Endeavour Capital Advisors Inc. lessened its stake in Banc of California Inc (NYSE:BANC) by 81.4% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 59,662 shares of the bank’s stock after selling 261,476 shares during the quarter. Endeavour Capital Advisors Inc. owned 0.12% of Banc of California worth $1,232,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds also recently made changes to their positions in the company. FNY Partners Fund LP acquired a new stake in shares of Banc of California during the 4th quarter worth about $103,000. Massey Quick Simon & CO. LLC acquired a new stake in shares of Banc of California during the 3rd quarter worth about $179,000. Quantbot Technologies LP raised its position in shares of Banc of California by 193.0% during the 3rd 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. raised its position in shares of Banc of California by 6,699.3% during the 3rd 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, SG Americas Securities LLC acquired a new stake in shares of Banc of California during the 3rd quarter worth about $238,000.
Several brokerages have recently weighed in on BANC. B. Riley lowered Banc of California from a “buy” rating to a “neutral” rating and cut their target price for the stock from $25.00 to $20.00 in a research report on Thursday, February 1st. Zacks Investment Research lowered Banc of California from a “strong-buy” rating to a “sell” rating in a research report on Tuesday, January 30th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $25.00 price target on shares of Banc of California in a research report on Thursday, February 8th. ValuEngine raised Banc of California from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Finally, FIG Partners lowered Banc of California from a “market perform” rating to an “underperform” rating in a research report on Friday, January 26th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $22.60.
Banc of California (NYSE:BANC) last released its quarterly earnings results on Thursday, January 25th. The bank reported $0.30 EPS for the quarter, topping the consensus estimate of $0.23 by $0.07. The company had revenue of $78.87 million for the quarter, compared to analyst estimates of $84.02 million. Banc of California had a return on equity of 9.93% and a net margin of 13.28%. The firm’s revenue was down 31.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.54 earnings per share. equities analysts expect that Banc of California Inc will post 0.88 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, April 2nd. Shareholders of record on Thursday, March 15th will be given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 2.53%. The ex-dividend date is Wednesday, March 14th. Banc of California’s dividend payout ratio (DPR) is 72.22%.
In related news, insider John A. Bogler bought 20,000 shares of the company’s stock in a transaction dated Thursday, February 1st. The shares were acquired at an average price of $19.30 per share, with a total value of $386,000.00. Following the completion of the acquisition, the insider now owns 37,500 shares in the company, valued at approximately $723,750. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 16.89% of the company’s stock.
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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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