Forest Hill Capital LLC increased its stake in Banc of California Inc (NYSE:BANC) by 5.5% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 670,673 shares of the bank’s stock after buying an additional 35,000 shares during the period. Banc of California accounts for about 3.9% of Forest Hill Capital LLC’s holdings, making the stock its 4th largest holding. Forest Hill Capital LLC’s holdings in Banc of California were worth $13,849,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors also recently bought and sold shares of the stock. FNY Partners Fund LP bought a new position in Banc of California in the 4th quarter valued at approximately $103,000. Massey Quick Simon & CO. LLC bought a new position in Banc of California in the 3rd quarter valued at approximately $179,000. Quantbot Technologies LP lifted its position in Banc of California by 193.0% in the 3rd quarter. Quantbot Technologies LP now owns 9,322 shares of the bank’s stock valued at $193,000 after acquiring an additional 6,140 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Banc of California by 6,699.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 9,451 shares of the bank’s stock valued at $195,000 after acquiring an additional 9,312 shares in the last quarter. Finally, SG Americas Securities LLC bought a new position in Banc of California in the 3rd quarter valued at approximately $238,000.
In related news, insider John A. Bogler bought 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The shares were bought at an average cost of $19.30 per share, with a total value of $386,000.00. Following the acquisition, the insider now owns 37,500 shares in the company, valued at $723,750. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 16.89% of the stock is currently owned by company insiders.
Several equities analysts recently issued reports on the company. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $25.00 price objective on shares of Banc of California in a research report on Thursday, February 8th. ValuEngine raised Banc of California from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. B. Riley cut Banc of California from a “buy” rating to a “neutral” rating and lowered their price target for the company from $25.00 to $20.00 in a report on Thursday, February 1st. Zacks Investment Research cut Banc of California from a “strong-buy” rating to a “sell” rating in a report on Tuesday, January 30th. Finally, FIG Partners cut Banc of California from a “market perform” rating to an “underperform” rating in a report on Friday, January 26th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $22.60.
Banc of California Inc (BANC) opened at $21.30 on Wednesday. The firm has a market capitalization of $1,080.00, a price-to-earnings ratio of 36.10, a PEG ratio of 1.92 and a beta of 0.91. The company has a debt-to-equity ratio of 2.51, a quick ratio of 0.95 and a current ratio of 0.96. Banc of California Inc has a twelve month low of $17.10 and a twelve month high of $23.40.
Banc of California (NYSE:BANC) last released its quarterly earnings results on Thursday, January 25th. The bank reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.07. The firm had revenue of $78.87 million for the quarter, compared to analysts’ expectations of $84.02 million. Banc of California had a return on equity of 9.93% and a net margin of 13.28%. The company’s revenue was down 31.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.54 EPS. sell-side analysts predict that Banc of California Inc will post 0.88 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, April 2nd. Stockholders of record on Thursday, March 15th will be issued a dividend of $0.13 per share. The ex-dividend date of this dividend is Wednesday, March 14th. This represents a $0.52 annualized dividend and a dividend yield of 2.44%. Banc of California’s payout ratio is 88.14%.
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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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