Oregon Public Employees Retirement Fund Acquires New Position in Banc of California Inc (BANC)
Oregon Public Employees Retirement Fund acquired a new position in shares of Banc of California Inc (NYSE:BANC) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 16,219 shares of the bank’s stock, valued at approximately $216,000.
Other institutional investors also recently added to or reduced their stakes in the company. Teton Advisors Inc. increased its stake in shares of Banc of California by 8.4% in the fourth quarter. Teton Advisors Inc. now owns 29,800 shares of the bank’s stock valued at $397,000 after buying an additional 2,300 shares in the last quarter. Arizona State Retirement System increased its stake in shares of Banc of California by 6.1% in the fourth quarter. Arizona State Retirement System now owns 65,679 shares of the bank’s stock valued at $874,000 after buying an additional 3,768 shares in the last quarter. Legal & General Group Plc increased its stake in shares of Banc of California by 9.4% in the third quarter. Legal & General Group Plc now owns 91,256 shares of the bank’s stock valued at $1,721,000 after buying an additional 7,832 shares in the last quarter. SG Americas Securities LLC increased its stake in shares of Banc of California by 24.5% in the fourth quarter. SG Americas Securities LLC now owns 51,434 shares of the bank’s stock valued at $685,000 after buying an additional 10,137 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in shares of Banc of California in the third quarter valued at $192,000.
A number of analysts have recently weighed in on BANC shares. B. Riley lowered their target price on Banc of California from $16.00 to $15.00 and set a “neutral” rating for the company in a research note on Tuesday, December 18th. DA Davidson lowered Banc of California from a “buy” rating to a “neutral” rating and set a $17.00 target price for the company. in a research note on Wednesday, March 6th. ValuEngine cut Banc of California from a “buy” rating to a “hold” rating in a report on Tuesday, December 18th. Finally, Zacks Investment Research cut Banc of California from a “hold” rating to a “sell” rating in a report on Tuesday, December 25th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $18.00.
Banc of California (NYSE:BANC) last posted its quarterly earnings results on Thursday, January 24th. The bank reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.18). The firm had revenue of $73.50 million during the quarter, compared to the consensus estimate of $76.00 million. Banc of California had a net margin of 10.18% and a return on equity of 6.62%. Banc of California’s revenue was down 7.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.12 EPS. As a group, equities analysts predict that Banc of California Inc will post 1.01 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, April 1st. Investors of record on Friday, March 15th will be issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 3.60%. The ex-dividend date is Thursday, March 14th. Banc of California’s dividend payout ratio is 106.12%.
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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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