New York State Common Retirement Fund Acquires 59,531 Shares of Banc of California, Inc. (BANC)
New York State Common Retirement Fund increased its holdings in shares of Banc of California, Inc. (NYSE:BANC) by 24.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 307,871 shares of the bank’s stock after buying an additional 59,531 shares during the period. New York State Common Retirement Fund owned about 0.61% of Banc of California worth $6,619,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in BANC. Oppenheimer Asset Management Inc. purchased a new stake in Banc of California during the 1st quarter worth approximately $109,000. State of Alaska Department of Revenue increased its stake in Banc of California by 80.3% during the 2nd quarter. State of Alaska Department of Revenue now owns 9,864 shares of the bank’s stock worth $212,000 after buying an additional 4,394 shares during the period. Highbridge Capital Management LLC purchased a new stake in Banc of California during the 1st quarter worth approximately $218,000. Mason Street Advisors LLC increased its stake in Banc of California by 7.1% during the 1st quarter. Mason Street Advisors LLC now owns 11,594 shares of the bank’s stock worth $240,000 after buying an additional 771 shares during the period. Finally, SG Americas Securities LLC increased its stake in Banc of California by 22.0% during the 1st quarter. SG Americas Securities LLC now owns 14,430 shares of the bank’s stock worth $299,000 after buying an additional 2,600 shares during the period.
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Banc of California (NYSE:BANC) last posted its quarterly earnings data on Wednesday, July 26th. The bank reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.04). The firm had revenue of $81.21 million for 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 business earned $0.46 EPS.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Friday, September 15th were paid a dividend of $0.13 per share. The ex-dividend date of this dividend was Thursday, September 14th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.54%. Banc of California’s dividend payout ratio is currently 34.67%.
A number of equities research analysts have commented on the stock. Zacks Investment Research raised shares of Banc of California from a “strong sell” rating to a “hold” rating in a research report on Monday. BidaskClub raised shares of Banc of California from a “sell” rating to a “hold” rating in a research report on Thursday, September 28th. ValuEngine raised shares of Banc of California from a “hold” rating to a “buy” rating in a research report on Tuesday, September 12th. Finally, Keefe, Bruyette & Woods set a $20.00 price objective on shares of Banc of California and gave the company a “hold” rating in a research report on Monday, August 28th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $22.00.
In other news, CEO Douglas H. Bowers acquired 57,000 shares of the company’s stock in a transaction dated Thursday, September 7th. The shares were bought at an average price of $17.56 per share, for a total transaction of $1,000,920.00. Following the completion of the purchase, the chief executive officer now directly owns 92,000 shares of the company’s stock, valued at approximately $1,615,520. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 16.89% of the company’s stock.
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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