Russell Investments Group Ltd. reduced its stake in shares of Banc of California, Inc. (NYSE:BANC - Free Report) by 16.8% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 265,537 shares of the bank's stock after selling 53,712 shares during the period. Russell Investments Group Ltd. owned 0.17% of Banc of California worth $4,105,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also modified their holdings of the company. SBI Securities Co. Ltd. acquired a new position in Banc of California in the 4th quarter worth about $36,000. Swiss National Bank raised its position in Banc of California by 0.9% during the fourth quarter. Swiss National Bank now owns 280,214 shares of the bank's stock valued at $4,332,000 after acquiring an additional 2,600 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Banc of California by 1.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,252,528 shares of the bank's stock valued at $19,364,000 after acquiring an additional 19,076 shares in the last quarter. Proficio Capital Partners LLC acquired a new stake in Banc of California in the fourth quarter valued at approximately $360,000. Finally, Sei Investments Co. grew its position in Banc of California by 9.3% in the fourth quarter. Sei Investments Co. now owns 637,423 shares of the bank's stock worth $9,855,000 after acquiring an additional 54,238 shares in the last quarter. 86.88% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several equities research analysts recently weighed in on BANC shares. StockNews.com upgraded Banc of California from a "sell" rating to a "hold" rating in a report on Friday, January 24th. Barclays reduced their target price on shares of Banc of California from $19.00 to $18.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. JPMorgan Chase & Co. initiated coverage on shares of Banc of California in a report on Friday, February 7th. They issued a "neutral" rating and a $18.00 price target on the stock. Stephens decreased their target price on shares of Banc of California from $18.00 to $17.00 and set an "equal weight" rating on the stock in a research report on Monday, January 27th. Finally, Raymond James increased 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. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $17.73.
Read Our Latest Research Report on BANC
Banc of California Price Performance
Shares of NYSE:BANC traded up $0.22 during midday trading on Friday, reaching $13.19. The company's stock had a trading volume of 2,775,006 shares, compared to its average volume of 2,356,334. Banc of California, Inc. has a fifty-two week low of $11.52 and a fifty-two week high of $18.08. The company has a market capitalization of $2.09 billion, a P/E ratio of 23.55 and a beta of 0.85. 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 business's fifty day simple moving average is $13.98 and its 200-day simple moving average is $15.20.
Banc of California (NYSE:BANC - Get Free Report) last released its earnings results on Thursday, January 23rd. The bank reported $0.28 earnings per share for the quarter, topping analysts' consensus estimates of $0.23 by $0.05. Banc of California had a return on equity of 6.20% and a net margin of 7.06%. As a group, equities research analysts expect that Banc of California, Inc. will post 1.31 EPS for the current fiscal year.
Banc of California Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were issued a $0.10 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.40 annualized dividend and a yield of 3.03%. Banc of California's dividend payout ratio is currently 71.43%.
About Banc of California
(
Free Report)
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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