Bank of New York Mellon Corp Reduces Stake in Banc of California, Inc. (BANC)

Bank of New York Mellon Corp lowered its stake in Banc of California, Inc. (NYSE:BANC) by 3.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 758,900 shares of the bank’s stock after selling 27,948 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.51% of Banc of California worth $16,316,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. Louisiana State Employees Retirement System lifted its holdings in shares of Banc of California by 1.0% in the second quarter. Louisiana State Employees Retirement System now owns 20,400 shares of the bank’s stock worth $439,000 after acquiring an additional 200 shares during the last quarter. Arizona State Retirement System lifted its holdings in shares of Banc of California by 1.2% in the first quarter. Arizona State Retirement System now owns 25,800 shares of the bank’s stock worth $534,000 after acquiring an additional 300 shares during the last quarter. Legal & General Group Plc lifted its holdings in shares of Banc of California by 0.4% in the first quarter. Legal & General Group Plc now owns 82,701 shares of the bank’s stock worth $1,712,000 after acquiring an additional 354 shares during the last quarter. Texas Permanent School Fund lifted its holdings in shares of Banc of California by 1.7% in the second quarter. Texas Permanent School Fund now owns 36,493 shares of the bank’s stock worth $785,000 after acquiring an additional 596 shares during the last quarter. Finally, Mason Street Advisors LLC lifted its holdings in shares of Banc of California by 7.1% in the first quarter. Mason Street Advisors LLC now owns 11,594 shares of the bank’s stock worth $240,000 after acquiring an additional 771 shares during the last quarter.

In other news, CEO Douglas H. Bowers bought 57,000 shares of the company’s stock in a transaction that occurred on Thursday, September 7th. The stock was bought at an average price of $17.56 per share, for a total transaction of $1,000,920.00. Following the transaction, the chief executive officer now directly owns 92,000 shares of the company’s stock, valued at approximately $1,615,520. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 16.89% of the company’s stock.

Banc of California, Inc. (NYSE:BANC) opened at 19.15 on Wednesday. Banc of California, Inc. has a 1-year low of $10.93 and a 1-year high of $23.25. The firm has a market cap of $916.25 million, a P/E ratio of 12.81 and a beta of 0.97. The stock has a 50 day moving average price of $19.05 and a 200 day moving average price of $20.46.

Banc of California (NYSE:BANC) last released its earnings results on Wednesday, July 26th. The bank reported $0.20 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.24 by ($0.04). The firm had revenue of $81.21 million during the quarter, compared to the consensus estimate of $97.94 million. Banc of California had a return on equity of 14.44% and a net margin of 17.12%. During the same quarter in the previous year, the firm earned $0.46 EPS. On average, analysts anticipate that Banc of California, Inc. will post $0.77 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be given a $0.13 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.52 dividend on an annualized basis and a yield of 2.72%. Banc of California’s payout ratio is 34.67%.

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BANC has been the subject of several recent research reports. Keefe, Bruyette & Woods set a $22.00 price objective on Banc of California and gave the company a “hold” rating in a research note on Thursday, July 6th. ValuEngine raised Banc of California from a “hold” rating to a “buy” rating in a research note on Saturday, June 3rd. BidaskClub downgraded Banc of California from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 22nd. Finally, Zacks Investment Research downgraded Banc of California from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. Two equities research analysts have rated the stock with a sell rating, one has assigned 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 $22.00.

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

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