Pinebridge Investments L.P. grew its stake in shares of Banc of California, Inc. (NYSE:BANC) by 7.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 79,334 shares of the bank’s stock after purchasing an additional 5,501 shares during the quarter. Pinebridge Investments L.P. owned 0.16% of Banc of California worth $1,647,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently modified their holdings of BANC. Oppenheimer Asset Management Inc. lifted its stake 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 in the last quarter. Massey Quick Simon & CO. LLC acquired a new position in shares of Banc of California during the third quarter worth about $179,000. Quantbot Technologies LP lifted its stake in shares of Banc of California by 193.0% in the third quarter. Quantbot Technologies LP now owns 9,322 shares of the bank’s stock worth $193,000 after acquiring an additional 6,140 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Banc of California by 6,699.3% in the third quarter. JPMorgan Chase & Co. now owns 9,451 shares of the bank’s stock worth $195,000 after acquiring an additional 9,312 shares in the last quarter. Finally, Suntrust Banks Inc. acquired a new position in shares of Banc of California in the second quarter worth about $231,000.
Several research analysts recently commented on BANC shares. BidaskClub upgraded Banc of California from a “sell” rating to a “hold” rating in a research note on Wednesday, November 1st. Keefe, Bruyette & Woods set a $20.00 price target on Banc of California and gave the stock a “hold” rating in a research note on Monday, August 28th. Zacks Investment Research upgraded Banc of California from a “strong sell” rating to a “hold” rating in a research note on Monday, October 9th. ValuEngine upgraded Banc of California from a “hold” rating to a “buy” rating in a research note on Tuesday, September 12th. Finally, FBR & Co reiterated a “buy” rating and issued a $24.00 price target 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. The company has an average rating of “Hold” and an average price target of $22.67.
Banc of California (NYSE:BANC) last released its quarterly earnings results on Thursday, October 26th. The bank reported $0.23 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.04. Banc of California had a return on equity of 11.78% and a net margin of 15.48%. The business had revenue of $93.40 million for the quarter, compared to analysts’ expectations of $84.24 million. During the same quarter in the previous year, the firm posted $0.59 earnings per share. analysts forecast that Banc of California, Inc. will post 0.88 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Friday, December 15th will be paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 2.41%. The ex-dividend date is Thursday, December 14th. Banc of California’s payout ratio is currently 45.61%.
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Banc of California Company 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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