Prudential Financial Inc. lowered its position in shares of Banc of California Inc. (NYSE:BANC) by 53.4% during the second quarter, Holdings Channel reports. The firm owned 215,109 shares of the company’s stock after selling 246,960 shares during the period. Prudential Financial Inc. owned approximately 0.43% of Banc of California worth $3,893,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. Teacher Retirement System of Texas boosted its position in shares of Banc of California by 48.2% in the second quarter. Teacher Retirement System of Texas now owns 5,864 shares of the company’s stock valued at $106,000 after buying an additional 1,908 shares in the last quarter. Capstone Asset Management Co. purchased a new position in shares of Banc of California during the second quarter valued at $240,000. Hilton Capital Management LLC purchased 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 purchased a new position in shares of Banc of California during the first quarter valued at $298,000. 87.76% of the stock is currently owned by institutional investors.
Shares of Banc of California Inc. (NYSE:BANC) opened at 11.26 on Wednesday. The company has a 50-day moving average price of $19.05 and a 200 day moving average price of $19.73. Banc of California Inc. has a 52 week low of $10.93 and a 52 week high of $23.24. The stock has a market capitalization of $559.90 million, a P/E ratio of 7.40 and a beta of 0.75.
Banc of California (NYSE:BANC) last released its earnings results on Thursday, October 20th. The company reported $0.59 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.17. Banc of California had a return on equity of 14.90% and a net margin of 14.65%. During the same quarter in the prior year, the company earned $0.29 earnings per share. Analysts forecast that Banc of California Inc. will post $1.64 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Thursday, September 15th were given a dividend of $0.12 per share. The ex-dividend date was Tuesday, September 13th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 4.26%. Banc of California’s payout ratio is currently 32.65%.
A number of equities analysts recently weighed in on BANC shares. Zacks Investment Research upgraded Banc of California from a “sell” rating to a “hold” rating in a research 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 downgraded Banc of California from a “market perform” rating to an “underperform” rating in a research note on Wednesday, August 17th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. Banc of California presently has an average rating of “Hold” and a consensus target price of $21.00.
In other news, insider Jeffrey T. Seabold sold 39,919 shares of the business’s stock in a transaction on Friday, September 30th. The stock was sold at an average price of $17.63, for a total transaction of $703,771.97. Following the completion of the sale, the insider now owns 241,841 shares in the company, valued at $4,263,656.83. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 6.13% of the company’s stock.
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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