Advisor Group Holdings Inc. acquired a new position in shares of Banc of California Inc (NYSE:BANC) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 8,963 shares of the bank’s stock, valued at approximately $72,000.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Tower Research Capital LLC TRC bought a new stake in shares of Banc of California in the 1st quarter valued at $35,000. Ranger Investment Management L.P. lifted its stake in shares of Banc of California by 8.1% in the first quarter. Ranger Investment Management L.P. now owns 1,853,184 shares of the bank’s stock valued at $14,825,000 after buying an additional 138,404 shares in the last quarter. Two Sigma Investments LP lifted its stake in shares of Banc of California by 34.5% in the first quarter. Two Sigma Investments LP now owns 19,306 shares of the bank’s stock valued at $154,000 after buying an additional 4,947 shares in the last quarter. Thrivent Financial for Lutherans raised its holdings in shares of Banc of California by 5.3% in the first quarter. Thrivent Financial for Lutherans now owns 37,599 shares of the bank’s stock valued at $301,000 after purchasing an additional 1,877 shares during the last quarter. Finally, Castine Capital Management LLC raised its holdings in shares of Banc of California by 3.7% in the first quarter. Castine Capital Management LLC now owns 693,187 shares of the bank’s stock valued at $5,545,000 after purchasing an additional 24,784 shares during the last quarter. Hedge funds and other institutional investors own 96.60% of the company’s stock.
A number of research firms recently issued reports on BANC. Zacks Investment Research downgraded shares of Banc of California from a “hold” rating to a “sell” rating in a report on Friday, May 29th. TheStreet downgraded shares of Banc of California from a “c-” rating to a “d” rating in a report on Wednesday, April 29th. ValuEngine upgraded shares of Banc of California from a “hold” rating to a “buy” rating in a report on Thursday, July 2nd. Finally, B. Riley upgraded shares of Banc of California from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $6.00 to $11.00 in a report on Monday, April 13th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $14.33.
In related news, Director Robert D. Sznewajs bought 6,000 shares of the company’s stock in a transaction on Monday, June 15th. The stock was acquired at an average cost of $10.56 per share, for a total transaction of $63,360.00. Following the completion of the transaction, the director now directly owns 25,823 shares in the company, valued at approximately $272,690.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 10.87% of the stock is currently owned by company insiders.
Shares of NYSE:BANC opened at $10.72 on Friday. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 1.19. The firm has a market capitalization of $537.21 million, a PE ratio of -12.18, a P/E/G ratio of 8.06 and a beta of 1.90. Banc of California Inc has a twelve month low of $6.44 and a twelve month high of $19.12. The company has a 50-day moving average price of $10.39 and a two-hundred day moving average price of $11.89.
Banc of California (NYSE:BANC) last released its quarterly earnings data on Thursday, July 23rd. The bank reported ($0.44) EPS for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.05). Banc of California had a negative net margin of 7.34% and a positive return on equity of 3.92%. The firm had revenue of $60.84 million during the quarter, compared to the consensus estimate of $58.95 million. During the same quarter last year, the business posted $0.23 earnings per share. Analysts anticipate that Banc of California Inc will post 0.14 earnings per share for the current fiscal year.
Banc of California Profile
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 and noninterest-bearing demand accounts, as well as certificates of deposits.
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