Salzhauer Michael cut its holdings in Banc of California Inc (NYSE:BANC) by 15.6% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 30,286 shares of the bank’s stock after selling 5,614 shares during the quarter. Salzhauer Michael’s holdings in Banc of California were worth $625,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of the business. State Street Corp lifted its stake in Banc of California by 13.5% in the second quarter. State Street Corp now owns 3,345,022 shares of the bank’s stock valued at $71,920,000 after buying an additional 397,611 shares during the period. Channing Capital Management LLC acquired a new position in shares of Banc of California during the third quarter worth approximately $48,607,000. Victory Capital Management Inc. raised its position in shares of Banc of California by 2.2% during the fourth quarter. Victory Capital Management Inc. now owns 1,538,602 shares of the bank’s stock worth $31,773,000 after purchasing an additional 33,092 shares during the period. EJF Capital LLC raised its position in shares of Banc of California by 19.5% during the third 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. Finally, Bank of New York Mellon Corp raised its position in shares of Banc of California by 22.5% during the third 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.
A number of equities analysts have recently weighed in on BANC shares. ValuEngine lowered Banc of California from a “strong-buy” rating to a “buy” rating in a research report on Friday, December 1st. BidaskClub lowered Banc of California from a “hold” rating to a “sell” rating in a research report on Thursday, November 9th. FBR & Co reaffirmed a “buy” rating and set a $24.00 target price on shares of Banc of California in a research report on Thursday, October 26th. Piper Jaffray Companies started coverage on 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. Finally, Zacks Investment Research raised 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. Three analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. Banc of California has an average rating of “Hold” and a consensus target price of $22.60.
Banc of California (NYSE:BANC) last released its quarterly earnings results on Thursday, January 25th. The bank reported $0.30 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.07. The business had revenue of $78.87 million during the quarter, compared to analyst estimates of $84.02 million. Banc of California had a return on equity of 9.93% and a net margin of 13.28%. Banc of California’s quarterly revenue was down 31.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.54 EPS. equities analysts anticipate that Banc of California Inc will post 0.88 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, April 2nd. Investors of record on Thursday, March 15th will be given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date of this dividend is Wednesday, March 14th. Banc of California’s payout ratio is currently 72.22%.
In related news, insider John A. Bogler purchased 20,000 shares of the stock in a transaction that occurred on Thursday, February 1st. The stock was acquired at an average cost of $19.30 per share, with a total value of $386,000.00. Following the transaction, the insider now owns 37,500 shares of the company’s stock, valued at approximately $723,750. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 16.89% of the company’s stock.
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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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