State of New Jersey Common Pension Fund D Takes Position in Banc of California, Inc. (NYSE:BANC)

State of New Jersey Common Pension Fund D purchased a new stake in Banc of California, Inc. (NYSE:BANC – Get Rating) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 138,628 shares of the bank’s stock, valued at approximately $2,214,000. State of New Jersey Common Pension Fund D owned about 0.23% of Banc of California as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. JPMorgan Chase & Co. lifted its stake in Banc of California by 43.0% during the 1st quarter. JPMorgan Chase & Co. now owns 227,875 shares of the bank’s stock worth $4,412,000 after acquiring an additional 68,518 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Banc of California by 1.5% during the 1st quarter. Bank of New York Mellon Corp now owns 583,011 shares of the bank’s stock worth $11,286,000 after acquiring an additional 8,380 shares in the last quarter. American Century Companies Inc. lifted its stake in Banc of California by 51.3% during the 1st quarter. American Century Companies Inc. now owns 34,077 shares of the bank’s stock worth $660,000 after acquiring an additional 11,557 shares in the last quarter. Cambridge Investment Research Advisors Inc. acquired a new position in Banc of California during the 1st quarter worth about $225,000. Finally, Citigroup Inc. lifted its stake in Banc of California by 12.3% during the 1st quarter. Citigroup Inc. now owns 47,942 shares of the bank’s stock worth $928,000 after acquiring an additional 5,255 shares in the last quarter. Institutional investors and hedge funds own 92.54% of the company’s stock.

Analyst Upgrades and Downgrades

BANC has been the topic of several research reports. StockNews.com lowered Banc of California from a “buy” rating to a “hold” rating in a research note on Tuesday, January 10th. Wells Fargo & Company cut their price target on Banc of California from $22.00 to $20.00 and set an “overweight” rating on the stock in a report on Thursday, December 15th. Finally, Stephens upped their price target on Banc of California from $17.00 to $19.00 in a report on Monday, November 28th. Three analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $20.75.

Banc of California Price Performance

Shares of NYSE BANC opened at $17.21 on Wednesday. Banc of California, Inc. has a 1-year low of $14.86 and a 1-year high of $22.01. The company has a market cap of $1.04 billion, a price-to-earnings ratio of 10.82 and a beta of 1.23. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.01 and a quick ratio of 1.01. The stock’s 50-day moving average is $16.34 and its two-hundred day moving average is $16.87.

Banc of California (NYSE:BANC – Get Rating) last released its quarterly earnings data on Thursday, October 20th. The bank reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.05). Banc of California had a net margin of 28.13% and a return on equity of 12.31%. The business had revenue of $85.09 million during the quarter, compared to analysts’ expectations of $88.73 million. Analysts forecast that Banc of California, Inc. will post 1.97 EPS for the current fiscal year.

Banc of California Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 3rd. Stockholders of record on Thursday, December 15th were issued a $0.06 dividend. The ex-dividend date was Wednesday, December 14th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.39%. Banc of California’s payout ratio is currently 15.09%.

Banc of California Company Profile

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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-bearing and noninterest-bearing demand accounts, as well as certificate of deposits.