Two Sigma Investments LP lifted its position in Banc of California Inc (NYSE:BANC) by 34.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,306 shares of the bank’s stock after acquiring an additional 4,947 shares during the period. Two Sigma Investments LP’s holdings in Banc of California were worth $154,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. Thrivent Financial for Lutherans raised its stake in Banc of California by 5.3% during the 1st quarter. Thrivent Financial for Lutherans now owns 37,599 shares of the bank’s stock worth $301,000 after buying an additional 1,877 shares during the period. Castine Capital Management LLC increased its holdings in shares of Banc of California by 3.7% in the first quarter. Castine Capital Management LLC now owns 693,187 shares of the bank’s stock worth $5,545,000 after acquiring an additional 24,784 shares in the last quarter. Wells Fargo & Company MN raised its position in shares of Banc of California by 17.6% during the first quarter. Wells Fargo & Company MN now owns 395,344 shares of the bank’s stock worth $3,163,000 after purchasing an additional 59,251 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Banc of California by 17.0% during the 1st quarter. Geode Capital Management LLC now owns 667,528 shares of the bank’s stock valued at $5,340,000 after purchasing an additional 97,209 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in shares of Banc of California by 48.4% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 22,571 shares of the bank’s stock valued at $181,000 after purchasing an additional 7,362 shares during the period. 96.67% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages recently weighed in on BANC. Wells Fargo & Co reduced their target price on shares of Banc of California from $20.00 to $13.00 and set an “overweight” rating for the company in a research note on Monday, March 30th. TheStreet downgraded Banc of California from a “c-” rating to a “d” rating in a report on Wednesday, April 29th. Zacks Investment Research lowered Banc of California from a “hold” rating to a “sell” rating in a research report on Friday, May 29th. Finally, B. Riley upgraded shares of Banc of California from a “sell” rating to a “neutral” rating and increased their target price for the stock from $6.00 to $11.00 in a report on Monday, April 13th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $14.33.
Banc of California (NYSE:BANC) last announced its earnings results on Wednesday, April 29th. The bank reported ($0.19) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.04 by ($0.23). The firm had revenue of $53.92 million for the quarter, compared to the consensus estimate of $61.44 million. Banc of California had a return on equity of 5.86% and a net margin of 2.79%. Banc of California’s revenue for the quarter was down 27.2% on a year-over-year basis. During the same quarter last year, the business posted $0.05 EPS. Sell-side analysts forecast that Banc of California Inc will post -0.29 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, June 12th. This represents a $0.24 dividend on an annualized basis and a yield of 2.30%. Banc of California’s dividend payout ratio (DPR) is presently 30.38%.
In related news, Director Robert D. Sznewajs purchased 6,000 shares of the company’s stock in a transaction that occurred on Monday, June 15th. The stock was acquired at an average price of $10.56 per share, with a total value of $63,360.00. Following the completion of the purchase, the director now directly owns 25,823 shares in the company, valued at $272,690.88. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 10.87% of the stock is owned by insiders.
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 offers deposit products, including checking, savings, money market, retirement, and interest and noninterest-bearing demand accounts, as well as certificates of deposits.
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