State Board of Administration of Florida Retirement System cut its stake in shares of Banc of California, Inc. (NYSE:BANC) by 79.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 16,487 shares of the bank’s stock after selling 64,402 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Banc of California were worth $342,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Louisiana State Employees Retirement System lifted its holdings in shares of Banc of California by 1.0% during the second quarter. Louisiana State Employees Retirement System now owns 20,400 shares of the bank’s stock valued at $439,000 after acquiring an additional 200 shares during the period. Arizona State Retirement System lifted its holdings in shares of Banc of California by 1.2% during the second quarter. Arizona State Retirement System now owns 26,100 shares of the bank’s stock valued at $561,000 after acquiring an additional 300 shares during the period. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of Banc of California by 2.1% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 15,519 shares of the bank’s stock valued at $334,000 after acquiring an additional 319 shares during the period. Texas Permanent School Fund lifted its holdings in shares of Banc of California by 1.7% during the second quarter. Texas Permanent School Fund now owns 36,493 shares of the bank’s stock valued at $785,000 after acquiring an additional 596 shares during the period. Finally, Oppenheimer Asset Management Inc. lifted its holdings in shares of Banc of California by 13.6% during the second quarter. Oppenheimer Asset Management Inc. now owns 5,991 shares of the bank’s stock valued at $129,000 after acquiring an additional 718 shares during the period.

Shares of Banc of California, Inc. (BANC) opened at $20.80 on Tuesday. Banc of California, Inc. has a 12 month low of $14.40 and a 12 month high of $23.25. The firm has a market capitalization of $1,038.52, a price-to-earnings ratio of 16.31, a PEG ratio of 1.89 and a beta of 0.95. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 2.21.

Banc of California (NYSE:BANC) last announced its earnings results on Thursday, October 26th. The bank reported $0.23 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.19 by $0.04. The company had revenue of $93.40 million during the quarter, compared to analyst estimates of $84.24 million. Banc of California had a return on equity of 11.78% and a net margin of 15.48%. During the same period last year, the company posted $0.59 earnings per share. sell-side analysts predict that Banc of California, Inc. will post 0.88 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Friday, December 15th will be given a $0.13 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $0.52 dividend on an annualized basis and a yield of 2.50%. Banc of California’s payout ratio is 45.61%.

In other news, CEO Douglas H. Bowers acquired 57,000 shares of the stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now directly owns 92,000 shares in the company, valued at $1,615,520. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Over the last quarter, insiders sold 30,000 shares of company stock valued at $14,000. Corporate insiders own 16.89% of the company’s stock.

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A number of analysts have recently weighed in on the company. FBR & Co restated a “buy” rating and issued a $24.00 target price on shares of Banc of California in a research note on Thursday, October 26th. BidaskClub lowered Banc of California from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 22nd. ValuEngine upgraded Banc of California from a “hold” rating to a “buy” rating in a research note on Tuesday, September 12th. Zacks Investment Research upgraded Banc of California from a “strong sell” rating to a “hold” rating in a research note on Monday, October 9th. Finally, Keefe, Bruyette & Woods set a $20.00 target price on Banc of California and gave the company a “hold” rating in a research note on Monday, August 28th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company’s stock. Banc of California presently has an average rating of “Hold” and a consensus price target of $22.67.

Banc of California 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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Institutional Ownership by Quarter for Banc of California (NYSE:BANC)

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