Clover Partners L.P. lowered its stake in Banc of California Inc (NYSE:BANC) by 73.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 185,260 shares of the bank’s stock after selling 514,740 shares during the quarter. Banc of California comprises approximately 3.6% of Clover Partners L.P.’s investment portfolio, making the stock its 11th biggest holding. Clover Partners L.P. owned 0.37% of Banc of California worth $3,826,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in BANC. FNY Partners Fund LP acquired a new stake in shares of Banc of California in the fourth quarter valued at approximately $103,000. Massey Quick Simon & CO. LLC acquired a new stake in shares of Banc of California in the third quarter valued at approximately $179,000. Quantbot Technologies LP raised its holdings in shares of Banc of California by 193.0% in the third quarter. Quantbot Technologies LP now owns 9,322 shares of the bank’s stock valued at $193,000 after purchasing an additional 6,140 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Banc of California by 6,699.3% in the third quarter. JPMorgan Chase & Co. now owns 9,451 shares of the bank’s stock valued at $195,000 after purchasing an additional 9,312 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new stake in shares of Banc of California in the third quarter valued at approximately $238,000.
A number of analysts have recently issued reports on the stock. B. Riley downgraded shares of Banc of California from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $25.00 to $20.00 in a report on Thursday, February 1st. Zacks Investment Research downgraded shares of Banc of California from a “strong-buy” rating to a “sell” rating in a report on Tuesday, January 30th. Piper Jaffray Companies reiterated a “buy” rating and issued a $25.00 price objective on shares of Banc of California in a report on Thursday, February 8th. ValuEngine upgraded shares of Banc of California from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Finally, FIG Partners downgraded shares of Banc of California from a “market perform” rating to an “underperform” rating in a report on Friday, January 26th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $22.60.
Banc of California Inc (NYSE:BANC) opened at $21.30 on Wednesday. The firm has a market cap of $1,080.00, a price-to-earnings ratio of 36.10, a P/E/G ratio of 1.92 and a beta of 0.91. Banc of California Inc has a fifty-two week low of $17.10 and a fifty-two week high of $23.40. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 2.51.
Banc of California (NYSE:BANC) last issued its earnings results on Thursday, January 25th. The bank reported $0.30 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.07. The business had revenue of $78.87 million for the quarter, compared to the consensus estimate of $84.02 million. Banc of California had a net margin of 13.28% and a return on equity of 9.93%. The firm’s revenue for the quarter was down 31.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.54 earnings per share. analysts anticipate that Banc of California Inc will post 0.88 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 2nd. Investors of record on Thursday, March 15th will be issued a dividend of $0.13 per share. The ex-dividend date is Wednesday, March 14th. This represents a $0.52 dividend on an annualized basis and a yield of 2.44%. Banc of California’s payout ratio is 88.14%.
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About Banc of California
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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