Great West Life Assurance Co. Can maintained its stake in shares of Banc of California Inc. (NYSE:BANC) during the second quarter, Holdings Channel reports. The institutional investor owned 7,400 shares of the company’s stock at the end of the second quarter. Great West Life Assurance Co. Can’s holdings in Banc of California were worth $129,000 as of its most recent filing with the SEC.
Other hedge funds have also made changes to their positions in the company. Legal & General Group Plc boosted its stake 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. Goldman Sachs Group Inc. purchased a new stake in Banc of California during the first quarter valued at about $176,000. Capstone Asset Management Co. purchased a new stake in Banc of California during the second quarter valued at about $240,000. Hilton Capital Management LLC purchased a new stake in Banc of California during the second quarter valued at about $257,000. Finally, BNP Paribas Arbitrage SA boosted its stake 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. Institutional investors own 87.96% of the company’s stock.
Shares of Banc of California Inc. (NYSE:BANC) traded down 0.87% during trading on Friday, hitting $18.25. 980,249 shares of the stock were exchanged. The stock has a market cap of $907.48 million, a PE ratio of 11.99 and a beta of 0.70. The firm has a 50 day moving average of $21.65 and a 200-day moving average of $19.61. Banc of California Inc. has a 52-week low of $11.88 and a 52-week high of $23.24.
Banc of California (NYSE:BANC) last announced its quarterly earnings results on Thursday, July 21st. The company reported $0.46 EPS for the quarter, topping 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 last year, the firm earned $0.32 earnings per share. Equities research analysts anticipate that Banc of California Inc. will post $1.64 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Thursday, September 15th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Tuesday, September 13th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.63%. Banc of California’s dividend payout ratio is presently 32.65%.
BANC has been the topic of several recent analyst reports. Zacks Investment Research upgraded shares of Banc of California from a “sell” rating to a “hold” rating in a research note on Monday, July 25th. 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. Finally, FBR & Co reiterated a “hold” rating on shares of Banc of California in a research note on Thursday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $21.00.
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 Palisades Group, LLC (The Palisades Group) and PTB Property Holdings, LLC (PTB). The Company engages in activities permissible for bank holding companies and in other activities that are financial in nature or incidental or complementary to activities that are financial in nature, primarily securities, insurance and merchant banking activities.
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