Banc of California Inc. (BANC) Shares Sold by BNP Paribas Arbitrage SA
BNP Paribas Arbitrage SA lowered its position in Banc of California Inc. (NYSE:BANC) by 55.5% during the third quarter, Holdings Channel reports. The fund owned 6,810 shares of the company’s stock after selling 8,503 shares during the period. BNP Paribas Arbitrage SA’s holdings in Banc of California were worth $119,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently bought and sold shares of the company. Texas Permanent School Fund purchased a new stake in Banc of California during the first quarter worth approximately $627,000. Prudential Financial Inc. increased 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 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 during the last quarter. BlackRock Institutional Trust Company N.A. increased 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. Finally, JPMorgan Chase & Co. increased its stake in Banc of California by 3.9% in the first quarter. JPMorgan Chase & Co. now owns 868,863 shares of the company’s stock worth $15,205,000 after buying an additional 32,863 shares during the last quarter. Institutional investors own 87.96% of the company’s stock.
Banc of California Inc. (NYSE:BANC) opened at 16.61 on Friday. Banc of California Inc. has a 52-week low of $12.11 and a 52-week high of $23.24. The company’s 50-day moving average price is $19.68 and its 200 day moving average price is $19.75. The stock has a market capitalization of $825.93 million, a P/E ratio of 10.91 and a beta of 0.75.
Banc of California (NYSE:BANC) last posted its earnings results on Thursday, July 21st. The company reported $0.46 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 company posted $0.32 EPS. On average, equities research analysts anticipate that Banc of California Inc. will post $1.64 earnings per share for the current year.
The firm 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. This represents a $0.48 annualized dividend and a yield of 2.89%. The ex-dividend date was Tuesday, September 13th. Banc of California’s dividend payout ratio is currently 32.65%.
Several analysts have recently issued reports on BANC shares. FBR & Co started coverage on Banc of California in a research report on Friday, July 1st. They issued a “market perform” rating and a $20.00 price objective on the stock. Zacks Investment Research downgraded Banc of California from a “buy” rating to a “hold” rating in a research report on Friday, July 1st. Finally, FIG Partners downgraded Banc of California from a “market perform” rating to an “underperform” rating in a research report on Wednesday, August 17th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. Banc of California presently has a consensus rating of “Hold” and a consensus target price of $21.00.
In related news, insider Jeffrey T. Seabold sold 39,919 shares of the firm’s stock in a transaction that occurred on Friday, September 30th. The stock was sold at an average price of $17.63, for a total value of $703,771.97. Following the sale, the insider now directly owns 241,841 shares in the company, valued at approximately $4,263,656.83. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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.
Want to see what other hedge funds are holding BANC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Banc of California Inc. (NYSE:BANC).
Receive News & Ratings for Banc of California Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Banc of California Inc. and related companies with MarketBeat.com's FREE daily email newsletter.