Mendon Capital Advisors Corp Lowers Stake in Banc of California Inc (NYSE:BANC)
Mendon Capital Advisors Corp lessened its position in shares of Banc of California Inc (NYSE:BANC) by 1.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 619,439 shares of the bank’s stock after selling 6,867 shares during the period. Banc of California makes up 1.4% of Mendon Capital Advisors Corp’s portfolio, making the stock its 23rd biggest position. Mendon Capital Advisors Corp owned about 1.22% of Banc of California worth $8,654,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Bank of Montreal Can grew its position in Banc of California by 485.3% during the second quarter. Bank of Montreal Can now owns 4,413 shares of the bank’s stock valued at $62,000 after acquiring an additional 3,659 shares during the period. BNP Paribas Arbitrage SA lifted its stake in shares of Banc of California by 55,825.0% during the first quarter. BNP Paribas Arbitrage SA now owns 8,948 shares of the bank’s stock worth $124,000 after purchasing an additional 8,932 shares in the last quarter. Everence Capital Management Inc. acquired a new position in shares of Banc of California during the first quarter worth about $143,000. JPMorgan Chase & Co. lifted its stake in shares of Banc of California by 13.8% during the second quarter. JPMorgan Chase & Co. now owns 14,720 shares of the bank’s stock worth $202,000 after purchasing an additional 1,786 shares in the last quarter. Finally, Marshall Wace North America L.P. acquired a new position in shares of Banc of California during the first quarter worth about $248,000. 98.79% of the stock is owned by hedge funds and other institutional investors.
Shares of BANC traded down $0.14 during midday trading on Friday, reaching $14.66. 15,027 shares of the company were exchanged, compared to its average volume of 233,869. The stock has a 50-day moving average price of $14.72 and a 200-day moving average price of $14.41. The company has a market cap of $753.02 million, a price-to-earnings ratio of 29.73, a P/E/G ratio of 1.67 and a beta of 1.34. Banc of California Inc has a 1-year low of $12.22 and a 1-year high of $19.90. The company has a current ratio of 1.19, a quick ratio of 1.09 and a debt-to-equity ratio of 2.76.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 16th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 1.64%. The ex-dividend date is Friday, September 13th. Banc of California’s dividend payout ratio (DPR) is 48.98%.
A number of brokerages have commented on BANC. Sandler O’Neill cut Banc of California from a “buy” rating to a “hold” rating in a research note on Wednesday. Zacks Investment Research upgraded Banc of California from a “sell” rating to a “hold” rating in a research note on Friday, July 26th. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $17.75.
Banc of California Company 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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