New York State Teachers Retirement System trimmed its position in shares of Banc of California, Inc. (NYSE:BANC) by 8.4% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 27,350 shares of the bank’s stock after selling 2,500 shares during the quarter. New York State Teachers Retirement System owned about 0.06% of Banc of California worth $568,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Oppenheimer Asset Management Inc. purchased a new stake in shares of Banc of California during the first quarter valued at about $109,000. State of Alaska Department of Revenue lifted its position in shares of Banc of California by 80.3% during the second quarter. State of Alaska Department of Revenue now owns 9,864 shares of the bank’s stock valued at $212,000 after buying an additional 4,394 shares during the last quarter. Suntrust Banks Inc. acquired a new position in shares of Banc of California during the second quarter valued at about $231,000. Piedmont Investment Advisors LLC acquired a new position in shares of Banc of California during the second quarter valued at about $232,000. Finally, BNP Paribas Arbitrage SA increased its holdings in shares of Banc of California by 51.7% during the second quarter. BNP Paribas Arbitrage SA now owns 13,944 shares of the bank’s stock valued at $300,000 after acquiring an additional 4,752 shares in the last quarter.
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BANC has been the topic of several recent analyst reports. BidaskClub upgraded shares of Banc of California from a “sell” rating to a “hold” rating in a report on Wednesday, November 1st. Zacks Investment Research downgraded shares of Banc of California from a “hold” rating to a “sell” rating in a report on Monday, July 31st. Keefe, Bruyette & Woods set a $20.00 price objective on shares of Banc of California and gave the company a “hold” rating in a report on Monday, August 28th. Finally, ValuEngine upgraded shares of Banc of California from a “hold” rating to a “buy” rating in a report on Tuesday, September 12th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $22.67.
Banc of California (NYSE:BANC) last issued its quarterly earnings results on Thursday, October 26th. The bank reported $0.23 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.04. Banc of California had a net margin of 15.48% and a return on equity of 11.78%. The company had revenue of $93.40 million for the quarter, compared to the consensus estimate of $84.24 million. During the same quarter in the prior year, the company earned $0.59 EPS. analysts expect that Banc of California, Inc. will post 0.88 earnings per share for the current year.
In other Banc of California news, CEO Douglas H. Bowers purchased 57,000 shares of the business’s stock in a transaction that occurred on Thursday, September 7th. The shares were bought at an average price of $17.56 per share, for a total transaction of $1,000,920.00. Following the acquisition, the chief executive officer now owns 92,000 shares in the company, valued at $1,615,520. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In the last quarter, insiders sold 30,000 shares of company stock worth $14,000. 16.89% of the stock is owned by corporate insiders.
Banc of California 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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