State Board of Administration of Florida Retirement System Raises Position in Banc of California Inc. (BANC)
State Board of Administration of Florida Retirement System boosted its position in shares of Banc of California Inc. (NYSE:BANC) by 4.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 65,529 shares of the company’s stock after buying an additional 3,021 shares during the period. State Board of Administration of Florida Retirement System owned approximately 0.13% of Banc of California worth $1,186,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in BANC. Legal & General Group Plc raised its stake in Banc of California by 17.7% in the first quarter. Legal & General Group Plc now owns 6,731 shares of the company’s stock valued at $116,000 after buying an additional 1,012 shares during the period. Goldman Sachs Group Inc. bought a new stake in Banc of California during the first quarter valued at approximately $176,000. Capstone Asset Management Co. bought a new stake in Banc of California during the second quarter valued at approximately $240,000. Hilton Capital Management LLC bought a new stake in Banc of California during the second quarter valued at approximately $257,000. Finally, BNP Paribas Arbitrage SA raised its stake in Banc of California by 124.0% in the second quarter. BNP Paribas Arbitrage SA now owns 15,313 shares of the company’s stock valued at $277,000 after buying an additional 8,478 shares during the period. 87.96% of the stock is currently owned by institutional investors and hedge funds.
Shares of Banc of California Inc. (NYSE:BANC) traded down 7.99% during trading on Wednesday, reaching $18.30. The company’s stock had a trading volume of 3,264,234 shares. Banc of California Inc. has a 52 week low of $11.88 and a 52 week high of $23.24. The firm has a market capitalization of $909.97 million, a P/E ratio of 12.02 and a beta of 0.70. The company has a 50 day moving average price of $21.94 and a 200 day moving average price of $19.61.
Banc of California (NYSE:BANC) last released its earnings results on Thursday, July 21st. The company reported $0.46 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.06. Banc of California had a return on equity of 14.90% and a net margin of 14.65%. During the same quarter in the previous year, the business posted $0.32 EPS. On average, equities research analysts expect that Banc of California Inc. will post $1.64 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Thursday, September 15th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 2.62%. The ex-dividend date of this dividend is Tuesday, September 13th. Banc of California’s payout ratio is 32.65%.
Several research firms recently commented on BANC. FIG Partners lowered Banc of California from a “market perform” rating to an “underperform” rating in a report on Wednesday, August 17th. Zacks Investment Research raised Banc of California from a “sell” rating to a “hold” rating in a report on Monday, July 25th. Finally, FBR & Co reaffirmed a “hold” rating on shares of Banc of California in a report on Friday, July 22nd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $21.00.
Banc of California Company Profile
Banc of California, Inc is a financial holding company. The Company is the parent of Banc of California, National Association (the Bank), The Palisades Group, LLC (The Palisades Group) and PTB Property Holdings, LLC (PTB). The Company engages in activities permissible for bank holding companies and in other activities that are financial in nature or incidental or complementary to activities that are financial in nature, primarily securities, insurance and merchant banking activities.
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