Texas Permanent School Fund Corp Sells 2,084 Shares of Banc of California, Inc. (NYSE:BANC)

Texas Permanent School Fund Corp lowered its position in shares of Banc of California, Inc. (NYSE:BANC) by 4.2% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 47,142 shares of the bank’s stock after selling 2,084 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Banc of California were worth $546,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. BlackRock Inc. lifted its holdings in shares of Banc of California by 0.4% during the first quarter. BlackRock Inc. now owns 8,829,206 shares of the bank’s stock worth $170,933,000 after buying an additional 38,558 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Banc of California by 6.9% in the first quarter. Dimensional Fund Advisors LP now owns 4,135,355 shares of the bank’s stock valued at $51,816,000 after buying an additional 267,956 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Banc of California by 1.2% in the third quarter. Vanguard Group Inc. now owns 3,664,891 shares of the bank’s stock valued at $58,529,000 after buying an additional 44,120 shares during the period. State Street Corp grew its position in Banc of California by 3.7% during the first quarter. State Street Corp now owns 2,611,964 shares of the bank’s stock worth $32,984,000 after buying an additional 93,059 shares in the last quarter. Finally, William Blair Investment Management LLC increased its stake in Banc of California by 0.3% during the 1st quarter. William Blair Investment Management LLC now owns 1,955,357 shares of the bank’s stock worth $24,501,000 after acquiring an additional 6,318 shares during the period. Institutional investors and hedge funds own 88.55% of the company’s stock.

Banc of California Stock Up 1.6 %

Shares of BANC opened at $12.81 on Tuesday. Banc of California, Inc. has a one year low of $9.72 and a one year high of $18.26. The company has a market cap of $735.86 million, a P/E ratio of 7.32 and a beta of 1.24. The company has a debt-to-equity ratio of 1.28, a current ratio of 1.03 and a quick ratio of 1.03. The firm has a 50 day simple moving average of $12.05 and a two-hundred day simple moving average of $12.16.

Banc of California (NYSE:BANC) last released its earnings results on Tuesday, October 24th. The bank reported $0.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.01. Banc of California had a return on equity of 8.65% and a net margin of 20.18%. The firm had revenue of $120.00 million for the quarter, compared to analysts’ expectations of $76.84 million. During the same quarter in the previous year, the business posted $0.44 earnings per share. Research analysts forecast that Banc of California, Inc. will post 0.94 EPS for the current fiscal year.

Banc of California Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Friday, December 15th will be given a $0.10 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $0.40 dividend on an annualized basis and a yield of 3.12%. Banc of California’s dividend payout ratio is currently 22.86%.

Analysts Set New Price Targets

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

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.