Banc of California Inc. (BANC) Earns Hold Rating from FBR & Co
Banc of California Inc. (NYSE:BANC)‘s stock had its “hold” rating restated by research analysts at FBR & Co in a research note issued on Thursday.
Other equities analysts also recently issued research reports about the stock. Zacks Investment Research raised shares of Banc of California from a “sell” rating to a “hold” rating in a report on Monday, July 11th. FIG Partners downgraded shares of Banc of California from a “market perform” rating to an “underperform” rating in a report on Wednesday, August 17th. One 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 stock has a consensus rating of “Hold” and an average price target of $21.00.
Shares of Banc of California (NYSE:BANC) traded down 0.05% during midday trading on Thursday, hitting $18.29. 1,441,004 shares of the stock were exchanged. The firm has a 50-day moving average of $21.85 and a 200-day moving average of $19.60. Banc of California has a 1-year low of $11.88 and a 1-year high of $23.24. The company has a market capitalization of $909.47 million, a P/E ratio of 12.02 and a beta of 0.70.
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Banc of California (NYSE:BANC) last issued its quarterly earnings results on Thursday, July 21st. The company reported $0.46 earnings per share for the quarter, beating 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 company earned $0.32 EPS. On average, equities analysts expect that Banc of California will post $1.64 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Thursday, September 15th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.62%. The ex-dividend date is Tuesday, September 13th. Banc of California’s payout ratio is currently 32.65%.
Several large investors have recently added to or reduced their stakes in BANC. Texas Permanent School Fund bought a new stake in Banc of California during the first quarter valued at about $627,000. Sii Investments Inc. WI boosted its stake in shares of Banc of California by 4.7% in the first quarter. Sii Investments Inc. WI now owns 25,173 shares of the company’s stock valued at $442,000 after buying an additional 1,122 shares in the last quarter. Virginia Retirement System acquired a new stake in shares of Banc of California during the first quarter valued at $1,328,000. Prudential Financial Inc. boosted its stake in shares of Banc of California by 34.1% in the first quarter. Prudential Financial Inc. now owns 462,069 shares of the company’s stock valued at $8,086,000 after buying an additional 117,500 shares in the last quarter. Finally, BlackRock Fund Advisors boosted its stake in shares of Banc of California by 198.2% in the first quarter. BlackRock Fund Advisors now owns 2,827,696 shares of the company’s stock valued at $49,485,000 after buying an additional 1,879,284 shares in the last quarter. Hedge funds and other institutional investors own 87.96% of the company’s stock.
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 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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