Bank of New York Mellon Corp Raises Position in Banc of California, Inc. (NYSE:BANC)

Bank of New York Mellon Corp increased its holdings in Banc of California, Inc. (NYSE:BANC) by 12.0% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 635,885 shares of the bank’s stock after buying an additional 67,912 shares during the period. Bank of New York Mellon Corp owned 1.10% of Banc of California worth $7,364,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Quantbot Technologies LP raised its position 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 purchased a new stake in shares of Banc of California in the fourth quarter worth $54,000. Captrust Financial Advisors raised its position in shares of Banc of California by 63.5% in the first quarter. Captrust Financial Advisors now owns 3,663 shares of the bank’s stock worth $71,000 after buying an additional 1,423 shares in the last quarter. Advisor Group Holdings Inc. raised its position in shares of Banc of California by 14.9% in the fourth quarter. Advisor Group Holdings Inc. now owns 7,649 shares of the bank’s stock worth $122,000 after buying 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 2.8 %

BANC opened at $12.61 on Monday. The company has a market cap of $724.37 million, a P/E ratio of 7.21 and a beta of 1.24. The business’s 50-day moving average price is $12.04 and its 200-day moving average price is $12.14. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.28. Banc of California, Inc. has a 12 month low of $9.72 and a 12 month high of $18.26.

Banc of California (NYSE:BANC) last posted its earnings results on Tuesday, October 24th. The bank reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.01. The company had revenue of $120.00 million for the quarter, compared to analysts’ expectations of $76.84 million. Banc of California had a return on equity of 8.65% and a net margin of 20.18%. During the same period last year, the firm earned $0.44 earnings per share. On average, equities analysts expect that Banc of California, Inc. will post 0.94 EPS for the current year.

Banc of California Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Friday, December 15th will be paid a $0.10 dividend. The ex-dividend date is Thursday, December 14th. This represents a $0.40 annualized dividend and a dividend yield of 3.17%. Banc of California’s payout ratio is presently 22.86%.

Analyst Ratings Changes

A number of research firms have weighed in on BANC. Wells Fargo & Company downgraded Banc of California from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $21.00 to $13.50 in a research report on Tuesday, October 3rd. StockNews.com upgraded Banc of California from a “sell” rating to a “hold” rating in a research report on Friday, November 10th. Keefe, Bruyette & Woods downgraded Banc of California from an “outperform” rating to a “market perform” rating and set a $16.00 price target on the stock. in a research report on Monday, July 31st. Finally, DA Davidson raised their price target on Banc of California from $17.50 to $21.50 in a research report on Wednesday, July 26th.

About Banc of California

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.