Banc of California Inc. (BANC) Given a $20.00 Price Target by FBR & Co Analysts
Several other equities research analysts have also recently weighed in on BANC. Zacks Investment Research upgraded shares of Banc of California from a sell rating to a hold rating in a research report on Monday, July 11th. FIG Partners cut shares of Banc of California from a market perform rating to an underperform rating in a research report on Wednesday, August 17th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. Banc of California currently has an average rating of Hold and a consensus target price of $21.00.
Banc of California (NYSE:BANC) traded up 20.0719% during midday trading on Tuesday, hitting $13.5201. 15,035,672 shares of the stock were exchanged. The firm has a market capitalization of $672.29 million, a price-to-earnings ratio of 8.8831 and a beta of 0.75. The company has a 50 day moving average price of $19.05 and a 200 day moving average price of $19.73. Banc of California has a one year low of $10.93 and a one year high of $23.24.
Banc of California (NYSE:BANC) last posted its quarterly earnings data on Wednesday, October 19th. The company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.17. Banc of California had a net margin of 14.65% and a return on equity of 14.90%. During the same period in the previous year, the firm posted $0.29 earnings per share. Equities analysts anticipate that Banc of California will post $1.64 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Thursday, September 15th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 4.26%. The ex-dividend date of this dividend was Tuesday, September 13th. Banc of California’s dividend payout ratio (DPR) is presently 32.65%.
In other news, insider Jeffrey T. Seabold sold 39,919 shares of the firm’s stock in a transaction dated Friday, September 30th. The shares were sold at an average price of $17.63, for a total value of $703,771.97. Following the transaction, the insider now owns 241,841 shares of the company’s stock, valued at approximately $4,263,656.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 6.13% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Robeco Institutional Asset Management B.V. acquired a new position in shares of Banc of California during the second quarter valued at about $4,450,000. Nordea Investment Management AB raised its position in shares of Banc of California by 40.4% in the second quarter. Nordea Investment Management AB now owns 146,748 shares of the company’s stock valued at $2,656,000 after buying an additional 42,248 shares during the period. Capstone Asset Management Co. acquired a new position in shares of Banc of California during the second quarter valued at about $240,000. BNP Paribas Arbitrage SA raised its position in shares of Banc of California by 124.0% in the second quarter. BNP Paribas Arbitrage SA now owns 15,313 shares of the company’s stock valued at $277,000 after buying an additional 8,478 shares during the period. Finally, LGL Partners LLC acquired a new position in shares of Banc of California during the first quarter valued at about $298,000. 87.76% of the stock is currently owned by institutional investors.
Banc of California Company Profile
Banc of California, Inc provides banking services to California’s diverse businesses, entrepreneurs and homeowners. The Bank was formed through the merger of four of Southern California’s community banking franchises. The Bank offers a range of financial services to meet the banking and financial needs of the communities it serves, with operations conducted through over 100 banking offices across California and across the West.
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