Quantitative Systematic Strategies LLC acquired a new stake in Banc of California (NYSE:BANC) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 13,936 shares of the bank’s stock, valued at approximately $269,000.
Several other institutional investors have also recently made changes to their positions in the company. Victory Capital Management Inc. lifted its holdings in shares of Banc of California by 56.3% in the first quarter. Victory Capital Management Inc. now owns 2,404,347 shares of the bank’s stock valued at $46,404,000 after buying an additional 865,745 shares during the period. Salzhauer Michael lifted its holdings in shares of Banc of California by 33.0% in the first quarter. Salzhauer Michael now owns 40,286 shares of the bank’s stock valued at $778,000 after buying an additional 10,000 shares during the period. Wells Fargo & Company MN lifted its holdings in shares of Banc of California by 1.9% in the first quarter. Wells Fargo & Company MN now owns 314,682 shares of the bank’s stock valued at $6,073,000 after buying an additional 5,856 shares during the period. MetLife Investment Advisors LLC acquired a new stake in shares of Banc of California during the fourth quarter worth $385,000. Finally, Westwood Holdings Group Inc. acquired a new stake in shares of Banc of California during the fourth quarter worth $12,484,000.
A number of equities research analysts have recently issued reports on BANC shares. ValuEngine raised Banc of California from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Zacks Investment Research lowered Banc of California from a “hold” rating to a “sell” rating in a research report on Tuesday, April 10th. Piper Jaffray reaffirmed a “buy” rating and set a $25.00 target price on shares of Banc of California in a research report on Thursday, February 8th. B. Riley lowered Banc of California from a “buy” rating to a “neutral” rating and cut their target price for the stock from $25.00 to $20.00 in a research report on Thursday, February 1st. Finally, FIG Partners lowered Banc of California from a “market perform” rating to an “underperform” rating in a research report on Friday, January 26th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $22.00.
Banc of California opened at $18.75 on Friday, MarketBeat reports. The firm has a market cap of $951.17 million, a P/E ratio of 22.87, a price-to-earnings-growth ratio of 2.31 and a beta of 0.88. Banc of California has a 1-year low of $17.10 and a 1-year high of $23.40. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 2.87.
Banc of California (NYSE:BANC) last posted its quarterly earnings results on Friday, April 27th. The bank reported $0.05 earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.11. The firm had revenue of $80.02 million for the quarter, compared to analyst estimates of $78.46 million. Banc of California had a return on equity of 8.37% and a net margin of 11.46%. During the same period in the previous year, the firm earned $0.23 earnings per share. equities research analysts predict that Banc of California will post 0.66 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 2nd. Investors of record on Friday, June 15th will be given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 2.77%. The ex-dividend date of this dividend is Thursday, June 14th. Banc of California’s payout ratio is 63.41%.
Banc of California Company Profile
Banc of California, Inc operates as a bank holding company, which engages in the provision of retail deposits from the general public and invests in commercial, consumer, and real estate secured loans. It operates through the following segments: Commercial Banking, Mortgage Banking, and Corporate and Others.
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