Raymond James & Associates decreased its stake in Banc of California Inc (NYSE:BANC) by 5.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 48,343 shares of the bank’s stock after selling 2,889 shares during the period. Raymond James & Associates owned approximately 0.10% of Banc of California worth $945,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also bought and sold shares of BANC. Wells Fargo & Company MN raised its stake in Banc of California by 1.9% in the first quarter. Wells Fargo & Company MN now owns 314,682 shares of the bank’s stock worth $6,073,000 after buying an additional 5,856 shares in the last quarter. Schwab Charles Investment Management Inc. raised its stake in Banc of California by 13.4% in the first quarter. Schwab Charles Investment Management Inc. now owns 207,268 shares of the bank’s stock worth $4,001,000 after buying an additional 24,441 shares in the last quarter. California Public Employees Retirement System raised its stake in Banc of California by 12.6% in the first quarter. California Public Employees Retirement System now owns 62,931 shares of the bank’s stock worth $1,215,000 after buying an additional 7,031 shares in the last quarter. Principal Financial Group Inc. raised its stake in Banc of California by 2.4% in the first quarter. Principal Financial Group Inc. now owns 326,382 shares of the bank’s stock worth $6,299,000 after buying an additional 7,743 shares in the last quarter. Finally, Millennium Management LLC raised its stake in Banc of California by 448.1% in the first quarter. Millennium Management LLC now owns 603,577 shares of the bank’s stock worth $11,649,000 after buying an additional 493,450 shares in the last quarter.
A number of brokerages recently commented on BANC. Zacks Investment Research downgraded shares of Banc of California from a “buy” rating to a “hold” rating in a research note on Tuesday. ValuEngine downgraded shares of Banc of California from a “buy” rating to a “hold” rating in a research note on Tuesday, October 2nd. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $21.40.
Banc of California (NYSE:BANC) last issued its quarterly earnings results on Thursday, July 26th. The bank reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.04). The business had revenue of $80.83 million for the quarter, compared to analyst estimates of $79.67 million. Banc of California had a return on equity of 8.25% and a net margin of 11.74%. During the same period in the previous year, the company posted $0.20 earnings per share. On average, analysts predict that Banc of California Inc will post 0.69 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 1st. Stockholders of record on Friday, September 14th were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.96%. The ex-dividend date was Thursday, September 13th. Banc of California’s dividend payout ratio (DPR) is presently 63.41%.
In other news, Director W Kirk Wycoff sold 140,656 shares of the business’s stock in a transaction on Tuesday, August 21st. The shares were sold at an average price of $20.08, for a total transaction of $2,824,372.48. Following the sale, the director now directly owns 4,748 shares of the company’s stock, valued at $95,339.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders have sold 640,656 shares of company stock worth $12,808,384 over the last three months. Corporate insiders own 18.08% of the company’s stock.
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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