American International Group Inc. reduced its holdings in Banc of California Inc (NYSE:BANC) by 2.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 32,468 shares of the bank’s stock after selling 885 shares during the period. American International Group Inc.’s holdings in Banc of California were worth $449,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of BANC. EJF Capital LLC increased its stake in Banc of California by 96.1% in the 4th quarter. EJF Capital LLC now owns 2,052,893 shares of the bank’s stock valued at $27,324,000 after buying an additional 1,005,854 shares during the last quarter. Shoals Capital Management LP bought a new position in shares of Banc of California in the 4th quarter valued at about $7,653,000. Dimensional Fund Advisors LP grew its position in shares of Banc of California by 16.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,249,267 shares of the bank’s stock valued at $43,248,000 after acquiring an additional 454,576 shares during the period. Pennsylvania Trust Co bought a new position in shares of Banc of California in the 1st quarter valued at about $18,793,000. Finally, BlackRock Inc. grew its position in shares of Banc of California by 3.3% in the 4th quarter. BlackRock Inc. now owns 6,444,776 shares of the bank’s stock valued at $85,781,000 after acquiring an additional 207,050 shares during the period. Hedge funds and other institutional investors own 99.33% of the company’s stock.
A number of research analysts have recently commented on BANC shares. Zacks Investment Research raised shares of Banc of California from a “strong sell” rating to a “hold” rating in a research report on Tuesday, March 26th. DA Davidson downgraded shares of Banc of California from a “buy” rating to a “neutral” rating and set a $17.00 price objective for the company. in a research report on Wednesday, March 6th. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $17.75.
Banc of California (NYSE:BANC) last announced its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.19). Banc of California had a net margin of 9.63% and a return on equity of 7.52%. The firm had revenue of $74.10 million during the quarter, compared to the consensus estimate of $75.56 million. During the same period last year, the business earned $0.06 EPS. On average, research analysts forecast that Banc of California Inc will post 0.68 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Monday, June 17th will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date is Friday, June 14th. Banc of California’s dividend payout ratio (DPR) is presently 106.12%.
About Banc of California
Banc of California, Inc operates as the bank holding company for Banc of California, National Association that provides banking products and services in the United States. The company offers deposit products, including checking, savings, money market, retirement, and interest and noninterest-bearing demand accounts, as well as certificates of deposits.
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