Russell Investments Group Ltd. Has $1.80 Million Position in Banc of California Inc (BANC)
Russell Investments Group Ltd. reduced its stake in Banc of California Inc (NYSE:BANC) by 5.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 95,408 shares of the bank’s stock after selling 6,026 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.19% of Banc of California worth $1,803,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. First Trust Advisors LP boosted its position in shares of Banc of California by 34.8% during the 3rd quarter. First Trust Advisors LP now owns 60,748 shares of the bank’s stock valued at $1,148,000 after acquiring an additional 15,689 shares during the last quarter. Deprince Race & Zollo Inc. lifted its position in Banc of California by 5.0% in the 3rd quarter. Deprince Race & Zollo Inc. now owns 653,971 shares of the bank’s stock worth $12,360,000 after buying an additional 31,048 shares during the last quarter. California Public Employees Retirement System lifted its position in Banc of California by 7.0% in the 2nd quarter. California Public Employees Retirement System now owns 67,346 shares of the bank’s stock worth $1,317,000 after buying an additional 4,415 shares during the last quarter. Millennium Management LLC lifted its position in Banc of California by 63.1% in the 2nd quarter. Millennium Management LLC now owns 984,317 shares of the bank’s stock worth $19,243,000 after buying an additional 380,740 shares during the last quarter. Finally, MetLife Investment Advisors LLC bought a new stake in Banc of California in the 2nd quarter worth approximately $364,000.
In other Banc of California news, CAO Michael Alan Smith acquired 4,600 shares of the stock in a transaction dated 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 transaction, the chief accounting officer now directly owns 13,959 shares of the company’s stock, valued at $230,323.50. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. 18.08% of the stock is owned by company insiders.
Banc of California (NYSE:BANC) last posted its quarterly earnings data on Thursday, October 25th. The bank reported $0.22 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.01. The firm had revenue of $76.02 million during the quarter, compared to analysts’ expectations of $78.99 million. Banc of California had a return on equity of 8.38% and a net margin of 10.47%. As a group, equities analysts expect that Banc of California Inc will post 0.67 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 2nd. Stockholders of record on Monday, December 17th will be given a $0.13 dividend. The ex-dividend date is Friday, December 14th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 3.26%. Banc of California’s payout ratio is 63.41%.
BANC has been the subject of a number of recent research reports. ValuEngine upgraded Banc of California from a “hold” rating to a “buy” rating in a research report on Friday, August 10th. Zacks Investment Research upgraded Banc of California from a “hold” rating to a “buy” rating and set a $20.00 target price for the company in a research report on Friday, October 12th. Finally, Raymond James dropped their target price on Banc of California from $22.00 to $20.00 and set an “outperform” rating for the company in a research report on Monday, November 12th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $20.60.
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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