King Luther Capital Management Corp Sells 6,155 Shares of Banc of California Inc (BANC)
King Luther Capital Management Corp lowered its stake in shares of Banc of California Inc (NYSE:BANC) by 1.0% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 615,369 shares of the bank’s stock after selling 6,155 shares during the period. King Luther Capital Management Corp’s holdings in Banc of California were worth $11,630,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. 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 valued at $6,299,000 after purchasing an additional 7,743 shares in the last quarter. Cornerstone Wealth Management LLC acquired a new position in Banc of California in the second quarter valued at about $400,000. Piedmont Investment Advisors LLC acquired a new position in Banc of California in the second quarter valued at about $194,000. Wells Fargo & Company MN raised its stake in Banc of California by 25.5% in the second quarter. Wells Fargo & Company MN now owns 394,960 shares of the bank’s stock valued at $7,721,000 after purchasing an additional 80,278 shares in the last quarter. Finally, Victory Capital Management Inc. raised its stake in Banc of California by 3.5% in the second quarter. Victory Capital Management Inc. now owns 2,489,202 shares of the bank’s stock valued at $48,664,000 after purchasing an additional 84,855 shares in the last quarter.
BANC stock opened at $15.72 on Friday. The stock has a market capitalization of $808.41 million, a P/E ratio of 19.17, a P/E/G ratio of 1.95 and a beta of 1.00. Banc of California Inc has a 52 week low of $14.11 and a 52 week high of $22.00. The company has a debt-to-equity ratio of 2.53, a current ratio of 1.01 and a quick ratio of 1.01.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 2nd. Investors of record on Monday, December 17th will be paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date is Friday, December 14th. Banc of California’s dividend payout ratio (DPR) is presently 63.41%.
A number of research analysts recently commented on BANC shares. ValuEngine raised Banc of California from a “hold” rating to a “buy” rating in a research note on Friday, August 10th. Zacks Investment Research raised Banc of California from a “hold” rating to a “buy” rating and set a $20.00 price target for the company in a research note on Friday, October 12th. Finally, Raymond James dropped their price target on Banc of California from $22.00 to $20.00 and set an “outperform” rating for the company in a research note on Monday, November 12th. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. Banc of California currently has an average rating of “Hold” and an average price target of $20.60.
In other Banc of California news, CAO Michael Alan Smith bought 4,600 shares of the stock in a transaction on Friday, November 2nd. The stock was purchased at an average price of $16.50 per share, with a total value of $75,900.00. Following the completion of the purchase, the chief accounting officer now owns 13,959 shares in the company, valued at $230,323.50. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 18.08% of the stock is currently owned by insiders.
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About Banc of California
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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