Banc of California’s (BANC) “Hold” Rating Reaffirmed at FBR & Co
Several other research firms also recently commented on BANC. FIG Partners downgraded shares of Banc of California from a market perform rating to an underperform rating in a research report on Wednesday, August 17th. Zacks Investment Research upgraded shares of Banc of California from a sell rating to a hold rating in a report on Monday, July 25th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. The company has an average rating of Hold and an average price target of $21.00.
Banc of California (NYSE:BANC) opened at 18.45 on Thursday. The company has a market capitalization of $917.43 million, a PE ratio of 12.12 and a beta of 0.70. The stock’s 50 day moving average is $21.76 and its 200 day moving average is $19.59. Banc of California has a one year low of $11.88 and a one year high of $23.24.
Banc of California (NYSE:BANC) last posted its earnings results on Thursday, July 21st. The company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.40 by $0.06. Banc of California had a net margin of 14.65% and a return on equity of 14.90%. During the same quarter in the prior year, the firm earned $0.32 earnings per share. On average, analysts anticipate that Banc of California will post $1.64 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Thursday, September 15th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 2.61%. The ex-dividend date of this dividend is Tuesday, September 13th. Banc of California’s payout ratio is 32.65%.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BANC. Walleye Trading LLC bought a new position in Banc of California during the second quarter worth $102,000. Teacher Retirement System of Texas boosted its position in Banc of California by 48.2% in the second quarter. Teacher Retirement System of Texas now owns 5,864 shares of the company’s stock worth $106,000 after buying an additional 1,908 shares during the last quarter. PineBridge Investments L.P. bought a new position in Banc of California during the second quarter worth $113,000. Legal & General Group Plc boosted its position in Banc of California by 17.7% in the first quarter. Legal & General Group Plc now owns 6,731 shares of the company’s stock worth $116,000 after buying an additional 1,012 shares during the last quarter. Finally, Mason Street Advisors LLC bought a new position in Banc of California during the second quarter worth $174,000. Hedge funds and other institutional investors own 87.96% of the company’s stock.
Banc of California Company Profile
Banc of California, Inc is a financial holding company. The Company is the parent of Banc of California, National Association (the Bank), The Palisades Group, LLC (The Palisades Group) and PTB Property Holdings, LLC (PTB). The Company engages in activities permissible for bank holding companies and in other activities that are financial in nature or incidental or complementary to activities that are financial in nature, primarily securities, insurance and merchant banking activities.
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