Pinnacle Holdings Lowers stake in Banc of California Inc (BANC)

Banc of California Inc (BANC) : Pinnacle Holdings reduced its stake in Banc of California Inc by 0.41% during the most recent quarter end. The investment management company now holds a total of 171,360 shares of Banc of California Inc which is valued at $3,961,843 after selling 699 shares in Banc of California Inc , the firm said in a disclosure report filed with the SEC on Aug 9, 2016.Banc of California Inc makes up approximately 1.97% of Pinnacle Holdings’s portfolio.

Other Hedge Funds, Including , Teacher Retirement System Of Texas boosted its stake in BANC in the latest quarter, The investment management firm added 1,908 additional shares and now holds a total of 5,864 shares of Banc of California Inc which is valued at $135,576. Signalpoint Asset Management added BANC to its portfolio by purchasing 28,227 company shares during the most recent quarter which is valued at $626,075. Banc of California Inc makes up approx 0.25% of Signalpoint Asset Management’s portfolio.Gargoyle Investment Advisor L.l.c. reduced its stake in BANC by selling 10,228 shares or 29.38% in the most recent quarter. The Hedge Fund company now holds 24,583 shares of BANC which is valued at $548,693. Banc of California Inc makes up approx 0.19% of Gargoyle Investment Advisor L.l.c.’s portfolio. Meeder Asset Management Inc added BANC to its portfolio by purchasing 821 company shares during the most recent quarter which is valued at $17,101.Creative Planning boosted its stake in BANC in the latest quarter, The investment management firm added 799 additional shares and now holds a total of 1,178 shares of Banc of California Inc which is valued at $22,488.

Banc of California Inc closed down -1.01 points or -4.46% at $21.66 with 9,04,883 shares getting traded on Wednesday. Post opening the session at $22.42, the shares hit an intraday low of $21.65 and an intraday high of $22.565 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.

On the company’s financial health, Banc of California Inc reported $0.46 EPS for the quarter, beating the analyst consensus estimate by $ 0.06 according to the earnings call on Jul 21, 2016. Analyst had a consensus of $0.40.Analysts expectations of $ 131.84.During the same quarter in the previous year, the company posted $0.32 EPS.

Many Wall Street Analysts have commented on Banc of California Inc. Banc of California Inc was Downgraded by FIG Partners to ” Underperform” on Aug 17, 2016. FBR Capital Initiated Banc of California Inc on Jul 1, 2016 to “Mkt Perform”, Price Target of the shares are set at $20.

Banc of California Inc. is a financial holding company. The Company is the parent of Banc of California National Association (the Bank) The Palisades Group LLC (The Palisades Group) and PTB Property Holdings LLC (PTB). The Company engages in activities permissible for bank holding companies and in other activities that are financial in nature or incidental or complementary to activities that are financial in nature primarily securities insurance and merchant banking activities. The Bank offers a variety of financial services to meet the banking and financial needs of the communities it serves with operations conducted through 37 banking offices serving San Diego Los Angeles and Orange counties California and 67 loan production offices in California Arizona Oregon Virginia Indiana Maryland Colorado Idaho and Nevada.

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