BNP Paribas Arbitrage SA increased its holdings in shares of Banc of California, Inc. (NYSE:BANC) by 158.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 36,018 shares of the bank’s stock after buying an additional 22,074 shares during the quarter. BNP Paribas Arbitrage SA owned 0.07% of Banc of California worth $747,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also made changes to their positions in the company. Great Lakes Advisors LLC grew its stake in Banc of California by 104.6% during the 2nd quarter. Great Lakes Advisors LLC now owns 181,789 shares of the bank’s stock worth $3,908,000 after buying an additional 92,943 shares during the last quarter. FSI Group LLC acquired a new stake in Banc of California during the 2nd quarter worth about $3,225,000. Victory Capital Management Inc. lifted its position in Banc of California by 39.0% during the 2nd quarter. Victory Capital Management Inc. now owns 1,115,596 shares of the bank’s stock worth $23,985,000 after acquiring an additional 312,947 shares during the period. Channing Capital Management LLC acquired a new stake in Banc of California during the 3rd quarter worth about $48,607,000. Finally, Hennessy Advisors Inc. acquired a new stake in Banc of California during the 3rd quarter worth about $7,989,000.
A number of analysts have commented on the company. ValuEngine cut Banc of California from a “strong-buy” rating to a “buy” rating in a research report on Friday. BidaskClub cut Banc of California from a “hold” rating to a “sell” rating in a research report on Friday, August 11th. Zacks Investment Research raised Banc of California from a “strong sell” rating to a “hold” rating in a research report on Monday, October 9th. Keefe, Bruyette & Woods set a $20.00 price target on Banc of California and gave the stock a “hold” rating in a research report on Monday, August 28th. Finally, FBR & Co reaffirmed a “buy” rating and set a $24.00 price target on shares of Banc of California in a research report on Thursday, October 26th. One analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $22.67.
Banc of California (NYSE:BANC) last issued its quarterly earnings data on Thursday, October 26th. The bank reported $0.23 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.19 by $0.04. The business had revenue of $93.40 million during the quarter, compared to analysts’ expectations of $84.24 million. Banc of California had a return on equity of 11.78% and a net margin of 15.48%. During the same quarter in the previous year, the firm posted $0.59 EPS. sell-side analysts expect that Banc of California, Inc. will post 0.88 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 15th will be issued a $0.13 dividend. The ex-dividend date is Thursday, December 14th. This represents a $0.52 annualized dividend and a dividend yield of 2.31%. Banc of California’s dividend payout ratio (DPR) is presently 45.61%.
In related news, CEO Douglas H. Bowers acquired 57,000 shares of the firm’s stock in a transaction dated Thursday, September 7th. The stock was acquired at an average price of $17.56 per share, with a total value of $1,000,920.00. Following the acquisition, the chief executive officer now directly owns 92,000 shares in the company, valued at approximately $1,615,520. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last three months, insiders sold 30,000 shares of company stock valued at $14,000. Insiders own 16.89% of the company’s stock.
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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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