FBR & Co Reaffirms “Hold” Rating for Banc of California Inc. (BANC)
Banc of California Inc. (NYSE:BANC)‘s stock had its “hold” rating reaffirmed by investment analysts at FBR & Co in a report issued on Thursday.
BANC has been the topic of several other reports. Zacks Investment Research downgraded shares of Banc of California from a “buy” rating to a “hold” rating in a research report on Friday, July 1st. FIG Partners downgraded shares of Banc of California from a “market perform” rating to an “underperform” rating in a research report on Wednesday, August 17th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. Banc of California presently has an average rating of “Hold” and a consensus price target of $21.00.
Shares of Banc of California (NYSE:BANC) traded up 0.27% on Thursday, reaching $18.35. 1,782,998 shares of the company’s stock traded hands. Banc of California has a 52 week low of $11.88 and a 52 week high of $23.24. The firm has a market capitalization of $912.45 million, a price-to-earnings ratio of 12.06 and a beta of 0.70. The company has a 50 day moving average price of $21.85 and a 200 day moving average price of $19.60.
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Banc of California (NYSE:BANC) last issued its quarterly earnings data on Thursday, July 21st. The company reported $0.46 earnings per share for the quarter, beating the Thomson Reuters’ 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 period in the prior year, the firm posted $0.32 EPS. On average, equities research analysts predict that Banc of California will post $1.64 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Thursday, September 15th will be paid a $0.12 dividend. The ex-dividend date is Tuesday, September 13th. This represents a $0.48 annualized dividend and a dividend yield of 2.62%. Banc of California’s dividend payout ratio is currently 32.65%.
Institutional investors have recently made changes to their positions in the company. Walleye Trading LLC acquired a new position in shares of Banc of California during the second quarter valued at about $102,000. Teacher Retirement System of Texas boosted its position in shares of Banc of California by 48.2% in the second quarter. Teacher Retirement System of Texas now owns 5,864 shares of the company’s stock valued at $106,000 after buying an additional 1,908 shares in the last quarter. PineBridge Investments L.P. acquired a new position in shares of Banc of California during the second quarter valued at about $113,000. Legal & General Group Plc boosted its position in shares of Banc of California by 17.7% in the first quarter. Legal & General Group Plc now owns 6,731 shares of the company’s stock valued at $116,000 after buying an additional 1,012 shares in the last quarter. Finally, Mason Street Advisors LLC acquired a new position in shares of Banc of California during the second quarter valued at about $174,000. 87.96% of the stock is currently owned by institutional investors.
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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