Deprince Race & Zollo Inc. Has $4,507,000 Position in Banc of California Inc. (BANC)
Deprince Race & Zollo Inc. lowered its stake in shares of Banc of California Inc. (NYSE:BANC) by 34.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 248,986 shares of the company’s stock after selling 129,459 shares during the period. Deprince Race & Zollo Inc.’s holdings in Banc of California were worth $4,507,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently added to or reduced their stakes in BANC. Texas Permanent School Fund acquired a new stake in Banc of California during the first quarter worth $627,000. Virginia Retirement System acquired a new stake in Banc of California during the first quarter worth $1,328,000. Prudential Financial Inc. raised its stake 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. BlackRock Fund Advisors raised 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 during the last quarter. Finally, BlackRock Institutional Trust Company N.A. raised its stake 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. Institutional investors own 87.96% of the company’s stock.
Shares of Banc of California Inc. (NYSE:BANC) traded up 0.17% during midday trading on Thursday, reaching $17.71. The company had a trading volume of 357,667 shares. Banc of California Inc. has a 52 week low of $12.00 and a 52 week high of $23.24. The company’s 50 day moving average price is $20.44 and its 200-day moving average price is $19.74. The company has a market capitalization of $880.63 million, a P/E ratio of 11.64 and a beta of 0.75.
Banc of California (NYSE:BANC) last announced its earnings results on Thursday, July 21st. The company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 earnings per share. On average, equities research analysts predict that Banc of California Inc. will post $1.64 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Thursday, September 15th were given a $0.12 dividend. The ex-dividend date was Tuesday, September 13th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.71%. Banc of California’s dividend payout ratio (DPR) is presently 32.65%.
BANC has been the topic of a number of recent analyst reports. FBR & Co began coverage on Banc of California in a research note on Friday, July 1st. They issued a “market perform” rating and a $20.00 target price on the stock. Zacks Investment Research lowered Banc of California from a “buy” rating to a “hold” rating in a research note on Friday, July 1st. Finally, FIG Partners lowered Banc of California from a “market perform” rating to an “underperform” rating in a research note on Wednesday, August 17th. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $21.00.
In related news, insider Jeffrey T. Seabold sold 39,919 shares of the company’s stock in a transaction dated Friday, September 30th. The stock was sold at an average price of $17.63, for a total value of $703,771.97. Following the completion of the sale, the insider now directly owns 241,841 shares of the company’s stock, valued at approximately $4,263,656.83. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 6.13% of the stock is owned by corporate insiders.
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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