Banc of California, Inc. (BANC) Receives Consensus Recommendation of “Hold” from Brokerages
Banc of California, Inc. (NYSE:BANC) has received a consensus recommendation of “Hold” from the seven research firms that are covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and three have given a buy recommendation to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $22.00.
A number of equities research analysts have recently issued reports on the stock. BidaskClub lowered shares of Banc of California from a “hold” rating to a “sell” rating in a research note on Friday, August 11th. Zacks Investment Research upgraded shares of Banc of California from a “strong sell” rating to a “hold” rating in a research note on Monday, October 9th. ValuEngine upgraded shares of Banc of California from a “hold” rating to a “buy” rating in a research note on Tuesday, September 12th. Keefe, Bruyette & Woods set a $20.00 target price on shares of Banc of California and gave the company a “hold” rating in a research note on Monday, August 28th. Finally, FBR & Co restated a “buy” rating and issued a $24.00 target price on shares of Banc of California in a research note on Thursday, October 26th.
In other Banc of California news, CEO Douglas H. Bowers acquired 57,000 shares of the stock in a transaction that occurred on Thursday, September 7th. The stock was acquired at an average price of $17.56 per share, with a total value of $1,000,920.00. Following the transaction, the chief executive officer now directly owns 92,000 shares in the company, valued at $1,615,520. The acquisition was disclosed in a document filed with the SEC, which is available through this link. In the last ninety days, insiders have sold 30,000 shares of company stock valued at $14,000. Insiders own 16.89% of the company’s stock.
Several large investors have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio grew its position in shares of Banc of California by 18.4% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 111,133 shares of the bank’s stock valued at $2,306,000 after buying an additional 17,241 shares during the last quarter. California Public Employees Retirement System grew its position in shares of Banc of California by 4.9% during the 3rd quarter. California Public Employees Retirement System now owns 65,267 shares of the bank’s stock valued at $1,354,000 after buying an additional 3,067 shares during the last quarter. Continental Advisors LLC grew its position in shares of Banc of California by 7.0% during the 3rd quarter. Continental Advisors LLC now owns 184,500 shares of the bank’s stock valued at $3,828,000 after buying an additional 12,000 shares during the last quarter. Second Curve Capital LLC bought a new stake in shares of Banc of California during the 3rd quarter valued at about $726,000. Finally, Maltese Capital Management LLC grew its position in shares of Banc of California by 171.4% during the 3rd quarter. Maltese Capital Management LLC now owns 760,000 shares of the bank’s stock valued at $15,770,000 after buying an additional 480,000 shares during the last quarter.
Shares of Banc of California (NYSE:BANC) traded down $0.25 during mid-day trading on Friday, reaching $22.30. 797,403 shares of the company’s stock were exchanged, compared to its average volume of 1,099,669. Banc of California has a 52-week low of $14.40 and a 52-week high of $23.40. The company has a debt-to-equity ratio of 2.21, a current ratio of 0.91 and a quick ratio of 0.91. The firm has a market cap of $1,160.00, a price-to-earnings ratio of 17.46, a P/E/G ratio of 2.02 and a beta of 0.95.
Banc of California (NYSE:BANC) last issued its earnings results on Thursday, October 26th. The bank reported $0.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.04. The business had revenue of $93.40 million for the quarter, compared to analyst estimates of $84.24 million. Banc of California had a net margin of 15.48% and a return on equity of 11.78%. During the same quarter in the prior year, the business posted $0.59 EPS. research analysts predict that Banc of California will post 0.88 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Friday, December 15th will be given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.33%. The ex-dividend date is Thursday, December 14th. Banc of California’s dividend payout ratio is presently 49.06%.
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 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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