Banc of California Inc (BANC) Position Cut by Ameriprise Financial Inc.
Ameriprise Financial Inc. reduced its position in shares of Banc of California Inc (NYSE:BANC) by 20.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 232,447 shares of the bank’s stock after selling 58,636 shares during the period. Ameriprise Financial Inc. owned 0.46% of Banc of California worth $4,823,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Oppenheimer Asset Management Inc. increased its position in 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 acquired a new stake in Banc of California during the third quarter worth about $179,000. Quantbot Technologies LP increased its position in 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 purchasing an additional 6,140 shares during the last quarter. Suntrust Banks Inc. acquired a new stake in Banc of California during the second quarter worth about $231,000. Finally, Piedmont Investment Advisors LLC acquired a new stake in Banc of California during the second quarter worth about $232,000.
Several research firms recently issued reports on BANC. ValuEngine cut shares of Banc of California from a “strong-buy” rating to a “buy” rating in a research report on Friday, December 1st. Piper Jaffray Companies began coverage on shares of Banc of California in a research report on Thursday, December 21st. They set an “overweight” rating and a $26.00 price objective for the company. BidaskClub upgraded shares of Banc of California from a “sell” rating to a “hold” rating in a research report on Wednesday, November 1st. Zacks Investment Research upgraded shares of Banc of California from a “strong sell” rating to a “hold” rating in a research report on Monday, October 9th. Finally, FBR & Co restated a “buy” rating and set a $24.00 price objective on shares of Banc of California in a research report on Thursday, October 26th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company. Banc of California has a consensus rating of “Hold” and a consensus price target of $23.50.
Banc of California (NYSE:BANC) last announced its quarterly earnings results on Thursday, October 26th. The bank reported $0.23 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.04. Banc of California had a net margin of 15.48% and a return on equity of 11.78%. The business had revenue of $93.40 million during the quarter, compared to analysts’ expectations of $84.24 million. During the same period last year, the business earned $0.59 earnings per share. equities research analysts anticipate 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. Shareholders of record on Friday, December 15th will be given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date of this dividend is Thursday, December 14th. Banc of California’s dividend payout ratio is presently 45.61%.
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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