Shell Asset Management Co. held its stake in shares of Banc of California, Inc. (NYSE:BANC) during the second quarter, Holdings Channel reports. The firm owned 65,287 shares of the bank’s stock at the end of the second quarter. Shell Asset Management Co.’s holdings in Banc of California were worth $1,404,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of BANC. BlackRock Inc. increased its stake in Banc of California by 48,720.8% in the first quarter. BlackRock Inc. now owns 6,494,627 shares of the bank’s stock valued at $134,438,000 after buying an additional 6,481,324 shares during the period. Wellington Management Group LLP increased its stake in Banc of California by 939.7% in the first quarter. Wellington Management Group LLP now owns 1,915,231 shares of the bank’s stock valued at $39,645,000 after buying an additional 1,731,026 shares during the period. EJF Capital LLC acquired a new stake in Banc of California during the first quarter valued at approximately $21,011,000. Victory Capital Management Inc. increased its stake in Banc of California by 18,754.8% in the first quarter. Victory Capital Management Inc. now owns 802,649 shares of the bank’s stock valued at $16,615,000 after buying an additional 798,392 shares during the period. Finally, Montag A & Associates Inc. acquired a new stake in Banc of California during the first quarter valued at approximately $9,763,000.
Banc of California, Inc. (NYSE:BANC) opened at 20.45 on Friday. Banc of California, Inc. has a 52 week low of $10.93 and a 52 week high of $23.25. The firm has a market capitalization of $1.03 billion, a PE ratio of 13.71 and a beta of 0.97. The firm has a 50-day moving average of $21.04 and a 200 day moving average of $20.18.
Banc of California (NYSE:BANC) last posted its earnings results on Wednesday, July 26th. The bank reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by $0.04. The company had revenue of $81.21 million during the quarter, compared to the consensus estimate of $97.94 million. Banc of California had a net margin of 17.12% and a return on equity of 14.44%. During the same quarter in the previous year, the business posted $0.46 earnings per share. Analysts predict that Banc of California, Inc. will post $0.77 earnings per share for the current year.
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Several analysts recently commented on the stock. BidaskClub upgraded shares of Banc of California from a “sell” rating to a “hold” rating in a research report on Thursday. Zacks Investment Research cut shares of Banc of California from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. ValuEngine cut shares of Banc of California from a “buy” rating to a “hold” rating in a research note on Friday, July 14th. Finally, Keefe, Bruyette & Woods set a $22.00 price objective on shares of Banc of California and gave the company a “hold” rating in a research note on Thursday, July 6th. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $22.50.
Banc of California Company Profile
Banc of California, Inc is a financial holding company. The Company is the parent of Banc of California, National Association (the Bank). The Company operates through Commercial Banking; Mortgage Banking, and Corporate/Other segments. As of December 31, 2016, the Bank had 90 California banking locations, including 39 full service branches in San Diego, Orange, Santa Barbara, and Los Angeles Counties.
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