Second Curve Capital LLC lifted its position in Banc of California Inc (NYSE:BANC) by 300.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 140,000 shares of the bank’s stock after purchasing an additional 105,000 shares during the quarter. Banc of California accounts for about 1.1% of Second Curve Capital LLC’s holdings, making the stock its 16th largest holding. Second Curve Capital LLC owned approximately 0.28% of Banc of California worth $2,891,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. raised its position in Banc of California by 2.1% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 15,519 shares of the bank’s stock valued at $334,000 after purchasing an additional 319 shares during the last quarter. California Public Employees Retirement System grew its holdings in shares of Banc of California by 2.6% during the 2nd quarter. California Public Employees Retirement System now owns 62,200 shares of the bank’s stock worth $1,337,000 after acquiring an additional 1,600 shares during the period. Voya Investment Management LLC grew its holdings in shares of Banc of California by 11.2% during the 2nd quarter. Voya Investment Management LLC now owns 23,280 shares of the bank’s stock worth $501,000 after acquiring an additional 2,340 shares during the period. Russell Investments Group Ltd. grew its holdings in shares of Banc of California by 3.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 106,196 shares of the bank’s stock worth $2,204,000 after acquiring an additional 3,324 shares during the period. Finally, Schwab Charles Investment Management Inc. grew its holdings in shares of Banc of California by 2.2% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 182,827 shares of the bank’s stock worth $3,776,000 after acquiring an additional 3,936 shares during the period.
BANC has been the topic of several recent research reports. ValuEngine downgraded Banc of California from a “strong-buy” rating to a “buy” rating in a research note on Friday, December 1st. Piper Jaffray Companies began coverage on Banc of California in a research note on Thursday, December 21st. They issued an “overweight” rating and a $26.00 price target on the stock. Zacks Investment Research upgraded Banc of California from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a research note on Monday, January 1st. FIG Partners downgraded Banc of California from a “market perform” rating to an “underperform” rating in a research note on Friday, January 26th. Finally, B. Riley cut Banc of California from a “buy” rating to a “neutral” rating and lowered their price target for the company from $25.00 to $20.00 in a report on Thursday, February 1st. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. Banc of California has a consensus rating of “Hold” and an average price target of $22.60.
In other Banc of California news, insider John A. Bogler purchased 20,000 shares of the firm’s stock in a transaction on Thursday, February 1st. The shares were acquired at an average cost of $19.30 per share, with a total value of $386,000.00. Following the completion of the acquisition, the insider now directly owns 37,500 shares in the company, valued at $723,750. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 16.89% of the stock is owned by company insiders.
Shares of Banc of California Inc (NYSE BANC) traded down $0.35 during trading on Wednesday, reaching $20.95. The company had a trading volume of 601,827 shares, compared to its average volume of 637,466. Banc of California Inc has a one year low of $17.10 and a one year high of $23.40. The company has a market cap of $1,060.00, a PE ratio of 35.51, a P/E/G ratio of 1.92 and a beta of 0.91. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 2.51.
Banc of California (NYSE:BANC) last posted its quarterly earnings results on Thursday, January 25th. The bank reported $0.30 EPS for the quarter, beating the Zacks’ consensus estimate of $0.23 by $0.07. The business had revenue of $78.87 million for the quarter, compared to analysts’ expectations of $84.02 million. Banc of California had a return on equity of 9.93% and a net margin of 13.28%. The business’s quarterly revenue was down 31.7% on a year-over-year basis. During the same period last year, the firm earned $0.54 earnings per share. equities research analysts anticipate that Banc of California Inc will post 0.88 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, April 2nd. Shareholders of record on Thursday, March 15th will be issued a dividend of $0.13 per share. The ex-dividend date is Wednesday, March 14th. This represents a $0.52 dividend on an annualized basis and a yield of 2.48%. Banc of California’s dividend payout ratio is presently 88.14%.
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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