Swiss National Bank grew its position in Banc of California Inc (NYSE:BANC) by 8.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 75,100 shares of the bank’s stock after purchasing an additional 5,800 shares during the quarter. Swiss National Bank owned approximately 0.15% of Banc of California worth $1,551,000 as of its most recent SEC filing.
Several other large investors have also recently added to or reduced their stakes in the company. Victory Capital Management Inc. raised its position in shares of Banc of California by 2.2% in the fourth quarter. Victory Capital Management Inc. now owns 1,538,602 shares of the bank’s stock valued at $31,773,000 after purchasing an additional 33,092 shares during the period. EJF Capital LLC raised its position in shares of Banc of California by 19.5% in the third quarter. EJF Capital LLC now owns 1,225,000 shares of the bank’s stock valued at $25,419,000 after purchasing an additional 200,000 shares during the period. Bank of New York Mellon Corp raised its position in shares of Banc of California by 22.5% in the third quarter. Bank of New York Mellon Corp now owns 929,532 shares of the bank’s stock valued at $19,287,000 after purchasing an additional 170,632 shares during the period. Maltese Capital Management LLC increased its position in Banc of California by 13.2% during the fourth quarter. Maltese Capital Management LLC now owns 860,141 shares of the bank’s stock worth $17,762,000 after acquiring an additional 100,141 shares during the period. Finally, Hennessy Advisors Inc. increased its position in Banc of California by 20.8% during the fourth quarter. Hennessy Advisors Inc. now owns 465,000 shares of the bank’s stock worth $9,602,000 after acquiring an additional 80,000 shares during the period.
In other news, insider John A. Bogler bought 20,000 shares of Banc of California stock in a transaction dated Thursday, February 1st. The shares were bought at an average price of $19.30 per share, for a total transaction of $386,000.00. Following the purchase, the insider now owns 37,500 shares of the company’s stock, valued at $723,750. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 16.89% of the stock is currently owned by insiders.
Banc of California (NYSE:BANC) last issued its earnings results on Thursday, January 25th. The bank reported $0.30 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $0.07. Banc of California had a net margin of 13.28% and a return on equity of 9.93%. The company had revenue of $78.87 million for the quarter, compared to the consensus estimate of $84.02 million. During the same quarter in the previous year, the company earned $0.54 EPS. The firm’s revenue for the quarter was down 31.7% compared to the same quarter last year. equities research analysts forecast that Banc of California Inc will post 0.88 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 2nd. Stockholders of record on Thursday, March 15th will be paid a $0.13 dividend. The ex-dividend date of this dividend is Wednesday, March 14th. This represents a $0.52 annualized dividend and a dividend yield of 2.51%. Banc of California’s dividend payout ratio is presently 72.22%.
BANC has been the topic of a number of research reports. ValuEngine lowered shares of Banc of California from a “strong-buy” rating to a “buy” rating in a research report on Friday, December 1st. Zacks Investment Research raised shares of Banc of California from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a research report on Monday, January 1st. Piper Jaffray Companies reaffirmed a “buy” rating and set a $25.00 target price on shares of Banc of California in a research report on Thursday, February 8th. B. Riley lowered shares of Banc of California from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $25.00 to $20.00 in a research report on Thursday, February 1st. Finally, FIG Partners lowered shares of Banc of California from a “market perform” rating to an “underperform” rating in a research report on Friday, January 26th. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $22.60.
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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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