State Board of Administration of Florida Retirement System Has $1.74 Million Position in Banc of California, Inc. (BANC)
State Board of Administration of Florida Retirement System lowered its stake in shares of Banc of California, Inc. (NYSE:BANC) by 2.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 80,889 shares of the bank’s stock after selling 2,370 shares during the quarter. State Board of Administration of Florida Retirement System owned about 0.16% of Banc of California worth $1,739,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of BANC. BlackRock Inc. grew its position in Banc of California by 48,720.8% during the first quarter. BlackRock Inc. now owns 6,494,627 shares of the bank’s stock worth $134,438,000 after buying an additional 6,481,324 shares in the last quarter. Wellington Management Group LLP grew its position in Banc of California by 939.7% during the first quarter. Wellington Management Group LLP now owns 1,915,231 shares of the bank’s stock worth $39,645,000 after buying an additional 1,731,026 shares in the last quarter. EJF Capital LLC acquired a new stake in Banc of California during the first quarter worth approximately $21,011,000. Victory Capital Management Inc. grew its position in Banc of California by 18,754.8% during the first quarter. Victory Capital Management Inc. now owns 802,649 shares of the bank’s stock worth $16,615,000 after buying an additional 798,392 shares in the last quarter. Finally, Investment Counselors of Maryland LLC acquired a new stake in Banc of California during the second quarter worth approximately $9,834,000.
Shares of Banc of California, Inc. (NYSE BANC) opened at 19.20 on Thursday. The firm’s 50-day moving average price is $19.21 and its 200 day moving average price is $20.50. Banc of California, Inc. has a 1-year low of $10.93 and a 1-year high of $23.25. The company has a market capitalization of $918.64 million, a PE ratio of 12.84 and a beta of 0.97.
Banc of California (NYSE:BANC) last released its quarterly earnings data on Wednesday, July 26th. The bank reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.04). The business had revenue of $81.21 million during the quarter, compared to analysts’ expectations of $97.94 million. Banc of California had a net margin of 17.12% and a return on equity of 14.44%. During the same quarter in the prior year, the firm posted $0.46 earnings per share. Equities analysts predict that Banc of California, Inc. will post $0.77 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be given a dividend of $0.13 per share. The ex-dividend date is Thursday, September 14th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.71%. Banc of California’s dividend payout ratio (DPR) is currently 34.67%.
In other news, CEO Douglas H. Bowers purchased 57,000 shares of Banc of California stock in a transaction dated Thursday, September 7th. The stock was purchased at an average cost of $17.56 per share, for a total transaction of $1,000,920.00. Following the transaction, the chief executive officer now directly owns 92,000 shares of the company’s stock, valued at $1,615,520. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 16.89% of the stock is owned by insiders.
Several research firms have weighed in on BANC. Keefe, Bruyette & Woods set a $22.00 target price on Banc of California and gave the stock a “hold” rating in a research note on Thursday, July 6th. ValuEngine upgraded Banc of California from a “hold” rating to a “buy” rating in a research note on Saturday, June 3rd. BidaskClub cut Banc of California from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 22nd. Finally, Zacks Investment Research cut Banc of California from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $22.00.
Banc of California Company Profile
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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