Tyers Asset Management LLC boosted its position in Banc of California Inc (NYSE:BANC) by 64.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,600 shares of the bank’s stock after buying an additional 2,992 shares during the quarter. Tyers Asset Management LLC’s holdings in Banc of California were worth $149,000 at the end of the most recent reporting period.
A number of other large investors have also recently bought and sold shares of the stock. Wells Fargo & Company MN raised its holdings in Banc of California by 1.9% in the 1st quarter. Wells Fargo & Company MN now owns 314,682 shares of the bank’s stock worth $6,073,000 after purchasing an additional 5,856 shares during the period. Victory Capital Management Inc. increased its stake in Banc of California by 56.3% during the 1st quarter. Victory Capital Management Inc. now owns 2,404,347 shares of the bank’s stock worth $46,404,000 after buying an additional 865,745 shares in the last quarter. Quantitative Systematic Strategies LLC purchased a new stake in Banc of California during the 1st quarter worth approximately $269,000. Schwab Charles Investment Management Inc. increased its stake in Banc of California by 13.4% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 207,268 shares of the bank’s stock worth $4,001,000 after buying an additional 24,441 shares in the last quarter. Finally, Seidman Lawrence B purchased a new stake in Banc of California during the 1st quarter worth approximately $579,000.
BANC has been the subject of several research reports. ValuEngine upgraded Banc of California from a “hold” rating to a “buy” rating in a research note on Friday, August 10th. Zacks Investment Research lowered Banc of California from a “buy” rating to a “hold” rating in a research note on Friday, July 27th. Finally, B. Riley cut their price objective on Banc of California from $20.00 to $19.00 and set a “neutral” rating for the company in a research note on Tuesday, June 19th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $21.60.
In other news, Director W Kirk Wycoff sold 225,300 shares of the company’s stock in a transaction that occurred on Thursday, August 23rd. The stock was sold at an average price of $19.99, for a total value of $4,503,747.00. Following the completion of the sale, the director now directly owns 4,748 shares in the company, valued at $94,912.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 640,656 shares of company stock valued at $12,808,384 over the last 90 days. Company insiders own 18.08% of the company’s stock.
NYSE:BANC opened at $20.00 on Thursday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 2.75. The company has a market cap of $1.02 billion, a price-to-earnings ratio of 24.39, a PEG ratio of 2.37 and a beta of 0.75. Banc of California Inc has a 12 month low of $17.10 and a 12 month high of $23.40.
Banc of California (NYSE:BANC) last posted its quarterly earnings results on Thursday, July 26th. The bank reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.04). The company had revenue of $80.83 million during the quarter, compared to analysts’ expectations of $79.67 million. Banc of California had a net margin of 11.74% and a return on equity of 8.25%. During the same quarter last year, the company earned $0.20 earnings per share. equities research analysts forecast that Banc of California Inc will post 0.72 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 1st. Stockholders of record on Friday, September 14th will be given a $0.13 dividend. The ex-dividend date of this dividend is Thursday, September 13th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.60%. Banc of California’s dividend payout ratio (DPR) is presently 63.41%.
Banc of California 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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