Banc of California, Inc. (BANC) Upgraded by BidaskClub to “Sell”
BidaskClub upgraded shares of Banc of California, Inc. (NYSE:BANC) from a strong sell rating to a sell rating in a research note issued to investors on Thursday morning.
A number of other equities research analysts have also recently weighed in on the stock. ValuEngine upgraded shares of Banc of California from a hold rating to a buy rating in a research report on Tuesday. Keefe, Bruyette & Woods set a $20.00 price objective on shares of Banc of California and gave the company a hold rating in a report on Monday, August 28th. Finally, Zacks Investment Research cut shares of Banc of California from a hold rating to a sell rating in a report on Monday, July 31st. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. The stock presently has an average rating of Hold and an average target price of $22.00.
Shares of Banc of California (BANC) traded up 1.989% during trading on Thursday, reaching $19.225. 320,761 shares of the company’s stock were exchanged. The stock has a market cap of $919.84 million, a P/E ratio of 12.860 and a beta of 0.97. The company has a 50 day moving average of $19.14 and a 200 day moving average of $20.48. Banc of California has a 12-month low of $10.93 and a 12-month high of $23.25.
Banc of California (NYSE:BANC) last announced its quarterly earnings results on Wednesday, July 26th. The bank reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $81.21 million for the quarter, compared to analyst estimates of $97.94 million. During the same quarter in the prior year, the business earned $0.46 earnings per share. Equities research analysts anticipate that Banc of California will post $0.77 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be paid a $0.13 dividend. The ex-dividend date is Thursday, September 14th. This represents a $0.52 dividend on an annualized basis and a yield of 2.74%. Banc of California’s dividend payout ratio is currently 34.67%.
In other news, CEO Douglas H. Bowers purchased 57,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 7th. The stock was bought at an average price of $17.56 per share, for a total transaction of $1,000,920.00. Following the completion of the purchase, the chief executive officer now directly owns 92,000 shares of the company’s stock, valued at $1,615,520. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 16.89% of the stock is owned by insiders.
Large investors have recently modified their holdings of the company. Oppenheimer Asset Management Inc. purchased a new stake in shares of Banc of California during the 1st quarter worth approximately $109,000. State of Alaska Department of Revenue lifted its position in shares of Banc of California by 80.3% during the 2nd quarter. State of Alaska Department of Revenue now owns 9,864 shares of the bank’s stock worth $212,000 after buying an additional 4,394 shares during the last quarter. Highbridge Capital Management LLC purchased a new stake in shares of Banc of California during the 1st quarter worth approximately $218,000. Suntrust Banks Inc. purchased a new stake in shares of Banc of California during the 2nd quarter worth approximately $231,000. Finally, Piedmont Investment Advisors LLC purchased a new stake in shares of Banc of California during the 2nd quarter worth approximately $232,000.
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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