Glen Harbor Capital Management LLC lifted its holdings in Banc of California Inc (NYSE:BANC) by 64.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,150 shares of the bank’s stock after buying an additional 6,358 shares during the period. Glen Harbor Capital Management LLC’s holdings in Banc of California were worth $316,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also bought and sold shares of the company. Tyers Asset Management LLC lifted its stake in shares of Banc of California by 64.9% in the second quarter. Tyers Asset Management LLC now owns 7,600 shares of the bank’s stock worth $149,000 after buying an additional 2,992 shares in the last quarter. Piedmont Investment Advisors LLC purchased a new position in shares of Banc of California in the second quarter worth about $194,000. Xact Kapitalforvaltning AB purchased a new position in shares of Banc of California in the first quarter worth about $210,000. Sei Investments Co. lifted its stake in shares of Banc of California by 157.9% in the second quarter. Sei Investments Co. now owns 11,669 shares of the bank’s stock worth $228,000 after buying an additional 7,145 shares in the last quarter. Finally, Meadow Creek Investment Management LLC lifted its stake in shares of Banc of California by 84.8% in the second quarter. Meadow Creek Investment Management LLC now owns 13,300 shares of the bank’s stock worth $260,000 after buying an additional 6,104 shares in the last quarter.
Shares of BANC stock opened at $19.25 on Monday. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 2.75. Banc of California Inc has a 12 month low of $18.00 and a 12 month high of $23.40. The stock has a market cap of $985.30 million, a price-to-earnings ratio of 25.59, a PEG ratio of 2.25 and a beta of 0.75.
Banc of California (NYSE:BANC) last issued its earnings results on Thursday, July 26th. The bank reported $0.16 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.04). Banc of California had a return on equity of 8.25% and a net margin of 11.74%. The firm had revenue of $80.83 million for the quarter, compared to analysts’ expectations of $79.67 million. During the same period last year, the firm earned $0.20 earnings per share. research analysts anticipate that Banc of California Inc will post 0.7 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 1st. Shareholders of record on Friday, September 14th will be paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 2.70%. The ex-dividend date of this dividend is Thursday, September 13th. Banc of California’s dividend payout ratio (DPR) is presently 63.41%.
In other Banc of California news, Director W Kirk Wycoff sold 274,700 shares of Banc of California stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $19.95, for a total transaction of $5,480,265.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold 640,656 shares of company stock worth $12,808,384 over the last ninety days. 18.08% of the stock is owned by insiders.
Several research firms have recently weighed in on BANC. Zacks Investment Research downgraded shares of Banc of California from a “buy” rating to a “hold” rating in a research note on Friday, July 27th. ValuEngine raised shares of Banc of California from a “hold” rating to a “buy” rating in a research note on Friday, August 10th. Finally, B. Riley decreased their price target on shares of Banc of California from $20.00 to $19.00 and set a “neutral” rating on the stock in a research note on Tuesday, June 19th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $21.60.
Banc of California Profile
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's deposits consist of checking, savings, money market, retirement, and interest and non-interest bearing demand accounts, as well as certificates of deposit; and commercial and consumer loan products include commercial and industrial loans, commercial real estate loans, multi-family loans, small business administration (SBA) guaranteed business loans, construction and renovation loans, single family residential mortgage loans, warehouse loans, asset-insurance-or security backed loans, home equity lines of credit, consumer and business lines of credit, home equity loans, and other consumer loans.
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