Boston Advisors LLC increased its stake in Banc of California, Inc. (NYSE:BANC) by 17.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 187,520 shares of the bank’s stock after buying an additional 27,980 shares during the period. Boston Advisors LLC owned about 0.40% of Banc of California worth $4,032,000 at the end of the most recent quarter.
Other hedge funds also recently added to or reduced their stakes in the company. Searle & CO. bought a new stake in Banc of California during the second quarter valued at $686,000. First Mercantile Trust Co. bought a new stake in Banc of California during the first quarter valued at $304,000. EJF Capital LLC bought a new stake in Banc of California during the first quarter valued at $21,011,000. Great Lakes Advisors LLC bought a new stake in Banc of California during the first quarter valued at $1,839,000. Finally, Swiss National Bank increased its stake in 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 in the last quarter.
Banc of California, Inc. (BANC) traded down 0.27% during mid-day trading on Friday, hitting $18.50. 868,436 shares of the stock traded hands. Banc of California, Inc. has a 12-month low of $10.93 and a 12-month high of $23.25. The stock has a market cap of $885.15 million, a PE ratio of 12.37 and a beta of 0.97. The company has a 50 day moving average of $20.39 and a 200-day moving average of $20.47.
Banc of California (NYSE:BANC) last announced its earnings results on Wednesday, July 26th. The bank reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by $0.04. The business had revenue of $81.21 million for the quarter, compared to analysts’ expectations of $97.94 million. Banc of California had a return on equity of 14.44% and a net margin of 17.12%. During the same quarter last year, the business posted $0.46 earnings per share. Equities research analysts forecast that Banc of California, Inc. will post $0.76 earnings per share for the current year.
Several analysts have weighed in on BANC shares. Keefe, Bruyette & Woods downgraded shares of Banc of California from an “outperform” rating to a “market perform” rating and set a $22.00 target price on the stock. in a research report on Thursday, May 4th. ValuEngine downgraded shares of Banc of California from a “buy” rating to a “hold” rating in a research report on Friday, July 14th. Zacks Investment Research downgraded shares of Banc of California from a “buy” rating to a “hold” rating in a research report on Wednesday, July 12th. FBR & Co dropped their target price on shares of Banc of California from $25.00 to $24.00 and set an “outperform” rating on the stock in a research report on Thursday, May 4th. Finally, BidaskClub raised shares of Banc of California from a “hold” rating to a “buy” rating in a research report on Tuesday, June 13th. Two 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’s stock. The stock has an average rating of “Hold” and an average price target 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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