Bank of New York Mellon Corp Acquires Shares of 1,077,784 Banc of California, Inc. $BANC

Key Points

• Bank of New York Mellon acquired 1.08 million Banc of California shares valued at approximately $22.0 million, representing about 0.70% of the bank. Institutional investors collectively own 86.88% of BANC.
• Banc of California reported a significant quarterly earnings miss, posting a loss of $1.61 per share versus analysts’ expected $0.40 profit, while revenue fell 94% year over year to $16.41 million.
• The bank declared a quarterly dividend of $0.12, equivalent to an annualized $0.48 payout and a 2.6% yield. Analysts maintain a consensus “Buy” rating with an average price target of $22.62.

Bank of New York Mellon Corp purchased a new position in Banc of California, Inc. (NYSE:BANC - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 1,077,784 shares of the bank's stock, valued at approximately $22,019,000. Bank of New York Mellon Corp owned approximately 0.70% of Banc of California as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in BANC. State of Wyoming bought a new position in shares of Banc of California during the 2nd quarter valued at approximately $225,000. GSA Capital Partners LLP bought a new position in Banc of California during the second quarter valued at $1,626,000. Summit Global Investments bought a new position in Banc of California during the second quarter valued at $707,000. Assenagon Asset Management S.A. purchased a new position in shares of Banc of California in the 2nd quarter worth $21,767,000. Finally, GAMMA Investing LLC grew its stake in shares of Banc of California by 22.8% in the 2nd quarter. GAMMA Investing LLC now owns 6,576 shares of the bank's stock worth $134,000 after buying an additional 1,222 shares in the last quarter. Institutional investors own 86.88% of the company's stock.

Banc of California Stock Up 0.1%

Shares of BANC stock opened at $18.62 on Monday. Banc of California, Inc. has a fifty-two week low of $15.33 and a fifty-two week high of $21.93. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.86 and a current ratio of 0.89. The firm has a market capitalization of $2.95 billion, a PE ratio of -44.33 and a beta of 0.74. The stock's 50-day simple moving average is $19.98 and its 200-day simple moving average is $19.10.

Banc of California (NYSE:BANC - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The bank reported ($1.61) earnings per share for the quarter, missing analysts' consensus estimates of $0.40 by ($2.01). The company had revenue of $16.41 million for the quarter, compared to analysts' expectations of $295.32 million. Banc of California had a negative net margin of 1.44% and a positive return on equity of 7.98%. The business's quarterly revenue was down 94.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.31 EPS. Equities analysts expect that Banc of California, Inc. will post 1.68 earnings per share for the current year.

Banc of California Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.48 dividend on an annualized basis and a yield of 2.6%. Banc of California's dividend payout ratio (DPR) is currently -114.29%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on BANC shares. Citigroup decreased their price objective on Banc of California from $23.50 to $22.00 and set a "buy" rating on the stock in a research report on Friday, July 31st. Brean Capital cut Banc of California from a "buy" rating to a "neutral" rating in a report on Thursday, July 30th. Weiss Ratings downgraded Banc of California from a "hold (c+)" rating to a "hold (c-)" rating in a research report on Friday, August 21st. JPMorgan Chase & Co. increased their price target on Banc of California from $22.00 to $24.00 and gave the stock an "overweight" rating in a report on Wednesday, July 1st. Finally, Wall Street Zen cut shares of Banc of California from a "hold" rating to a "sell" rating in a research report on Saturday, August 15th. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Banc of California presently has a consensus rating of "Buy" and an average price target of $22.62.

Insider Buying and Selling

In other news, insider Olivia I. Lindsay sold 6,000 shares of Banc of California stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $19.50, for a total value of $117,000.00. Following the sale, the insider owned 32,842 shares in the company, valued at $640,419. This trade represents a 15.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 2.78% of the company's stock.

Banc of California Company Profile

Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.

Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.

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