Summit Global Investments acquired a new stake in Banc of California, Inc. (NYSE:BANC – Free Report) during the second quarter, according to its most recent filing with the SEC. The firm acquired 34,583 shares of the bank’s stock, valued at approximately $707,000.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Triumph Capital Management increased its position in Banc of California by 32.8% in the fourth quarter. Triumph Capital Management now owns 2,025 shares of the bank’s stock worth $39,000 after purchasing an additional 500 shares during the period. Crescent Grove Advisors LLC boosted its stake in shares of Banc of California by 0.5% in the 1st quarter. Crescent Grove Advisors LLC now owns 102,275 shares of the bank’s stock valued at $1,810,000 after purchasing an additional 525 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Banc of California by 38.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank’s stock worth $39,000 after buying an additional 564 shares during the period. CIBC Asset Management Inc grew its position in shares of Banc of California by 4.5% during the 4th quarter. CIBC Asset Management Inc now owns 14,652 shares of the bank’s stock worth $283,000 after buying an additional 637 shares during the period. Finally, Maryland State Retirement & Pension System lifted its holdings in Banc of California by 4.2% in the fourth quarter. Maryland State Retirement & Pension System now owns 19,630 shares of the bank’s stock valued at $379,000 after buying an additional 783 shares during the period. 86.88% of the stock is owned by institutional investors and hedge funds.
Insider Activity
In other Banc of California news, insider Olivia I. Lindsay sold 6,000 shares of Banc of California stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $19.50, for a total value of $117,000.00. Following the sale, the insider owned 32,842 shares of the company’s stock, valued at $640,419. This trade represents a 15.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 2.78% of the stock is owned by corporate insiders.
Analysts Set New Price Targets
Get Our Latest Stock Report on Banc of California
Banc of California Stock Performance
Shares of BANC opened at $19.68 on Friday. The firm has a market cap of $3.12 billion, a P/E ratio of -46.85 and a beta of 0.74. Banc of California, Inc. has a twelve month low of $15.33 and a twelve month high of $21.93. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.86 and a current ratio of 0.89. The firm’s 50 day moving average price is $20.17 and its two-hundred day moving average price is $19.21.
Banc of California (NYSE:BANC – Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The bank reported ($1.61) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($2.01). Banc of California had a positive return on equity of 7.98% and a negative net margin of 1.44%.The company had revenue of $16.41 million for the quarter, compared to the consensus estimate of $295.32 million. During the same period in the prior year, the company earned $0.31 EPS. The firm’s revenue was down 94.0% on a year-over-year basis. On average, analysts forecast that Banc of California, Inc. will post 1.68 EPS for the current fiscal year.
Banc of California Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Tuesday, September 15th. Banc of California’s dividend payout ratio is -114.29%.
About Banc of California
Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.
Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.
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