EJF Capital LLC Raises Holdings in Banc of California, Inc. (BANC)
EJF Capital LLC grew its position in shares of Banc of California, Inc. (NYSE:BANC) by 19.5% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,225,000 shares of the bank’s stock after purchasing an additional 200,000 shares during the quarter. Banc of California makes up about 2.6% of EJF Capital LLC’s holdings, making the stock its 12th largest position. EJF Capital LLC owned 2.43% of Banc of California worth $25,419,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Oppenheimer Asset Management Inc. grew 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 worth $129,000 after purchasing an additional 718 shares during the last quarter. Massey Quick Simon & CO. LLC purchased a new position in shares of Banc of California during the third quarter worth about $179,000. Quantbot Technologies LP boosted its stake in shares of Banc of California by 193.0% during the third quarter. Quantbot Technologies LP now owns 9,322 shares of the bank’s stock worth $193,000 after buying an additional 6,140 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Banc of California by 6,699.3% during the third quarter. JPMorgan Chase & Co. now owns 9,451 shares of the bank’s stock worth $195,000 after buying an additional 9,312 shares during the period. Finally, Suntrust Banks Inc. acquired a new stake in shares of Banc of California during the second quarter worth about $231,000.
In related news, CEO Douglas H. Bowers purchased 57,000 shares of Banc of California stock in a transaction dated Thursday, September 7th. The stock was bought 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 owns 92,000 shares in the company, valued at $1,615,520. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last quarter, insiders have sold 30,000 shares of company stock valued at $14,000. Insiders own 16.89% of the company’s stock.
Banc of California (NYSE:BANC) last announced its quarterly earnings data on Thursday, October 26th. The bank reported $0.23 EPS for the quarter, beating the Zacks’ consensus estimate of $0.19 by $0.04. The firm had revenue of $93.40 million during the quarter, compared to the consensus estimate of $84.24 million. Banc of California had a net margin of 15.48% and a return on equity of 11.78%. During the same quarter last year, the firm earned $0.59 earnings per share. equities analysts forecast that Banc of California, Inc. will post 0.88 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 15th will be given a dividend of $0.13 per share. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.31%. Banc of California’s payout ratio is 45.61%.
Several equities research analysts have recently weighed in on BANC shares. BidaskClub downgraded shares of Banc of California from a “hold” rating to a “sell” rating in a research note on Friday, August 11th. Keefe, Bruyette & Woods set a $20.00 target price on shares of Banc of California and gave the stock a “hold” rating in a research note on Monday, August 28th. ValuEngine upgraded shares of Banc of California from a “hold” rating to a “buy” rating in a research note on Tuesday, September 12th. Zacks Investment Research upgraded shares of Banc of California from a “strong sell” rating to a “hold” rating in a research note on Monday, October 9th. Finally, FBR & Co reiterated a “buy” rating and set a $24.00 target price on shares of Banc of California in a research note on Thursday, October 26th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company’s stock. Banc of California currently has an average rating of “Hold” and a consensus target price of $22.67.
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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