Westwood Holdings Group Inc. bought a new stake in Banc of California Inc (NYSE:BANC) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 604,575 shares of the bank’s stock, valued at approximately $12,484,000. Westwood Holdings Group Inc. owned 1.20% of Banc of California as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of BANC. Channing Capital Management LLC increased its stake in Banc of California by 24.1% in the fourth quarter. Channing Capital Management LLC now owns 2,906,672 shares of the bank’s stock valued at $60,023,000 after acquiring an additional 564,190 shares during the period. Maltese Capital Management LLC increased its stake in Banc of California by 171.4% in the third quarter. Maltese Capital Management LLC now owns 760,000 shares of the bank’s stock valued at $15,770,000 after acquiring an additional 480,000 shares during the period. American Century Companies Inc. bought a new stake in Banc of California in the fourth quarter valued at about $6,419,000. Kennedy Capital Management Inc. increased its stake in Banc of California by 96.3% in the fourth quarter. Kennedy Capital Management Inc. now owns 546,913 shares of the bank’s stock valued at $11,294,000 after acquiring an additional 268,278 shares during the period. Finally, EJF Capital LLC increased its stake in Banc of California by 19.5% in the third quarter. EJF Capital LLC now owns 1,225,000 shares of the bank’s stock valued at $25,419,000 after acquiring an additional 200,000 shares during the period.
In related news, insider John A. Bogler purchased 20,000 shares of the firm’s stock in a transaction dated Thursday, February 1st. The shares were acquired at an average cost of $19.30 per share, with a total value of $386,000.00. Following the completion of the purchase, the insider now directly owns 37,500 shares of the company’s stock, valued at $723,750. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 16.89% of the stock is owned by corporate insiders.
Banc of California (NYSE:BANC) last issued its quarterly earnings data on Thursday, January 25th. The bank reported $0.30 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.23 by $0.07. The firm had revenue of $78.87 million for the quarter, compared to analysts’ expectations of $84.02 million. Banc of California had a net margin of 13.28% and a return on equity of 9.93%. The company’s quarterly revenue was down 31.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.54 earnings per share. sell-side analysts predict that Banc of California Inc will post 0.88 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 2nd. Shareholders of record on Thursday, March 15th will be paid a dividend of $0.13 per share. The ex-dividend date is Wednesday, March 14th. This represents a $0.52 annualized dividend and a yield of 2.58%. Banc of California’s dividend payout ratio is 72.22%.
Several brokerages have weighed in on BANC. B. Riley cut shares of Banc of California from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $25.00 to $20.00 in a research note on Thursday, February 1st. Zacks Investment Research cut shares of Banc of California from a “strong-buy” rating to a “sell” rating in a research note on Tuesday, January 30th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $25.00 price objective on shares of Banc of California in a research note on Thursday, February 8th. ValuEngine raised shares of Banc of California from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Finally, FIG Partners cut shares of Banc of California from a “market perform” rating to an “underperform” rating in a research note on Friday, January 26th. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. Banc of California has a consensus rating of “Hold” and an average price target of $22.60.
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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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