Nationwide Fund Advisors cut its stake in Banc of California Inc. (NYSE:BANC) by 8.8% during the second quarter, according to its most recent filing with the SEC. The fund owned 240,562 shares of the company’s stock after selling 23,126 shares during the period. Nationwide Fund Advisors owned approximately 0.48% of Banc of California worth $4,354,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of BANC. BlackRock Fund Advisors boosted its stake in Banc of California by 198.2% in the first quarter. BlackRock Fund Advisors now owns 2,827,696 shares of the company’s stock worth $49,485,000 after buying an additional 1,879,284 shares during the last quarter. LSV Asset Management boosted its stake in Banc of California by 0.6% in the second quarter. LSV Asset Management now owns 1,334,718 shares of the company’s stock worth $24,158,000 after buying an additional 7,896 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Banc of California by 37.2% in the second quarter. JPMorgan Chase & Co. now owns 1,191,915 shares of the company’s stock worth $21,574,000 after buying an additional 323,052 shares during the last quarter. Mesirow Financial Investment Management Equity Management purchased a new stake in Banc of California during the second quarter worth approximately $16,812,000. Finally, BlackRock Institutional Trust Company N.A. boosted its stake in Banc of California by 20.7% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 919,423 shares of the company’s stock worth $16,090,000 after buying an additional 157,612 shares during the last quarter. Hedge funds and other institutional investors own 87.96% of the company’s stock.
Banc of California Inc. (NYSE:BANC) traded up 0.81% on Friday, hitting $17.46. 1,215,362 shares of the company were exchanged. The stock’s 50-day moving average price is $20.89 and its 200-day moving average price is $19.68. The stock has a market capitalization of $868.20 million, a P/E ratio of 11.47 and a beta of 0.70. Banc of California Inc. has a 52-week low of $12.00 and a 52-week high of $23.24.
Banc of California (NYSE:BANC) last issued its earnings results on Thursday, July 21st. The company reported $0.46 EPS for the quarter, beating the Zacks’ 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 company earned $0.32 EPS. On average, equities research analysts anticipate 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 will be paid on Monday, October 3rd. Investors of record on Thursday, September 15th will be given 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 yield of 2.75%. Banc of California’s dividend payout ratio is currently 32.65%.
A number of equities research analysts have issued reports on the stock. Zacks Investment Research raised shares of Banc of California from a “sell” rating to a “hold” rating in a report on Monday, July 11th. FBR & Co reaffirmed a “marketperform” rating on shares of Banc of California in a report on Thursday, June 30th. Finally, FIG Partners lowered shares of Banc of California from a “market perform” rating to an “underperform” rating in a report on Wednesday, August 17th. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. Banc of California has an average rating of “Hold” and a consensus target price of $21.00.
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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