Koch Industries Inc. purchased a new position in Banc of California Inc (NYSE:BANC) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 36,496 shares of the bank’s stock, valued at approximately $754,000. Koch Industries Inc. owned approximately 0.07% of Banc of California at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. Stieven Capital Advisors L.P. increased its stake in Banc of California by 9.6% in the 3rd quarter. Stieven Capital Advisors L.P. now owns 298,900 shares of the bank’s stock worth $6,202,000 after purchasing an additional 26,200 shares in the last quarter. Wells Fargo & Company MN increased its stake in Banc of California by 66.1% in the 3rd quarter. Wells Fargo & Company MN now owns 267,619 shares of the bank’s stock worth $5,553,000 after purchasing an additional 106,509 shares in the last quarter. IndexIQ Advisors LLC increased its stake in Banc of California by 83.1% in the 3rd quarter. IndexIQ Advisors LLC now owns 41,871 shares of the bank’s stock worth $869,000 after purchasing an additional 19,000 shares in the last quarter. Hennessy Advisors Inc. purchased a new position in Banc of California in the 3rd quarter worth about $7,989,000. Finally, Victory Capital Management Inc. increased its stake in Banc of California by 35.0% in the 3rd quarter. Victory Capital Management Inc. now owns 1,505,510 shares of the bank’s stock worth $31,240,000 after purchasing an additional 389,914 shares in the last quarter.
In related news, insider John A. Bogler bought 20,000 shares of Banc of California stock in a transaction that occurred on Thursday, February 1st. The stock was purchased at an average cost of $19.30 per share, for a total transaction of $386,000.00. Following the acquisition, the insider now owns 37,500 shares in the company, valued at $723,750. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 16.89% of the company’s stock.
Shares of Banc of California Inc (NYSE BANC) traded down $0.35 during midday trading on Wednesday, hitting $20.95. The company had a trading volume of 601,827 shares, compared to its average volume of 637,466. The company has a market cap of $1,060.00, a PE ratio of 35.51, a price-to-earnings-growth ratio of 1.92 and a beta of 0.91. Banc of California Inc has a 1-year low of $17.10 and a 1-year high of $23.40. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 2.51.
Banc of California (NYSE:BANC) last announced its quarterly earnings results on Thursday, January 25th. The bank reported $0.30 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $0.07. The business had revenue of $78.87 million during 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 firm’s quarterly revenue was down 31.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.54 EPS. analysts predict that Banc of California Inc will post 0.88 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, April 2nd. Investors of record on Thursday, March 15th will be paid a $0.13 dividend. The ex-dividend date is Wednesday, March 14th. This represents a $0.52 annualized dividend and a dividend yield of 2.48%. Banc of California’s payout ratio is 88.14%.
A number of equities analysts recently weighed in on BANC shares. ValuEngine cut Banc of California from a “strong-buy” rating to a “buy” rating in a research note on Friday, December 1st. Piper Jaffray Companies began coverage on Banc of California in a research note on Thursday, December 21st. They set an “overweight” rating and a $26.00 target price on the stock. Zacks Investment Research raised Banc of California from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a research note on Monday, January 1st. FIG Partners cut Banc of California from a “market perform” rating to an “underperform” rating in a research note on Friday, January 26th. Finally, B. Riley cut Banc of California from a “buy” rating to a “neutral” rating and lowered their target price for the company from $25.00 to $20.00 in a research note on Thursday, February 1st. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $22.60.
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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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