by 24.3% during the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 21,980 shares of the bank’s stock worth $456,000 after purchasing an additional 4,290 shares during the last quarter. Finally, FNY Partners Fund LP purchased a new stake in Banc of California during the 4th quarter worth approximately $103,000.
Shares of BANC stock opened at $19.75 on Wednesday. The company has a debt-to-equity ratio of 2.51, a quick ratio of 0.95 and a current ratio of 0.96. Banc of California Inc has a 12 month low of $17.10 and a 12 month high of $23.40. The company has a market cap of $1,020.86, a P/E ratio of 19.75, a price-to-earnings-growth ratio of 1.86 and a beta of 0.91.
Banc of California (NYSE:BANC) last announced its quarterly earnings data on Thursday, January 25th. The bank reported $0.30 EPS for the quarter, beating the consensus estimate of $0.23 by $0.07. Banc of California had a net margin of 13.28% and a return on equity of 9.93%. The business had revenue of $78.87 million during the quarter, compared to analysts’ expectations of $84.02 million. During the same period in the previous year, the business posted $0.54 EPS. The business’s quarterly revenue was down 31.7% compared to the same quarter last year. equities research analysts predict that Banc of California Inc will post 0.88 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 2nd. Shareholders of record on Thursday, March 15th will be paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 2.63%. The ex-dividend date is Wednesday, March 14th. Banc of California’s payout ratio is 72.22%.
In other Banc of California news, insider John A. Bogler acquired 20,000 shares of the firm’s stock in a transaction on Thursday, February 1st. The stock was acquired at an average cost of $19.30 per share, for a total transaction of $386,000.00. Following the purchase, the insider now owns 37,500 shares in the company, valued at approximately $723,750. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 16.89% of the company’s stock.
Several analysts have weighed in on BANC shares. ValuEngine raised shares of Banc of California from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Piper Jaffray Companies started coverage on shares of Banc of California in a research report on Thursday, December 21st. They set an “overweight” rating and a $26.00 target price on the stock. Zacks Investment Research raised shares of Banc of California from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a research report on Monday, January 1st. B. Riley downgraded shares of Banc of California from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $25.00 to $20.00 in a research report on Thursday, February 1st. Finally, FIG Partners downgraded shares of Banc of California from a “market perform” rating to an “underperform” rating in a research report on Friday, January 26th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $22.60.
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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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