New York State Teachers Retirement System lessened its position in Banc of California (NYSE:BANC) by 22.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,050 shares of the bank’s stock after selling 6,200 shares during the period. New York State Teachers Retirement System’s holdings in Banc of California were worth $406,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently made changes to their positions in BANC. Westwood Holdings Group Inc. bought a new stake in shares of Banc of California during the 4th quarter worth about $12,484,000. Channing Capital Management LLC boosted its holdings in shares of Banc of California by 24.1% during the 4th quarter. Channing Capital Management LLC now owns 2,906,672 shares of the bank’s stock worth $60,023,000 after buying an additional 564,190 shares during the period. American Century Companies Inc. bought a new stake in shares of Banc of California during the 4th quarter worth about $6,419,000. Kennedy Capital Management Inc. boosted its holdings in shares of Banc of California by 96.3% during the 4th quarter. Kennedy Capital Management Inc. now owns 546,913 shares of the bank’s stock worth $11,294,000 after buying an additional 268,278 shares during the period. Finally, Royce & Associates LP boosted its holdings in shares of Banc of California by 1,310.0% during the 4th quarter. Royce & Associates LP now owns 141,000 shares of the bank’s stock worth $2,912,000 after buying an additional 131,000 shares during the period.
Several brokerages recently commented on BANC. Zacks Investment Research raised shares of Banc of California from a “sell” rating to a “hold” rating in a report on Wednesday, May 2nd. Bank of America downgraded shares of Banc of California from a “neutral” rating to an “underperform” rating and set a $19.00 target price for the company. in a report on Friday, April 6th. FIG Partners raised shares of Banc of California from an “underperform” rating to a “market perform” rating in a report on Monday, April 30th. ValuEngine downgraded shares of Banc of California from a “buy” rating to a “hold” rating in a report on Wednesday, May 2nd. Finally, B. Riley downgraded shares of Banc of California from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $25.00 to $20.00 in a report on Thursday, February 1st. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $22.00.
Banc of California (NYSE:BANC) last issued its quarterly earnings data on Friday, April 27th. The bank reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.11. Banc of California had a net margin of 11.46% and a return on equity of 8.37%. The business had revenue of $80.02 million during the quarter, compared to analysts’ expectations of $78.46 million. During the same quarter in the previous year, the company earned $0.23 EPS. equities research analysts expect that Banc of California will post 0.66 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 2nd. Shareholders of record on Friday, June 15th will be paid a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 2.77%. The ex-dividend date of this dividend is Thursday, June 14th. Banc of California’s dividend payout ratio (DPR) is 63.41%.
Banc of California Company Profile
Banc of California, Inc operates as a bank holding company, which engages in the provision of retail deposits from the general public and invests in commercial, consumer, and real estate secured loans. It operates through the following segments: Commercial Banking, Mortgage Banking, and Corporate and Others.
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