Banc of California Inc (BANC) Given Average Recommendation of “Hold” by Analysts

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.

Analyst Recommendations for Banc of California (NYSE:BANC)

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