Hilton Capital Management LLC Lowers Holdings in Banc of California, Inc. (BANC)
Hilton Capital Management LLC lessened its position in shares of Banc of California, Inc. (NYSE:BANC) by 34.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 15,841 shares of the bank’s stock after selling 8,200 shares during the period. Hilton Capital Management LLC’s holdings in Banc of California were worth $329,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently bought and sold shares of the business. Oppenheimer Asset Management Inc. boosted its position in shares of Banc of California by 13.6% in the second quarter. Oppenheimer Asset Management Inc. now owns 5,991 shares of the bank’s stock worth $129,000 after buying an additional 718 shares during the period. Massey Quick Simon & CO. LLC acquired a new position in shares of Banc of California in the third quarter worth about $179,000. Quantbot Technologies LP lifted its stake in shares of Banc of California by 193.0% in the third quarter. Quantbot Technologies LP now owns 9,322 shares of the bank’s stock worth $193,000 after acquiring an additional 6,140 shares in the last quarter. State of Alaska Department of Revenue lifted its stake in shares of Banc of California by 80.3% in the second quarter. State of Alaska Department of Revenue now owns 9,864 shares of the bank’s stock worth $212,000 after acquiring an additional 4,394 shares in the last quarter. Finally, Suntrust Banks Inc. acquired a new position in shares of Banc of California in the second quarter worth about $231,000.
BANC has been the topic of several recent analyst reports. FBR & Co reiterated a “buy” rating and issued a $24.00 price target on shares of Banc of California in a research note on Thursday, October 26th. ValuEngine upgraded Banc of California from a “hold” rating to a “buy” rating in a research note on Tuesday, September 12th. Keefe, Bruyette & Woods set a $20.00 price objective on Banc of California and gave the company a “hold” rating in a research note on Monday, August 28th. BidaskClub upgraded Banc of California from a “sell” rating to a “hold” rating in a research note on Thursday, August 3rd. Finally, Zacks Investment Research upgraded Banc of California from a “strong sell” rating to a “hold” rating in a research note on Monday, October 9th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company’s stock. Banc of California currently has an average rating of “Hold” and a consensus target price of $22.67.
Shares of Banc of California, Inc. (NYSE BANC) traded up $0.25 during mid-day trading on Friday, reaching $20.55. The company had a trading volume of 429,200 shares, compared to its average volume of 1,111,250. Banc of California, Inc. has a 1-year low of $13.95 and a 1-year high of $23.25. The company has a market cap of $1,022.49, a price-to-earnings ratio of 16.11, a price-to-earnings-growth ratio of 1.86 and a beta of 0.95. The company has a debt-to-equity ratio of 2.21, a current ratio of 0.91 and a quick ratio of 0.91.
Banc of California (NYSE:BANC) last issued its quarterly earnings data on Thursday, October 26th. The bank reported $0.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.04. The business had revenue of $93.40 million during the quarter, compared to analyst estimates of $84.24 million. Banc of California had a return on equity of 11.78% and a net margin of 15.48%. During the same period in the prior year, the company posted $0.59 EPS. sell-side analysts forecast that Banc of California, Inc. will post 0.88 EPS for the current fiscal year.
In other news, CEO Douglas H. Bowers purchased 57,000 shares of the firm’s stock in a transaction on Thursday, September 7th. The stock was purchased at an average cost of $17.56 per share, with a total value of $1,000,920.00. Following the purchase, the chief executive officer now owns 92,000 shares in the company, valued at approximately $1,615,520. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last ninety days, insiders have sold 30,000 shares of company stock valued at $14,000. 16.89% of the stock is currently owned by corporate insiders.
Banc of California 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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