Banc of California Inc (NYSE:BANC) has been given a consensus rating of “Hold” by the nine research firms that are presently covering the stock, MarketBeat.com reports. Three research analysts have rated the stock with a sell recommendation, two have given a hold recommendation and four have given a buy recommendation to the company. The average 12-month target price among analysts that have covered the stock in the last year is $22.25.
BANC has been the topic of several recent research reports. ValuEngine cut Banc of California from a “strong-buy” rating to a “buy” rating in a report on Friday, December 1st. BidaskClub cut Banc of California from a “hold” rating to a “sell” rating in a report on Thursday, November 9th. FBR & Co restated a “buy” rating and set a $24.00 target price on shares of Banc of California in a report on Thursday, October 26th. Piper Jaffray Companies started coverage on Banc of California in a report on Thursday, December 21st. They set an “overweight” rating and a $26.00 target price on the stock. Finally, Zacks Investment Research upgraded Banc of California from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a report on Monday, January 1st.
In related news, insider John A. Bogler bought 20,000 shares of Banc of California stock in a transaction on Thursday, February 1st. The shares were purchased at an average price of $19.30 per share, for a total transaction of $386,000.00. Following the completion of the acquisition, the insider now owns 37,500 shares in the company, valued at $723,750. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 16.89% of the stock is currently owned by company insiders.
Large investors have recently added to or reduced their stakes in the company. FNY Partners Fund LP bought a new position in shares of Banc of California during the 4th quarter valued at about $103,000. Massey Quick Simon & CO. LLC bought a new position in shares of Banc of California during the 3rd quarter valued at about $179,000. Quantbot Technologies LP lifted its holdings in shares of Banc of California by 193.0% during the 3rd quarter. Quantbot Technologies LP now owns 9,322 shares of the bank’s stock valued at $193,000 after purchasing an additional 6,140 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Banc of California by 6,699.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 9,451 shares of the bank’s stock valued at $195,000 after purchasing an additional 9,312 shares in the last quarter. Finally, Suntrust Banks Inc. bought a new position in shares of Banc of California during the 2nd quarter valued at about $231,000.
Banc of California (NYSE:BANC) traded up $0.50 during trading on Wednesday, reaching $20.50. The company had a trading volume of 683,916 shares, compared to its average volume of 721,708. The company has a market capitalization of $1,032.06, a PE ratio of 28.47, a price-to-earnings-growth ratio of 1.89 and a beta of 0.95. Banc of California has a fifty-two week low of $17.10 and a fifty-two week high of $23.40. The company has a debt-to-equity ratio of 2.51, a quick ratio of 0.95 and a current ratio of 0.96.
Banc of California (NYSE:BANC) last posted its quarterly earnings results on Thursday, January 25th. The bank reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.07. The business had revenue of $78.87 million for the quarter, compared to analysts’ expectations of $84.02 million. Banc of California had a return on equity of 9.93% and a net margin of 13.28%. The firm’s quarterly revenue was down 31.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.54 earnings per share. research analysts predict that Banc of California will post 0.88 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, April 2nd. Shareholders of record on Thursday, March 15th will be issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 2.54%. The ex-dividend date is Wednesday, March 14th. Banc of California’s dividend payout ratio (DPR) is currently 72.22%.
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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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