PineBridge Investments L.P. Takes Position in Banc of California Inc. (BANC)
PineBridge Investments L.P. acquired a new stake in shares of Banc of California Inc. (NYSE:BANC) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 6,229 shares of the company’s stock, valued at approximately $113,000.
Several other institutional investors have also recently added to or reduced their stakes in BANC. Teacher Retirement System of Texas raised its position in Banc of California by 48.2% in the second quarter. Teacher Retirement System of Texas now owns 5,864 shares of the company’s stock valued at $106,000 after buying an additional 1,908 shares during the period. Legal & General Group Plc raised its position in Banc of California by 17.7% in the first quarter. Legal & General Group Plc now owns 6,731 shares of the company’s stock valued at $116,000 after buying an additional 1,012 shares during the period. Capstone Asset Management Co. bought a new position in Banc of California during the second quarter valued at approximately $240,000. Hilton Capital Management LLC bought a new position in Banc of California during the second quarter valued at approximately $257,000. Finally, BNP Paribas Arbitrage SA raised its position in Banc of California by 124.0% in the second quarter. BNP Paribas Arbitrage SA now owns 15,313 shares of the company’s stock valued at $277,000 after buying an additional 8,478 shares during the period. 87.96% of the stock is currently owned by institutional investors and hedge funds.
Shares of Banc of California Inc. (NYSE:BANC) opened at 17.68 on Thursday. The stock has a 50 day moving average price of $20.44 and a 200-day moving average price of $19.74. Banc of California Inc. has a one year low of $12.00 and a one year high of $23.24. The company has a market capitalization of $879.14 million, a P/E ratio of 11.62 and a beta of 0.75.
Banc of California (NYSE:BANC) last issued its earnings results on Thursday, July 21st. The company reported $0.46 earnings per share for the quarter, topping 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 last year, the company posted $0.32 EPS. 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. Shareholders of record on Thursday, September 15th were given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 2.71%. The ex-dividend date was Tuesday, September 13th. Banc of California’s payout ratio is currently 32.65%.
Several equities analysts recently commented on the company. FBR & Co reissued a “hold” rating on shares of Banc of California in a research report on Thursday, September 22nd. FIG Partners downgraded Banc of California from a “market perform” rating to an “underperform” rating in a report on Wednesday, August 17th. Finally, Zacks Investment Research upgraded Banc of California from a “sell” rating to a “hold” rating in a report on Monday, July 25th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $21.00.
In other Banc of California 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 transaction, 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 is accessible through the SEC website. 6.13% of the stock is owned by company 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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