Salzhauer Michael lessened its stake in Banc of California Inc (NYSE:BANC) by 15.6% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 30,286 shares of the bank’s stock after selling 5,614 shares during the quarter. Salzhauer Michael owned 0.06% of Banc of California worth $625,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in BANC. Channing Capital Management LLC acquired a new position in Banc of California in the 3rd quarter valued at approximately $48,607,000. Maltese Capital Management LLC increased its stake in Banc of California by 171.4% in the 3rd quarter. Maltese Capital Management LLC now owns 760,000 shares of the bank’s stock valued at $15,770,000 after buying an additional 480,000 shares during the period. State Street Corp increased its stake in shares of Banc of California by 13.5% during the 2nd quarter. State Street Corp now owns 3,345,022 shares of the bank’s stock worth $71,920,000 after purchasing an additional 397,611 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of Banc of California by 35.0% during the 3rd quarter. Victory Capital Management Inc. now owns 1,505,510 shares of the bank’s stock worth $31,240,000 after purchasing an additional 389,914 shares during the last quarter. Finally, Hennessy Advisors Inc. acquired a new position in shares of Banc of California during the 3rd quarter worth $7,989,000.
Banc of California Inc (NYSE BANC) opened at $21.30 on Wednesday. The company has a debt-to-equity ratio of 2.51, a quick ratio of 0.95 and a current ratio of 0.96. The company has a market cap of $1,051.26, a price-to-earnings ratio of 20.34, a PEG ratio of 1.92 and a beta of 0.91. Banc of California Inc has a 12 month low of $17.10 and a 12 month high of $23.40.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 2nd. Investors of record on Thursday, March 15th will be issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 2.44%. The ex-dividend date of this dividend is Wednesday, March 14th. Banc of California’s dividend payout ratio is currently 72.22%.
Several brokerages have recently commented on BANC. Piper Jaffray Companies restated a “buy” rating and set a $25.00 price target on shares of Banc of California in a research note on Thursday, February 8th. ValuEngine upgraded shares of Banc of California from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. FIG Partners lowered shares of Banc of California from a “market perform” rating to an “underperform” rating in a research note on Friday, January 26th. Zacks Investment Research lowered shares of Banc of California from a “strong-buy” rating to a “sell” rating in a research note on Tuesday, January 30th. Finally, B. Riley lowered shares of Banc of California from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $25.00 to $20.00 in a research note on Thursday, February 1st. Three analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. Banc of California currently has a consensus rating of “Hold” and a consensus price target of $22.60.
In other news, insider John A. Bogler acquired 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The stock was acquired at an average cost of $19.30 per share, with a total value of $386,000.00. Following the acquisition, the insider now owns 37,500 shares in the company, valued at $723,750. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 16.89% of the stock is currently owned by corporate insiders.
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Banc of California Company Profile
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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