Rhumbline Advisers cut its position in Banc of California, Inc. (NYSE:BANC) by 4.3% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 156,487 shares of the bank’s stock after selling 7,105 shares during the quarter. Rhumbline Advisers owned about 0.31% of Banc of California worth $2,745,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of the stock. BlackRock Inc. lifted its position in Banc of California by 6.2% in the 1st quarter. BlackRock Inc. now owns 7,317,127 shares of the bank’s stock valued at $132,292,000 after purchasing an additional 424,594 shares during the last quarter. Investment Counselors of Maryland LLC lifted its position in Banc of California by 3.2% in the 1st quarter. Investment Counselors of Maryland LLC now owns 2,221,547 shares of the bank’s stock valued at $40,166,000 after purchasing an additional 69,377 shares during the last quarter. Victory Capital Management Inc. raised its position in shares of Banc of California by 30.4% during the 2nd quarter. Victory Capital Management Inc. now owns 1,107,068 shares of the bank’s stock worth $19,418,000 after buying an additional 257,788 shares in the last quarter. Russell Investments Group Ltd. raised its position in shares of Banc of California by 25.9% during the 2nd quarter. Russell Investments Group Ltd. now owns 753,254 shares of the bank’s stock worth $13,209,000 after buying an additional 155,008 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Banc of California by 10.0% during the 1st quarter. Geode Capital Management LLC now owns 750,470 shares of the bank’s stock worth $13,568,000 after buying an additional 67,981 shares in the last quarter. Hedge funds and other institutional investors own 97.05% of the company’s stock.
BANC has been the topic of a number of recent analyst reports. Zacks Investment Research downgraded shares of Banc of California from a “buy” rating to a “hold” rating in a research report on Friday, September 3rd. Stephens initiated coverage on shares of Banc of California in a research report on Wednesday, July 7th. They set an “equal weight” rating and a $19.00 price target on the stock. Finally, Raymond James upgraded shares of Banc of California from a “market perform” rating to an “outperform” rating and set a $20.00 price target on the stock in a research report on Friday, July 23rd. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Banc of California presently has a consensus rating of “Buy” and an average target price of $20.69.
Banc of California (NYSE:BANC) last announced its quarterly earnings data on Wednesday, July 21st. The bank reported $0.34 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.28 by $0.06. The company had revenue of $64.02 million for the quarter, compared to analysts’ expectations of $62.99 million. Banc of California had a net margin of 23.60% and a return on equity of 10.55%. During the same quarter in the previous year, the company posted ($0.44) EPS. As a group, equities research analysts forecast that Banc of California, Inc. will post 1.22 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 1st. Stockholders of record on Wednesday, September 15th will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 1.38%. The ex-dividend date of this dividend is Tuesday, September 14th. Banc of California’s dividend payout ratio (DPR) is currently 60.00%.
About Banc of California
Banc of California, Inc is a holding company, which engages in the provision of commercial banking services. It offers personal banking, business and commercial banking, real estate banking, and private banking. The company was founded in March 2002 and is headquartered in Santa Ana, CA.
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