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.
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.
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