Bank of New York Mellon Corp Sells 13,538 Shares of Banc of California, Inc. (NYSE:BANC)

Bank of New York Mellon Corp decreased its holdings in shares of Banc of California, Inc. (NYSE:BANC) by 2.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 567,973 shares of the bank’s stock after selling 13,538 shares during the quarter. Bank of New York Mellon Corp owned about 0.96% of Banc of California worth $7,117,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in BANC. Quantbot Technologies LP lifted its holdings in shares of Banc of California by 158.3% in the second quarter. Quantbot Technologies LP now owns 3,100 shares of the bank’s stock worth $54,000 after buying an additional 1,900 shares in the last quarter. Point72 Middle East FZE bought a new position in Banc of California in the 4th quarter valued at $54,000. Captrust Financial Advisors boosted its holdings in Banc of California by 63.5% in the 1st quarter. Captrust Financial Advisors now owns 3,663 shares of the bank’s stock valued at $71,000 after purchasing an additional 1,423 shares during the period. Advisor Group Holdings Inc. grew its position in shares of Banc of California by 14.9% during the 4th quarter. Advisor Group Holdings Inc. now owns 7,649 shares of the bank’s stock valued at $122,000 after purchasing an additional 994 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Banc of California by 42.5% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,230 shares of the bank’s stock worth $128,000 after buying an additional 3,053 shares in the last quarter. Hedge funds and other institutional investors own 88.55% of the company’s stock.

Banc of California Stock Up 2.7 %

Shares of BANC opened at $12.87 on Tuesday. The firm has a market cap of $739.12 million, a P/E ratio of 9.13 and a beta of 1.28. Banc of California, Inc. has a 1 year low of $9.72 and a 1 year high of $18.26. The stock has a 50 day simple moving average of $12.76 and a two-hundred day simple moving average of $12.81. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.05 and a quick ratio of 1.05.

Banc of California (NYSE:BANC) last released its earnings results on Tuesday, July 25th. The bank reported $0.32 EPS for the quarter, beating the consensus estimate of $0.31 by $0.01. The company had revenue of $75.66 million for the quarter, compared to analyst estimates of $76.23 million. Banc of California had a net margin of 19.01% and a return on equity of 9.78%. On average, analysts forecast that Banc of California, Inc. will post 1.26 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be issued a $0.10 dividend. The ex-dividend date is Thursday, September 14th. This represents a $0.40 annualized dividend and a dividend yield of 3.11%. Banc of California’s dividend payout ratio is currently 28.37%.

Wall Street Analyst Weigh In

BANC has been the subject of several recent analyst reports. StockNews.com started coverage on Banc of California in a research report on Thursday, August 17th. They set a “sell” rating for the company. DA Davidson upped their price objective on shares of Banc of California from $17.50 to $21.50 in a research report on Wednesday, July 26th. Keefe, Bruyette & Woods lowered shares of Banc of California from an “outperform” rating to a “market perform” rating and set a $16.00 target price for the company. in a research report on Monday, July 31st. Finally, TheStreet lowered shares of Banc of California from a “b-” rating to a “c+” rating in a report on Friday, May 12th.

Banc of California Company Profile

Banc of California, Inc operates as the bank holding company for Banc of California, National Association that provides banking and financial products and services in the United States. The company offers deposit products, including interest-bearing and noninterest-bearing demand, checking, savings, and money market deposits accounts; certificate of deposits; and retirement accounts and safe deposit boxes.