Monarch Partners Asset Management LLC bought a new stake in Banc of California Inc. (NYSE:BANC) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 31,220 shares of the company’s stock, valued at approximately $565,000.
Other large investors have also recently made changes to their positions in the company. Legal & General Group Plc boosted its position in Banc of California by 17.7% in the first quarter. Legal & General Group Plc now owns 6,731 shares of the company’s stock valued at $116,000 after buying an additional 1,012 shares in the last quarter. Capstone Asset Management Co. bought a new position in Banc of California during the second quarter valued at about $240,000. Hilton Capital Management LLC bought a new position in Banc of California during the second quarter valued at about $257,000. BNP Paribas Arbitrage SA boosted its position in Banc of California by 124.0% in the second quarter. BNP Paribas Arbitrage SA now owns 15,313 shares of the company’s stock valued at $277,000 after buying an additional 8,478 shares in the last quarter. Finally, LGL Partners LLC bought a new position in Banc of California during the first quarter valued at about $298,000. 87.96% of the stock is currently owned by hedge funds and other institutional investors.
Banc of California Inc. (NYSE:BANC) traded up 0.17% during trading on Thursday, hitting $17.71. 357,667 shares of the stock traded hands. The company has a market capitalization of $880.63 million, a P/E ratio of 11.64 and a beta of 0.75. The company’s 50 day moving average is $20.44 and its 200 day moving average is $19.74. 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 quarterly earnings data on Thursday, July 21st. The company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.06. Banc of California had a net margin of 14.65% and a return on equity of 14.90%. During the same period in the prior year, the firm posted $0.32 earnings per share. On average, equities analysts forecast that Banc of California Inc. will post $1.64 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Thursday, September 15th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.71%. The ex-dividend date of this dividend was Tuesday, September 13th. Banc of California’s dividend payout ratio (DPR) is presently 32.65%.
Several research firms have issued reports on BANC. Zacks Investment Research raised 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 research report on Thursday, June 30th. Finally, FIG Partners cut shares of Banc of California from a “market perform” rating to an “underperform” rating in a research report on Wednesday, August 17th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $21.00.
In other news, insider Jeffrey T. Seabold sold 39,919 shares of Banc of California stock in a transaction dated Friday, September 30th. The shares were sold at an average price of $17.63, for a total value of $703,771.97. Following the completion of the transaction, the insider now owns 241,841 shares of the company’s stock, valued at approximately $4,263,656.83. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 6.13% of the stock is currently owned by insiders.
Banc of California Company Profile
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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