SignalPoint Asset Management LLC bought a new stake in shares of Banc of California Inc. (NYSE:BANC) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 28,227 shares of the company’s stock, valued at approximately $511,000.
Several other hedge funds and other institutional investors have also modified their holdings of BANC. BlackRock Fund Advisors raised its position in Banc of California by 198.2% in the first quarter. BlackRock Fund Advisors now owns 2,827,696 shares of the company’s stock valued at $49,485,000 after buying an additional 1,879,284 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in shares of Banc of California by 20.7% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 919,423 shares of the company’s stock valued at $16,090,000 after buying an additional 157,612 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Banc of California by 3.9% in the first quarter. JPMorgan Chase & Co. now owns 868,863 shares of the company’s stock valued at $15,205,000 after buying an additional 32,863 shares during the period. Renaissance Technologies LLC increased its stake in shares of Banc of California by 87.3% in the first quarter. Renaissance Technologies LLC now owns 781,200 shares of the company’s stock valued at $13,671,000 after buying an additional 364,100 shares during the period. Finally, Prudential Financial Inc. increased its stake in shares of Banc of California by 34.1% in the first quarter. Prudential Financial Inc. now owns 462,069 shares of the company’s stock valued at $8,086,000 after buying an additional 117,500 shares during the period. 87.96% of the stock is currently owned by institutional investors.
Shares of Banc of California Inc. (NYSE:BANC) traded up 0.63% during trading on Tuesday, reaching $17.56. 678,163 shares of the company were exchanged. The company has a market capitalization of $873.17 million, a PE ratio of 11.54 and a beta of 0.76. The firm’s 50 day moving average price is $20.74 and its 200 day moving average price is $19.75. Banc of California Inc. has a one year low of $12.00 and a one year high of $23.24.
Banc of California (NYSE:BANC) last announced its earnings results on Thursday, July 21st. The company reported $0.46 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.06. Banc of California had a return on equity of 14.90% and a net margin of 14.65%. During the same period in the previous year, the firm earned $0.32 EPS. Equities research analysts forecast that Banc of California Inc. will post $1.64 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Thursday, September 15th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 2.73%. The ex-dividend date was Tuesday, September 13th. Banc of California’s payout ratio is presently 32.65%.
Several analysts have commented on the stock. Zacks Investment Research upgraded shares of Banc of California from a “sell” rating to a “hold” rating in a report on Monday, July 11th. FBR & Co reiterated a “marketperform” rating on shares of Banc of California in a report on Thursday, June 30th. Finally, FIG Partners downgraded shares of Banc of California from a “market perform” rating to an “underperform” rating in a report on Wednesday, August 17th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. Banc of California currently has a consensus rating of “Hold” and a consensus price target of $21.00.
About Banc of California
Banc of California, Inc provides banking services to California’s diverse businesses, entrepreneurs and homeowners. The Bank was formed through the merger of four of Southern California’s community banking franchises. The Bank offers a range of financial services to meet the banking and financial needs of the communities it serves, with operations conducted through over 100 banking offices across California and across the West.
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