Banc of California Inc. (BANC) Receives Average Rating of “Hold” from Brokerages
Shares of Banc of California Inc. (NYSE:BANC) have been assigned a consensus rating of “Hold” from the six analysts that are currently covering the firm. One research analyst has rated the stock with a sell recommendation, two have given a hold recommendation and three have given a buy recommendation to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $24.00.
BANC has been the subject of several research reports. FBR & Co initiated coverage on shares of Banc of California in a research note on Friday, July 1st. They set a “market perform” rating and a $20.00 price objective for the company. Zacks Investment Research cut shares of Banc of California from a “buy” rating to a “hold” rating in a research note on Friday, July 1st. Finally, FIG Partners cut shares of Banc of California from a “market perform” rating to an “underperform” rating in a research note on Wednesday, August 17th.
In other Banc of California news, insider Jeffrey T. Seabold sold 39,919 shares of the business’s stock in a transaction dated Friday, September 30th. The shares were sold at an average price of $17.63, for a total value of $703,771.97. Following the transaction, the insider now directly owns 241,841 shares in the company, valued at approximately $4,263,656.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 6.13% of the stock is currently owned by company insiders.
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Institutional investors have recently modified their holdings of the company. Texas Permanent School Fund bought a new position in shares of Banc of California during the first quarter valued at approximately $627,000. Prudential Financial Inc. raised its position 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. BlackRock Fund Advisors raised its position 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. BlackRock Institutional Trust Company N.A. raised its position in shares of Banc of California by 20.7% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 919,423 shares of the company’s stock valued at $16,090,000 after buying an additional 157,612 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Banc of California by 3.9% in the first quarter. JPMorgan Chase & Co. now owns 868,863 shares of the company’s stock valued at $15,205,000 after buying an additional 32,863 shares in the last quarter. Hedge funds and other institutional investors own 87.96% of the company’s stock.
Shares of Banc of California (NYSE:BANC) traded down 0.45% on Wednesday, hitting $17.72. 217,772 shares of the company were exchanged. The firm’s 50-day moving average is $19.97 and its 200-day moving average is $19.78. Banc of California has a 52-week low of $12.00 and a 52-week high of $23.24. The stock has a market capitalization of $881.13 million, a PE ratio of 11.64 and a beta of 0.75.
Banc of California (NYSE:BANC) last announced its quarterly earnings data on Thursday, July 21st. The company reported $0.46 earnings per share (EPS) 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 previous year, the firm posted $0.32 earnings per share. Equities research analysts predict that Banc of California will post $1.64 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Thursday, September 15th were issued a $0.12 dividend. The ex-dividend date was Tuesday, September 13th. This represents a $0.48 annualized dividend and a yield of 2.70%. Banc of California’s payout ratio is 32.65%.
About Banc of California
Banc of California, Inc provides banking services to California’s diverse businesses, entrepreneurs and homeowners. The Bank was formed through the merger of four of Southern California’s community banking franchises. The Bank offers a range of financial services to meet the banking and financial needs of the communities it serves, with operations conducted through over 100 banking offices across California and across the West.
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