Banc of California Inc. (BANC) Stake Lowered by Fisher Asset Management LLC
Fisher Asset Management LLC lowered its position in Banc of California Inc. (NYSE:BANC) by 25.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 168,168 shares of the company’s stock after selling 56,632 shares during the period. Fisher Asset Management LLC owned approximately 0.34% of Banc of California worth $2,936,000 as of its most recent SEC filing.
Several other institutional investors have also modified their holdings of the company. Walleye Trading LLC acquired a new position in shares of Banc of California during the second quarter worth about $102,000. Teacher Retirement System of Texas increased its position in shares of 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 worth $106,000 after buying an additional 1,908 shares during the last quarter. PineBridge Investments L.P. acquired a new position in shares of Banc of California during the second quarter worth about $113,000. Mason Street Advisors LLC acquired a new position in shares of Banc of California during the second quarter worth about $174,000. Finally, Guggenheim Capital LLC acquired a new position in shares of Banc of California during the second quarter worth about $235,000. 95.73% of the stock is currently owned by institutional investors and hedge funds.
Banc of California Inc. (NYSE:BANC) traded down 1.31% during midday trading on Wednesday, reaching $15.10. 1,006,160 shares of the company’s stock traded hands. The company has a market capitalization of $750.97 million, a PE ratio of 8.25 and a beta of 0.84. The firm’s 50 day moving average price is $14.22 and its 200-day moving average price is $18.64. Banc of California Inc. has a 1-year low of $10.93 and a 1-year high of $23.24.
Banc of California (NYSE:BANC) last released its quarterly earnings data on Wednesday, October 19th. The company reported $0.59 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.17. Banc of California had a return on equity of 16.93% and a net margin of 16.74%. During the same quarter last year, the company posted $0.29 earnings per share. Equities analysts expect that Banc of California Inc. will post $1.86 EPS for the current year.
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A number of brokerages have recently issued reports on BANC. Wells Fargo & Co. reaffirmed an “outperform” rating on shares of Banc of California in a research report on Friday, October 21st. FIG Partners downgraded Banc of California from a “market perform” rating to an “underperform” rating in a research report on Wednesday, August 17th. FBR & Co set a $20.00 target price on Banc of California and gave the company a “hold” rating in a research report on Tuesday, October 18th. Finally, DA Davidson raised Banc of California from a “neutral” rating to a “buy” rating and set a $20.00 target price on the stock in a research report on Thursday, October 20th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. Banc of California has an average rating of “Hold” and an average target price of $20.00.
In other Banc of California news, insider Jeffrey T. Seabold sold 39,919 shares of Banc of California stock in a transaction dated Friday, September 30th. The stock was sold at an average price of $17.63, for a total transaction of $703,771.97. Following the completion of the transaction, the insider now owns 241,841 shares in the company, valued at approximately $4,263,656.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 6.13% of the company’s stock.
Banc of California Company Profile
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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