Banc of California Given Average Rating of “Buy” by Brokerages (NASDAQ:BANC)
Banc of California (NASDAQ:BANC) has been given an average recommendation of “Buy” by the nine ratings firms that are currently covering the stock, American Banking and Market News reports. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $13.49.
Banc of California (NASDAQ:BANC) opened at 12.14 on Monday. Banc of California has a one year low of $9.70 and a one year high of $14.75. The stock has a 50-day moving average of $11.66 and a 200-day moving average of $11.78. The company’s market cap is $344.3 million.
Banc of California (NASDAQ:BANC) last released its earnings data on Thursday, July 31st. The company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.13. Analysts expect that Banc of California will post $0.81 earnings per share for the current fiscal year.
A number of analysts have recently weighed in on BANC shares. Analysts at Zacks upgraded shares of Banc of California from an “underperform” rating to an “outperform” rating in a research note on Tuesday, August 12th. They now have a $12.70 price target on the stock. Separately, analysts at Keefe, Bruyette & Woods raised their price target on shares of Banc of California from $11.00 to $13.00 in a research note on Friday, August 1st. They now have a “market perform” rating on the stock. Finally, analysts at DA Davidson upgraded shares of Banc of California from a “neutral” rating to a “buy” rating in a research note on Friday, August 1st. They now have a $14.50 price target on the stock, up previously from $11.00.
In other Banc of California news, CEO Steven Sugarman purchased 4,050 shares of Banc of California stock in a transaction dated Friday, August 22nd. The stock was purchased at an average price of $12.17 per share, for a total transaction of $49,288.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Banc of California, Inc, formerly First PacTrust Bancorp, Inc, is a multi-bank holding company. The Company provides commercial, residential and consumer banking and related financial services through approximately 19 banking offices located in Los Angeles, Orange, San Diego and Riverside, California, and 23 loan production offices in California, Arizona, Oregon and Washington.
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