Bank of New York Mellon Corp Sells 392,119 Shares of Banc of California, Inc. (NYSE:BANC)

Bank of New York Mellon Corp decreased its position in Banc of California, Inc. (NYSE:BANC - Free Report) by 26.1% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 1,108,848 shares of the bank's stock after selling 392,119 shares during the quarter. Bank of New York Mellon Corp owned 0.70% of Banc of California worth $17,143,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Basswood Capital Management L.L.C. grew its holdings in Banc of California by 589.8% during the 3rd quarter. Basswood Capital Management L.L.C. now owns 1,732,894 shares of the bank's stock worth $25,526,000 after acquiring an additional 1,481,692 shares during the last quarter. Wellington Management Group LLP bought a new stake in Banc of California during the 3rd quarter worth about $21,207,000. Verition Fund Management LLC grew its holdings in Banc of California by 93.2% during the 3rd quarter. Verition Fund Management LLC now owns 2,476,387 shares of the bank's stock worth $36,477,000 after acquiring an additional 1,194,839 shares during the last quarter. Azora Capital LP bought a new stake in Banc of California during the 3rd quarter worth about $12,494,000. Finally, New York State Common Retirement Fund grew its holdings in Banc of California by 1,159.7% during the 4th quarter. New York State Common Retirement Fund now owns 479,912 shares of the bank's stock worth $7,419,000 after acquiring an additional 441,814 shares during the last quarter. Institutional investors own 86.88% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods raised their target price on shares of Banc of California from $17.50 to $20.00 and gave the company an "outperform" rating in a research note on Wednesday, December 4th. Raymond James lifted their price target on shares of Banc of California from $17.00 to $18.00 and gave the stock an "outperform" rating in a research report on Friday, January 24th. Barclays lowered their price target on shares of Banc of California from $20.00 to $19.00 and set an "overweight" rating for the company in a research report on Friday, January 24th. Stephens lowered their price target on shares of Banc of California from $18.00 to $17.00 and set an "equal weight" rating for the company in a research report on Monday, January 27th. Finally, JPMorgan Chase & Co. started coverage on shares of Banc of California in a research report on Friday, February 7th. They set a "neutral" rating and a $18.00 price target for the company. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $18.18.

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Banc of California Trading Up 3.0 %

NYSE:BANC opened at $13.33 on Wednesday. Banc of California, Inc. has a fifty-two week low of $11.88 and a fifty-two week high of $18.08. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.90 and a quick ratio of 0.89. The stock has a market capitalization of $2.12 billion, a PE ratio of 23.81 and a beta of 1.18. The business's 50-day simple moving average is $15.45 and its 200-day simple moving average is $15.42.

Banc of California (NYSE:BANC - Get Free Report) last released its quarterly earnings data on Thursday, January 23rd. The bank reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.05. Banc of California had a return on equity of 6.20% and a net margin of 7.06%. Sell-side analysts expect that Banc of California, Inc. will post 1.31 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 3.00%. The ex-dividend date is Friday, March 14th. Banc of California's dividend payout ratio is presently 71.43%.

Banc of California Company Profile

Banc of California, Inc operates as the bank holding company for Banc of California that provides various banking products and services in California. The company offers deposit products, such as checking, savings, money market, demand, and time deposits; certificates of deposit; retirement accounts; and safe deposit boxes.

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