Maltese Capital Management LLC decreased its holdings in Banc of California Inc (NYSE:BANC) by 12.3% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 355,159 shares of the bank’s stock after selling 49,953 shares during the quarter. Maltese Capital Management LLC owned about 0.70% of Banc of California worth $4,962,000 as of its most recent filing with the SEC.
A number of other large investors have also added to or reduced their stakes in BANC. Rhumbline Advisers raised its position in Banc of California by 1.9% in the first quarter. Rhumbline Advisers now owns 127,007 shares of the bank’s stock worth $1,758,000 after acquiring an additional 2,400 shares in the last quarter. Texas Permanent School Fund increased its position in shares of Banc of California by 3.8% in the first quarter. Texas Permanent School Fund now owns 28,958 shares of the bank’s stock valued at $401,000 after buying an additional 1,049 shares in the last quarter. Salzhauer Michael increased its position in shares of Banc of California by 26.3% in the first quarter. Salzhauer Michael now owns 117,176 shares of the bank’s stock valued at $1,621,000 after buying an additional 24,431 shares in the last quarter. State of Wisconsin Investment Board increased its position in shares of Banc of California by 29.7% in the first quarter. State of Wisconsin Investment Board now owns 750,181 shares of the bank’s stock valued at $10,382,000 after buying an additional 171,700 shares in the last quarter. Finally, Marshall Wace North America L.P. purchased a new position in shares of Banc of California in the first quarter valued at $248,000. Hedge funds and other institutional investors own 98.76% of the company’s stock.
A number of brokerages have recently weighed in on BANC. Sandler O’Neill cut Banc of California from a “buy” rating to a “hold” rating in a research report on Wednesday, September 11th. Raymond James cut Banc of California from an “outperform” rating to a “market perform” rating in a research report on Monday, September 16th. Finally, Zacks Investment Research upgraded Banc of California from a “sell” rating to a “hold” rating in a research report on Friday, July 26th. Six investment analysts have rated the stock with a hold rating, The stock presently has an average rating of “Hold” and an average price target of $17.75.
Shares of BANC stock traded up $0.06 during mid-day trading on Monday, reaching $14.14. The stock had a trading volume of 6,680 shares, compared to its average volume of 415,735. Banc of California Inc has a 12-month low of $12.22 and a 12-month high of $19.08. The company has a market cap of $716.39 million, a P/E ratio of 28.84, a price-to-earnings-growth ratio of 1.56 and a beta of 1.34. The business has a 50-day simple moving average of $14.55 and a 200 day simple moving average of $14.26. The company has a current ratio of 1.19, a quick ratio of 1.09 and a debt-to-equity ratio of 2.76.
Banc of California (NYSE:BANC) last announced its quarterly earnings results on Thursday, July 25th. The bank reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.05. Banc of California had a return on equity of 7.94% and a net margin of 10.28%. The business had revenue of $62.49 million during the quarter, compared to analysts’ expectations of $73.09 million. During the same quarter last year, the business posted $0.16 earnings per share. Research analysts anticipate that Banc of California Inc will post 0.82 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.70%. The ex-dividend date of this dividend is Friday, September 13th. Banc of California’s dividend payout ratio is currently 48.98%.
Banc of California Profile
Banc of California, Inc operates as the bank holding company for Banc of California, National Association that provides banking products and services in the United States. The company offers deposit products, including checking, savings, money market, retirement, and interest and noninterest-bearing demand accounts, as well as certificates of deposits.
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