Banc of California Inc. (BANC) Shares Bought by Swiss National Bank
Swiss National Bank raised its position in shares of Banc of California Inc. (NYSE:BANC) by 12.8% during the second quarter, Holdings Channel reports. The fund owned 68,800 shares of the company’s stock after buying an additional 7,800 shares during the period. Swiss National Bank owned 0.14% of Banc of California worth $1,245,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. BlackRock Fund Advisors increased its stake in Banc of California by 198.2% in the first quarter. BlackRock Fund Advisors now owns 2,827,696 shares of the company’s stock worth $49,485,000 after buying an additional 1,879,284 shares in the last quarter. Renaissance Technologies LLC raised its position in Banc of California by 87.3% in the first quarter. Renaissance Technologies LLC now owns 781,200 shares of the company’s stock worth $13,671,000 after buying an additional 364,100 shares during the last quarter. Robeco Institutional Asset Management B.V. bought a new position in Banc of California during the second quarter worth approximately $4,450,000. BlackRock Institutional Trust Company N.A. raised its position in Banc of California by 20.7% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 919,423 shares of the company’s stock worth $16,090,000 after buying an additional 157,612 shares during the last quarter. Finally, Prudential Financial Inc. raised its position in Banc of California by 34.1% in the first quarter. Prudential Financial Inc. now owns 462,069 shares of the company’s stock worth $8,086,000 after buying an additional 117,500 shares during the last quarter. 87.96% of the stock is owned by institutional investors.
Banc of California Inc. (NYSE:BANC) traded up 0.81% during midday trading on Friday, reaching $17.46. The company had a trading volume of 1,215,362 shares. The firm has a 50-day moving average price of $20.89 and a 200-day moving average price of $19.68. Banc of California Inc. has a 52 week low of $12.00 and a 52 week high of $23.24. The company has a market capitalization of $868.20 million, a price-to-earnings ratio of 11.47 and a beta of 0.70.
Banc of California (NYSE:BANC) last released its quarterly earnings data on Thursday, July 21st. The company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.06. Banc of California had a return on equity of 14.90% and a net margin of 14.65%. During the same period in the previous year, the firm posted $0.32 EPS. Analysts expect that Banc of California Inc. will post $1.64 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Thursday, September 15th will be given a $0.12 dividend. The ex-dividend date is Tuesday, September 13th. This represents a $0.48 annualized dividend and a yield of 2.75%. Banc of California’s dividend payout ratio (DPR) is presently 32.65%.
A number of research firms have recently commented on BANC. Zacks Investment Research raised Banc of California from a “sell” rating to a “hold” rating in a report on Monday, July 11th. FBR & Co reaffirmed a “marketperform” rating on shares of Banc of California in a report on Thursday, June 30th. Finally, FIG Partners lowered Banc of California from a “market perform” rating to an “underperform” rating in a report on Wednesday, August 17th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. Banc of California presently has a consensus rating of “Hold” and an average target price of $21.00.
About Banc of California
Banc of California, Inc provides banking services to California’s diverse businesses, entrepreneurs and homeowners. The Bank was formed through the merger of four of Southern California’s community banking franchises. The Bank offers a range of financial services to meet the banking and financial needs of the communities it serves, with operations conducted through over 100 banking offices across California and across the West.
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