Prudential Financial Inc. decreased its position in shares of Banc of California Inc (NYSE:BANC) by 59.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 70,779 shares of the bank’s stock after selling 103,550 shares during the period. Prudential Financial Inc. owned 0.14% of Banc of California worth $1,366,000 as of its most recent SEC filing.
Several other institutional investors have also bought and sold shares of BANC. HBK Investments L P raised its stake in Banc of California by 3.2% during the fourth quarter. HBK Investments L P now owns 121,100 shares of the bank’s stock valued at $2,501,000 after buying an additional 3,700 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its stake in 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 valued at $3,776,000 after purchasing an additional 3,936 shares in the last quarter. Swiss National Bank boosted its stake in shares of Banc of California by 8.4% during the 4th quarter. Swiss National Bank now owns 75,100 shares of the bank’s stock worth $1,551,000 after acquiring an additional 5,800 shares in the last quarter. Wells Fargo & Company MN boosted its stake in shares of Banc of California by 1.9% during the 1st quarter. Wells Fargo & Company MN now owns 314,682 shares of the bank’s stock worth $6,073,000 after acquiring an additional 5,856 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its holdings in shares of Banc of California by 13.3% in the fourth quarter. Alliancebernstein L.P. now owns 77,980 shares of the bank’s stock valued at $1,610,000 after purchasing an additional 9,180 shares in the last quarter.
In related news, General Counsel John C. Grosvenor sold 23,941 shares of the business’s stock in a transaction that occurred on Thursday, May 17th. The shares were sold at an average price of $18.78, for a total transaction of $449,611.98. Following the completion of the transaction, the general counsel now owns 35,438 shares of the company’s stock, valued at $665,525.64. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 18.08% of the stock is currently owned by insiders.
NYSE BANC traded up $0.10 during mid-day trading on Wednesday, reaching $19.70. 1,957 shares of the stock were exchanged, compared to its average volume of 431,293. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 2.87. The company has a market capitalization of $991.64 million, a PE ratio of 23.96, a P/E/G ratio of 2.41 and a beta of 0.84. Banc of California Inc has a one year low of $17.10 and a one year high of $23.40.
Banc of California (NYSE:BANC) last issued its quarterly earnings data on Friday, April 27th. The bank reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.11. The firm had revenue of $80.02 million during the quarter, compared to analysts’ expectations of $78.46 million. Banc of California had a net margin of 11.46% and a return on equity of 8.37%. During the same period last year, the company earned $0.23 earnings per share. equities analysts expect that Banc of California Inc will post 0.66 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 2nd. Stockholders of record on Friday, June 15th will be given a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 2.64%. The ex-dividend date is Thursday, June 14th. Banc of California’s dividend payout ratio (DPR) is currently 63.41%.
BANC has been the topic of several recent research reports. B. Riley cut their target price on Banc of California from $20.00 to $19.00 and set a “neutral” rating on the stock in a report on Tuesday. Zacks Investment Research downgraded Banc of California from a “hold” rating to a “sell” rating in a research report on Tuesday, April 10th. ValuEngine cut shares of Banc of California from a “buy” rating to a “hold” rating in a research note on Wednesday, May 2nd. FIG Partners raised shares of Banc of California from an “underperform” rating to a “market perform” rating in a report on Monday, April 30th. Finally, Bank of America lowered shares of Banc of California from a “neutral” rating to an “underperform” rating and set a $19.00 price target for the company. in a report on Friday, April 6th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company’s stock. Banc of California currently has an average rating of “Hold” and an average price target of $21.83.
Banc of California 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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