Oppenheimer Asset Management Inc. Has $129,000 Position in Banc of California, Inc. (BANC)
Oppenheimer Asset Management Inc. boosted its position in Banc of California, Inc. (NYSE:BANC) by 13.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,991 shares of the bank’s stock after acquiring an additional 718 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Banc of California were worth $129,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of the stock. BlackRock Inc. raised its holdings in Banc of California by 48,720.8% in the first quarter. BlackRock Inc. now owns 6,494,627 shares of the bank’s stock valued at $134,438,000 after acquiring an additional 6,481,324 shares in the last quarter. State Street Corp raised its holdings in Banc of California by 3.6% in the first quarter. State Street Corp now owns 2,947,411 shares of the bank’s stock valued at $61,012,000 after acquiring an additional 102,282 shares in the last quarter. Wellington Management Group LLP raised its holdings in Banc of California by 939.7% in the first quarter. Wellington Management Group LLP now owns 1,915,231 shares of the bank’s stock valued at $39,645,000 after acquiring an additional 1,731,026 shares in the last quarter. Victory Capital Management Inc. raised its holdings in Banc of California by 39.0% in the second quarter. Victory Capital Management Inc. now owns 1,115,596 shares of the bank’s stock valued at $23,985,000 after acquiring an additional 312,947 shares in the last quarter. Finally, EJF Capital LLC acquired a new stake in Banc of California in the first quarter valued at approximately $21,011,000.
Banc of California, Inc. (NYSE:BANC) opened at 19.75 on Friday. Banc of California, Inc. has a 52 week low of $10.93 and a 52 week high of $23.25. The stock has a market capitalization of $944.96 million, a price-to-earnings ratio of 13.21 and a beta of 0.97. The firm has a 50-day moving average of $19.05 and a 200 day moving average of $20.46.
Banc of California (NYSE:BANC) last announced its earnings results on Wednesday, July 26th. The bank reported $0.20 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.24 by ($0.04). Banc of California had a net margin of 17.12% and a return on equity of 14.44%. The business had revenue of $81.21 million during the quarter, compared to analyst estimates of $97.94 million. During the same period in the previous year, the company earned $0.46 earnings per share. On average, analysts anticipate that Banc of California, Inc. will post $0.77 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 15th will be given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.63%. The ex-dividend date of this dividend is Thursday, September 14th. Banc of California’s payout ratio is 34.67%.
Several analysts recently weighed in on the stock. BidaskClub raised shares of Banc of California from a “strong sell” rating to a “sell” rating in a report on Thursday, September 14th. ValuEngine raised shares of Banc of California from a “hold” rating to a “buy” rating in a report on Tuesday, September 12th. Keefe, Bruyette & Woods set a $20.00 target price on shares of Banc of California and gave the company a “hold” rating in a report on Monday, August 28th. Finally, Zacks Investment Research cut shares of Banc of California from a “hold” rating to a “sell” rating in a report on Monday, July 31st. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $22.00.
In other Banc of California news, CEO Douglas H. Bowers bought 57,000 shares of the business’s stock in a transaction on Thursday, September 7th. The shares were bought at an average cost of $17.56 per share, with a total value of $1,000,920.00. Following the transaction, the chief executive officer now directly owns 92,000 shares in the company, valued at approximately $1,615,520. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 16.89% of the company’s stock.
About Banc of California
Banc of California, Inc is a financial holding company. The Company is the parent of Banc of California, National Association (the Bank). The Company operates through Commercial Banking; Mortgage Banking, and Corporate/Other segments. As of December 31, 2016, the Bank had 90 California banking locations, including 39 full service branches in San Diego, Orange, Santa Barbara, and Los Angeles Counties.
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.