Patriot Financial Partners GP LP reduced its stake in shares of Banc of California Inc (NYSE:BANC) by 37.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,461,353 shares of the bank’s stock after selling 889,211 shares during the quarter. Banc of California comprises approximately 11.9% of Patriot Financial Partners GP LP’s portfolio, making the stock its 4th largest holding. Patriot Financial Partners GP LP owned about 2.89% of Banc of California worth $19,451,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently modified their holdings of BANC. PNC Financial Services Group Inc. boosted its stake in Banc of California by 140.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 8,942 shares of the bank’s stock valued at $119,000 after acquiring an additional 5,218 shares during the last quarter. Piedmont Investment Advisors Inc. acquired a new stake in shares of Banc of California during the fourth quarter worth $135,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in shares of Banc of California during the third quarter worth $192,000. Quantamental Technologies LLC acquired a new stake in shares of Banc of California during the fourth quarter worth $146,000. Finally, Seidman Lawrence B acquired a new stake in shares of Banc of California in the 3rd quarter worth about $236,000.
BANC has been the topic of several research analyst reports. ValuEngine cut shares of Banc of California from a “buy” rating to a “hold” rating in a research note on Tuesday, December 18th. Raymond James lowered their target price on shares of Banc of California from $22.00 to $20.00 and set an “outperform” rating on the stock in a research note on Monday, November 12th. Zacks Investment Research lowered shares of Banc of California from a “hold” rating to a “strong sell” rating in a research report on Tuesday, January 29th. DA Davidson lowered shares of Banc of California from a “buy” rating to a “neutral” rating and set a $17.00 price objective for the company. in a research report on Wednesday. Finally, B. Riley set a $14.00 price objective on shares of Banc of California and gave the company a “hold” rating in a research report on Friday, January 25th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $18.00.
BANC stock opened at $15.06 on Friday. The company has a market cap of $824.11 million, a P/E ratio of 30.73, a P/E/G ratio of 1.31 and a beta of 1.20. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 2.37. Banc of California Inc has a 52 week low of $12.22 and a 52 week high of $21.33.
Banc of California (NYSE:BANC) last issued its quarterly earnings data on Thursday, January 24th. The bank reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.18). Banc of California had a net margin of 10.18% and a return on equity of 6.62%. The business had revenue of $73.50 million for the quarter, compared to the consensus estimate of $76.00 million. During the same period in the previous year, the business posted $0.12 EPS. Banc of California’s revenue was down 7.8% compared to the same quarter last year. As a group, analysts anticipate that Banc of California Inc will post 1.01 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Friday, March 15th will be given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 3.45%. The ex-dividend date is Thursday, March 14th. Banc of California’s dividend payout ratio is 106.12%.
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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‘s deposits consist of checking, savings, money market, retirement, and interest and non-interest bearing demand accounts, as well as certificates of deposit; and commercial and consumer loan products include commercial and industrial loans, commercial real estate loans, multi-family loans, small business administration (SBA) guaranteed business loans, construction and renovation loans, single family residential mortgage loans, warehouse loans, asset-insurance-or security backed loans, home equity lines of credit, consumer and business lines of credit, home equity loans, and other consumer loans.
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