Gargoyle Investment Advisor L.L.C. decreased its stake in Banc of California Inc. (NYSE:BANC) by 29.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,583 shares of the company’s stock after selling 10,228 shares during the period. Gargoyle Investment Advisor L.L.C.’s holdings in Banc of California were worth $445,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently made changes to their positions in BANC. Legal & General Group Plc boosted its position in shares of 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. acquired a new position in shares of Banc of California during the second quarter valued at $240,000. Hilton Capital Management LLC acquired a new position in shares of Banc of California during the second quarter valued at $257,000. BNP Paribas Arbitrage SA boosted its position in shares of 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 acquired a new position in shares of Banc of California during the first quarter valued at $298,000. Hedge funds and other institutional investors own 87.96% of the company’s stock.
Banc of California Inc. (NYSE:BANC) traded up 0.17% during trading on Thursday, reaching $17.71. 357,667 shares of the company’s stock were exchanged. The firm has a market cap of $880.63 million, a price-to-earnings ratio of 11.64 and a beta of 0.75. The firm’s 50-day moving average price is $20.41 and its 200-day moving average price is $19.74. Banc of California Inc. has a 12 month low of $12.00 and a 12 month high of $23.24.
Banc of California (NYSE:BANC) last issued its quarterly earnings results on Thursday, July 21st. The company reported $0.46 earnings per share (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 last year, the firm earned $0.32 EPS. On average, equities research analysts anticipate that Banc of California Inc. will post $1.64 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Thursday, September 15th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a 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 brokerages have recently weighed in on BANC. Zacks Investment Research raised shares of Banc of California from a “sell” rating to a “hold” rating in a research note on Monday, July 11th. FBR & Co reissued a “marketperform” rating on shares of Banc of California in a research note 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 note on Wednesday, August 17th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $21.00.
In other Banc of California news, insider Jeffrey T. Seabold sold 39,919 shares of the business’s stock in a transaction that occurred on Friday, September 30th. The stock was sold at an average price of $17.63, for a total value of $703,771.97. Following the transaction, the insider now directly owns 241,841 shares of the company’s stock, valued at $4,263,656.83. The sale was disclosed in a legal filing with the SEC, which is available through this link. 6.13% of the stock is owned by company insiders.
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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