Bank of New York Mellon Corp lowered its position in shares of Banc of California Inc (NYSE:BANC) by 20.8% during the second quarter, HoldingsChannel.com reports. The firm owned 918,562 shares of the bank’s stock after selling 241,301 shares during the period. Bank of New York Mellon Corp’s holdings in Banc of California were worth $17,958,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Tyers Asset Management LLC grew its position in shares of Banc of California by 64.9% during 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. Cornerstone Wealth Management LLC acquired a new stake in shares of Banc of California during the second quarter worth approximately $400,000. Piedmont Investment Advisors LLC acquired a new stake in shares of Banc of California during the second quarter worth approximately $194,000. Sei Investments Co. grew its position in shares of Banc of California by 157.9% during 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 grew its position in shares of Banc of California by 84.8% during 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.
A number of research firms have recently weighed in on BANC. Raymond James decreased their price target on shares of Banc of California from $22.00 to $20.00 and set an “outperform” rating for the company in a research report on Monday, November 12th. Zacks Investment Research downgraded shares of Banc of California from a “buy” rating to a “hold” rating in a research report on Tuesday, October 16th. Finally, ValuEngine downgraded shares of Banc of California from a “buy” rating to a “hold” rating in a research report on Tuesday, October 2nd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. Banc of California presently has a consensus rating of “Hold” and an average price target of $20.60.
Banc of California (NYSE:BANC) last released its quarterly earnings data on Thursday, October 25th. The bank reported $0.22 EPS for the quarter, topping analysts’ consensus estimates of $0.21 by $0.01. The firm had revenue of $76.02 million during the quarter, compared to the consensus estimate of $78.99 million. Banc of California had a net margin of 10.47% and a return on equity of 8.38%. On average, analysts anticipate that Banc of California Inc will post 0.67 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 2nd. Shareholders of record on Monday, December 17th will be issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 3.02%. The ex-dividend date of this dividend is Friday, December 14th. Banc of California’s dividend payout ratio is presently 63.41%.
In other Banc of California news, CAO Michael Alan Smith acquired 4,600 shares of the firm’s stock in a transaction on Friday, November 2nd. The stock was purchased at an average price of $16.50 per share, with a total value of $75,900.00. Following the completion of the acquisition, the chief accounting officer now directly owns 13,959 shares in the company, valued at approximately $230,323.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 18.08% of the company’s stock.
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Banc of California Company 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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