Bank of New York Mellon Corp Lowers Position in Banc of California Inc (BANC)

Bank of New York Mellon Corp trimmed its holdings in Banc of California Inc (NYSE:BANC) by 20.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 918,562 shares of the bank’s stock after selling 241,301 shares during the period. Bank of New York Mellon Corp owned 1.81% of Banc of California worth $17,958,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of BANC. Wells Fargo & Company MN boosted its position in shares of Banc of California by 25.5% in the second quarter. Wells Fargo & Company MN now owns 394,960 shares of the bank’s stock worth $7,721,000 after acquiring an additional 80,278 shares during the last quarter. Millennium Management LLC boosted its position in shares of Banc of California by 63.1% in the second quarter. Millennium Management LLC now owns 984,317 shares of the bank’s stock worth $19,243,000 after acquiring an additional 380,740 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Banc of California by 3.4% in the second quarter. Dimensional Fund Advisors LP now owns 2,445,877 shares of the bank’s stock worth $47,816,000 after acquiring an additional 79,606 shares during the last quarter. Sei Investments Co. boosted its position in shares of Banc of California by 157.9% in the second quarter. Sei Investments Co. now owns 11,669 shares of the bank’s stock worth $228,000 after acquiring an additional 7,145 shares during the last quarter. Finally, BlackRock Inc. boosted its position in shares of Banc of California by 7.6% in the second quarter. BlackRock Inc. now owns 6,003,930 shares of the bank’s stock worth $117,376,000 after acquiring an additional 422,637 shares during the last quarter.

In other Banc of California news, CAO Michael Alan Smith purchased 4,600 shares of the business’s stock in a transaction that occurred on Friday, November 2nd. The shares were purchased at an average price of $16.50 per share, for a total transaction of $75,900.00. Following the completion of the acquisition, the chief accounting officer now owns 13,959 shares of the company’s stock, valued at approximately $230,323.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 18.08% of the company’s stock.

NYSE BANC opened at $17.20 on Monday. Banc of California Inc has a one year low of $14.11 and a one year high of $23.40. The company has a debt-to-equity ratio of 2.53, a quick ratio of 1.01 and a current ratio of 1.01. The company has a market capitalization of $871.21 million, a P/E ratio of 20.98, a price-to-earnings-growth ratio of 2.10 and a beta of 0.93.

Banc of California (NYSE:BANC) last posted its quarterly earnings results on Thursday, October 25th. The bank reported $0.22 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.21 by $0.01. Banc of California had a net margin of 10.47% and a return on equity of 8.38%. The firm had revenue of $76.02 million for the quarter, compared to analyst estimates of $78.99 million. Equities research analysts predict that Banc of California Inc will post 0.67 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 2nd. Investors of record on Monday, December 17th will be issued a $0.13 dividend. The ex-dividend date is Friday, December 14th. This represents a $0.52 annualized dividend and a yield of 3.02%. Banc of California’s payout ratio is 63.41%.

Several equities research analysts recently issued reports on BANC shares. ValuEngine raised shares of Banc of California from a “hold” rating to a “buy” rating in a research report on Friday, August 10th. Zacks Investment Research cut shares of Banc of California from a “buy” rating to a “hold” rating in a research report on Tuesday, October 16th. Finally, Raymond James decreased their target price on shares of Banc of California from $22.00 to $20.00 and set an “outperform” rating on the stock in a research report on Monday, November 12th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $20.60.

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Banc of California Company Profile

Banc of California, Inc operates as the bank holding company for Banc of California, National Association that provides banking products and services in the United States. The company's deposits consist of checking, savings, money market, retirement, and interest and non-interest bearing demand accounts, as well as certificates of deposit; and commercial and consumer loan products include commercial and industrial loans, commercial real estate loans, multi-family loans, small business administration (SBA) guaranteed business loans, construction and renovation loans, single family residential mortgage loans, warehouse loans, asset-insurance-or security backed loans, home equity lines of credit, consumer and business lines of credit, home equity loans, and other consumer loans.

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Institutional Ownership by Quarter for Banc of California (NYSE:BANC)

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