Dimensional Fund Advisors LP increased its position in Banc of California Inc (NYSE:BANC) by 11.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,413,695 shares of the bank’s stock after buying an additional 252,718 shares during the period. Dimensional Fund Advisors LP owned about 4.84% of Banc of California worth $41,878,000 as of its most recent SEC filing.
Several other institutional investors also recently bought and sold shares of the company. Municipal Employees Retirement System of Michigan raised its position in shares of Banc of California by 2.3% in the third quarter. Municipal Employees Retirement System of Michigan now owns 10,900 shares of the bank’s stock valued at $190,000 after buying an additional 250 shares during the period. Capstone Asset Management Co. raised its position in shares of Banc of California by 1.7% in the third quarter. Capstone Asset Management Co. now owns 13,470 shares of the bank’s stock valued at $235,000 after buying an additional 230 shares during the period. SG Americas Securities LLC acquired a new position in shares of Banc of California during the third quarter valued at about $236,000. UBS Asset Management Americas Inc. raised its position in shares of Banc of California by 17.3% in the third quarter. UBS Asset Management Americas Inc. now owns 21,000 shares of the bank’s stock valued at $367,000 after buying an additional 3,100 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Banc of California by 1,654.6% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 23,354 shares of the bank’s stock valued at $408,000 after buying an additional 22,023 shares during the period. 97.94% of the stock is currently owned by institutional investors.
Shares of Banc of California Inc (NYSE:BANC) traded up 0.23% on Friday, reaching $22.00. The company’s stock had a trading volume of 992,765 shares. Banc of California Inc has a 52-week low of $10.93 and a 52-week high of $23.24. The company has a market cap of $1.04 billion, a price-to-earnings ratio of 11.33 and a beta of 0.77. The stock has a 50-day moving average of $20.67 and a 200 day moving average of $17.33.
Banc of California (NYSE:BANC) last released its earnings results on Monday, January 30th. The bank reported $0.54 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.48 by $0.06. The company had revenue of $166.75 million for the quarter, compared to the consensus estimate of $148.26 million. Banc of California had a return on equity of 17.48% and a net margin of 17.57%. During the same period in the previous year, the business earned $0.39 earnings per share. On average, equities research analysts forecast that Banc of California Inc will post $1.67 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, April 3rd. Investors of record on Wednesday, March 15th were given a dividend of $0.13 per share. The ex-dividend date of this dividend was Monday, March 13th. This represents a $0.52 annualized dividend and a yield of 2.37%. Banc of California’s dividend payout ratio (DPR) is presently 27.08%.
Several equities research analysts have recently commented on BANC shares. FBR & Co restated a “buy” rating and set a $25.00 price objective on shares of Banc of California in a report on Wednesday, April 5th. FIG Partners restated a “market-perform” rating on shares of Banc of California in a report on Monday, January 30th. Zacks Investment Research downgraded Banc of California from a “hold” rating to a “sell” rating in a report on Monday, April 10th. Finally, Wells Fargo & Co upgraded Banc of California from a “market perform” rating to an “outperform” rating in a report on Tuesday, April 11th. One investment analyst has rated the stock with a sell rating and five have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $23.25.
In other news, EVP Jeffrey T. Seabold sold 10,000 shares of the business’s stock in a transaction dated Tuesday, March 7th. The stock was sold at an average price of $20.00, for a total value of $200,000.00. Following the transaction, the executive vice president now directly owns 197,557 shares in the company, valued at $3,951,140. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP John C. Grosvenor sold 14,979 shares of the business’s stock in a transaction dated Monday, March 20th. The shares were sold at an average price of $20.50, for a total value of $307,069.50. Following the completion of the transaction, the executive vice president now owns 42,715 shares in the company, valued at $875,657.50. The disclosure for this sale can be found here. Insiders have sold 39,979 shares of company stock worth $807,370 over the last quarter. 6.13% of the stock is owned by company insiders.
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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