Banc of California, Inc. (NYSE:BANC)‘s stock had its “buy” rating reaffirmed by research analysts at FBR & Co in a report issued on Thursday. They presently have a $24.00 price objective on the bank’s stock. FBR & Co’s price target suggests a potential upside of 10.60% from the stock’s current price.
BANC has been the subject of a number of other research reports. Keefe, Bruyette & Woods set a $22.00 target price on shares of Banc of California and gave the stock a “hold” rating in a report on Thursday, July 6th. BidaskClub cut shares of Banc of California from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 22nd. Zacks Investment Research cut shares of Banc of California from a “buy” rating to a “hold” rating in a research report on Wednesday, July 12th. Finally, ValuEngine raised shares of Banc of California from a “hold” rating to a “buy” rating in a research report on Tuesday, September 12th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company’s stock. Banc of California has an average rating of “Hold” and a consensus target price of $22.67.
Banc of California (NYSE:BANC) traded up 1.88% on Thursday, reaching $21.70. 1,039,946 shares of the company were exchanged. Banc of California has a 12-month low of $12.25 and a 12-month high of $23.25. The firm has a market capitalization of $1.04 billion, a P/E ratio of 14.52 and a beta of 0.99. The firm has a 50-day moving average of $20.08 and a 200 day moving average of $20.46.
Banc of California (NYSE:BANC) last released its earnings results on Thursday, October 26th. The bank reported $0.23 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.04. Banc of California had a net margin of 15.48% and a return on equity of 11.78%. The business had revenue of $93.40 million during the quarter, compared to analyst estimates of $84.24 million. During the same quarter in the prior year, the firm earned $0.59 earnings per share. On average, equities analysts predict that Banc of California will post $0.78 earnings per share for the current year.
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In other news, CEO Douglas H. Bowers purchased 57,000 shares of the stock in a transaction dated Thursday, September 7th. The shares were purchased at an average price of $17.56 per share, with a total value of $1,000,920.00. Following the transaction, the chief executive officer now owns 92,000 shares in the company, valued at approximately $1,615,520. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 16.89% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Louisiana State Employees Retirement System lifted its position in Banc of California by 1.0% in the second quarter. Louisiana State Employees Retirement System now owns 20,400 shares of the bank’s stock valued at $439,000 after buying an additional 200 shares during the last quarter. Arizona State Retirement System lifted its position in Banc of California by 1.2% in the first quarter. Arizona State Retirement System now owns 25,800 shares of the bank’s stock valued at $534,000 after buying an additional 300 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted its position in Banc of California by 2.1% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 15,519 shares of the bank’s stock valued at $334,000 after buying an additional 319 shares during the last quarter. Legal & General Group Plc lifted its position in Banc of California by 0.4% in the first quarter. Legal & General Group Plc now owns 82,701 shares of the bank’s stock valued at $1,712,000 after buying an additional 354 shares during the last quarter. Finally, Texas Permanent School Fund lifted its position in Banc of California by 1.7% in the second quarter. Texas Permanent School Fund now owns 36,493 shares of the bank’s stock valued at $785,000 after buying an additional 596 shares during the last quarter.
About Banc of California
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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