Banc of California, Inc. (BANC) Shares Sold by Rhumbline Advisers
Rhumbline Advisers lowered its holdings in shares of Banc of California, Inc. (NYSE:BANC) by 3.4% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 89,860 shares of the bank’s stock after selling 3,130 shares during the period. Rhumbline Advisers owned about 0.18% of Banc of California worth $1,865,000 as of its most recent filing with the SEC.
Several other institutional investors have also bought and sold shares of the company. Municipal Employees Retirement System of Michigan raised its holdings in shares of Banc of California by 24.3% during the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 21,980 shares of the bank’s stock worth $456,000 after buying an additional 4,290 shares in the last quarter. New York State Common Retirement Fund grew its position in Banc of California by 46.5% during the 3rd quarter. New York State Common Retirement Fund now owns 450,924 shares of the bank’s stock worth $9,357,000 after acquiring an additional 143,053 shares during the last quarter. BNP Paribas Arbitrage SA grew its position in Banc of California by 158.3% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 36,018 shares of the bank’s stock worth $747,000 after acquiring an additional 22,074 shares during the last quarter. Hennessy Advisors Inc. bought a new stake in Banc of California during the 3rd quarter worth $7,989,000. Finally, Investment Counselors of Maryland LLC grew its position in Banc of California by 57.0% during the 3rd quarter. Investment Counselors of Maryland LLC now owns 718,095 shares of the bank’s stock worth $14,900,000 after acquiring an additional 260,695 shares during the last quarter.
A number of brokerages recently weighed in on BANC. FBR & Co restated a “buy” rating and set a $24.00 price objective on shares of Banc of California in a research report on Thursday, October 26th. BidaskClub upgraded Banc of California from a “sell” rating to a “hold” rating in a research report on Wednesday, November 1st. ValuEngine upgraded Banc of California from a “hold” rating to a “buy” rating in a research report on Tuesday, September 12th. Keefe, Bruyette & Woods set a $20.00 price objective on Banc of California and gave the stock a “hold” rating in a research report on Monday, August 28th. Finally, Zacks Investment Research upgraded Banc of California from a “strong sell” rating to a “hold” rating in a research report on Monday, October 9th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $22.67.
Shares of Banc of California, Inc. (NYSE:BANC) opened at $21.10 on Wednesday. Banc of California, Inc. has a 52-week low of $14.40 and a 52-week high of $23.40. The firm has a market capitalization of $1,058.73, a price-to-earnings ratio of 16.63, a P/E/G ratio of 1.92 and a beta of 0.97. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 2.21.
Banc of California (NYSE:BANC) last released its quarterly earnings results on Thursday, October 26th. The bank reported $0.23 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.04. Banc of California had a return on equity of 11.78% and a net margin of 15.48%. The firm had revenue of $93.40 million for the quarter, compared to analyst estimates of $84.24 million. During the same quarter in the previous year, the company posted $0.59 EPS. analysts forecast that Banc of California, Inc. will post 0.88 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Friday, December 15th will be given a $0.13 dividend. The ex-dividend date is Thursday, December 14th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.46%. Banc of California’s dividend payout ratio (DPR) is presently 45.61%.
About Banc of California
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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