First Manhattan Co. continued to hold its position in shares of Banc of California, Inc. (NYSE:BANC) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,744 shares of the bank’s stock at the end of the second quarter. First Manhattan Co. owned approximately 0.05% of Banc of California worth $510,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in the company. Searle & CO. bought a new stake in Banc of California during the second quarter valued at approximately $686,000. First Mercantile Trust Co. bought a new stake in Banc of California during the first quarter valued at approximately $304,000. EJF Capital LLC bought a new stake in Banc of California during the first quarter valued at approximately $21,011,000. Great Lakes Advisors LLC bought a new stake in Banc of California during the first quarter valued at approximately $1,839,000. Finally, Swiss National Bank raised its stake in shares of Banc of California by 4.5% in the first quarter. Swiss National Bank now owns 69,300 shares of the bank’s stock valued at $1,435,000 after buying an additional 3,000 shares during the last quarter.
Shares of Banc of California, Inc. (BANC) traded down 0.27% during mid-day trading on Friday, hitting $18.50. 868,436 shares of the stock were exchanged. The stock has a market capitalization of $885.15 million, a price-to-earnings ratio of 12.37 and a beta of 0.97. Banc of California, Inc. has a 52 week low of $10.93 and a 52 week high of $23.25. The stock’s 50-day moving average is $20.39 and its 200-day moving average is $20.47.
Banc of California (NYSE:BANC) last posted its earnings results on Wednesday, July 26th. The bank reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by $0.04. Banc of California had a net margin of 17.12% and a return on equity of 14.44%. The company had revenue of $81.21 million during the quarter, compared to analysts’ expectations of $97.94 million. During the same quarter last year, the firm earned $0.46 EPS. Analysts forecast that Banc of California, Inc. will post $0.76 earnings per share for the current fiscal year.
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Several brokerages have issued reports on BANC. BidaskClub lowered shares of Banc of California from a “hold” rating to a “sell” rating in a research note on Friday, August 11th. Zacks Investment Research lowered shares of Banc of California from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. Keefe, Bruyette & Woods set a $22.00 price target on shares of Banc of California and gave the company a “hold” rating in a research note on Thursday, July 6th. ValuEngine lowered shares of Banc of California from a “buy” rating to a “hold” rating in a research note on Friday, July 14th. Finally, FBR & Co cut their price objective on shares of Banc of California from $25.00 to $24.00 and set an “outperform” rating for the company in a report on Thursday, May 4th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $22.50.
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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