Municipal Employees Retirement System of Michigan Boosts Position in Banc of California, Inc. (BANC)
Municipal Employees Retirement System of Michigan increased its position in shares of Banc of California, Inc. (NYSE:BANC) by 24.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,980 shares of the bank’s stock after acquiring an additional 4,290 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Banc of California were worth $456,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. New York State Common Retirement Fund grew its stake in Banc of California by 46.5% during the 3rd quarter. New York State Common Retirement Fund now owns 450,924 shares of the bank’s stock worth $9,357,000 after buying an additional 143,053 shares during the last quarter. BNP Paribas Arbitrage SA grew its stake in shares of Banc of California by 158.3% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 36,018 shares of the bank’s stock valued at $747,000 after purchasing an additional 22,074 shares during the last quarter. Hennessy Advisors Inc. purchased a new position in shares of Banc of California in the 3rd quarter valued at approximately $7,989,000. Investment Counselors of Maryland LLC grew its stake in shares of Banc of California by 57.0% in the 3rd quarter. Investment Counselors of Maryland LLC now owns 718,095 shares of the bank’s stock valued at $14,900,000 after purchasing an additional 260,695 shares during the last quarter. Finally, IndexIQ Advisors LLC grew its stake in shares of Banc of California by 83.1% in the 3rd quarter. IndexIQ Advisors LLC now owns 41,871 shares of the bank’s stock valued at $869,000 after purchasing an additional 19,000 shares during the last quarter.
Banc of California, Inc. (BANC) opened at $21.55 on Thursday. Banc of California, Inc. has a 12 month low of $14.40 and a 12 month high of $23.40. The firm has a market capitalization of $1,111.79, a P/E ratio of 17.46, a price-to-earnings-growth ratio of 2.02 and a beta of 0.97. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 2.21.
Banc of California (NYSE:BANC) last posted its quarterly earnings results on Thursday, October 26th. The bank reported $0.23 EPS for the quarter, beating the consensus estimate of $0.19 by $0.04. The business had revenue of $93.40 million during the quarter, compared to analysts’ expectations of $84.24 million. Banc of California had a return on equity of 11.78% and a net margin of 15.48%. During the same period last year, the firm earned $0.59 EPS. equities research analysts predict that Banc of California, Inc. will post 0.88 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 15th will be issued a $0.13 dividend. The ex-dividend date is Thursday, December 14th. This represents a $0.52 annualized dividend and a dividend yield of 2.41%. Banc of California’s dividend payout ratio is currently 45.61%.
Several research analysts have weighed in on BANC shares. ValuEngine downgraded Banc of California from a “strong-buy” rating to a “buy” rating in a research note on Friday, December 1st. FBR & Co reiterated a “buy” rating and issued a $24.00 target price on shares of Banc of California in a research note on Thursday, October 26th. Keefe, Bruyette & Woods set a $20.00 target price on Banc of California and gave the company a “hold” rating in a research note on Monday, August 28th. Zacks Investment Research upgraded Banc of California from a “strong sell” rating to a “hold” rating in a research note on Monday, October 9th. Finally, BidaskClub upgraded Banc of California from a “sell” rating to a “hold” rating in a research note on Thursday, September 28th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $22.67.
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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.
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