ValuEngine Upgrades Banc of California, Inc. (BANC) to Buy

ValuEngine upgraded shares of Banc of California, Inc. (NYSE:BANC) from a hold rating to a buy rating in a research report released on Tuesday morning.

A number of other research analysts also recently commented on BANC. BidaskClub downgraded shares of Banc of California from a hold rating to a sell rating in a report on Friday, August 11th. Zacks Investment Research downgraded shares of Banc of California from a buy rating to a hold rating in a report on Wednesday, July 12th. Finally, Keefe, Bruyette & Woods set a $22.00 price target on shares of Banc of California and gave the company a hold rating in a report on Thursday, July 6th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company’s stock. Banc of California presently has an average rating of Hold and an average target price of $22.00.

Banc of California (NYSE BANC) opened at 19.15 on Tuesday. Banc of California has a 12-month low of $10.93 and a 12-month high of $23.25. The stock has a 50 day moving average price of $19.12 and a 200 day moving average price of $20.47. The stock has a market cap of $916.25 million, a P/E ratio of 12.81 and a beta of 0.97.

Banc of California (NYSE:BANC) last issued its quarterly earnings data on Wednesday, July 26th. The bank reported $0.20 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.24 by ($0.04). Banc of California had a net margin of 17.12% and a return on equity of 14.44%. The firm had revenue of $81.21 million for the quarter, compared to analysts’ expectations of $97.94 million. During the same quarter in the previous year, the business earned $0.46 EPS. On average, analysts forecast that Banc of California will post $0.77 earnings per share for the current fiscal year.

ILLEGAL ACTIVITY WARNING: “ValuEngine Upgrades Banc of California, Inc. (BANC) to Buy” was originally published by Chaffey Breeze and is owned by of Chaffey Breeze. If you are viewing this piece of content on another site, it was illegally stolen and republished in violation of United States and international trademark & copyright legislation. The original version of this piece of content can be read at https://www.chaffeybreeze.com/2017/09/16/valuengine-upgrades-banc-of-california-inc-banc-to-buy.html.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 15th will be paid a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 2.72%. The ex-dividend date of this dividend is Thursday, September 14th. Banc of California’s payout ratio is currently 34.67%.

In related news, CEO Douglas H. Bowers bought 57,000 shares of Banc of California stock in a transaction dated Thursday, September 7th. The shares were acquired at an average cost of $17.56 per share, with a total value of $1,000,920.00. Following the completion of the transaction, the chief executive officer now owns 92,000 shares in the company, valued at approximately $1,615,520. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 16.89% of the stock is owned by company insiders.

Large investors have recently modified their holdings of the company. Searle & CO. purchased a new position in shares of Banc of California during the second quarter worth approximately $686,000. Great Lakes Advisors LLC increased its position in shares of Banc of California by 104.6% during the second quarter. Great Lakes Advisors LLC now owns 181,789 shares of the bank’s stock worth $3,908,000 after acquiring an additional 92,943 shares during the period. EJF Capital LLC purchased a new position in shares of Banc of California during the first quarter worth approximately $21,011,000. FSI Group LLC purchased a new position in shares of Banc of California during the second quarter worth approximately $3,225,000. Finally, Swiss National Bank increased its position in shares of Banc of California by 4.5% during the first quarter. Swiss National Bank now owns 69,300 shares of the bank’s stock worth $1,435,000 after acquiring an additional 3,000 shares during the period.

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Receive News & Ratings for Banc of California Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Banc of California Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply