Banc of California, Inc. (BANC) Stock Rating Upgraded by BidaskClub
Banc of California, Inc. (NYSE:BANC) was upgraded by equities researchers at BidaskClub from a “strong sell” rating to a “sell” rating in a research report issued to clients and investors on Thursday.
Other equities analysts have also recently issued research reports about the company. Zacks Investment Research upgraded Banc of California from a “strong sell” rating to a “buy” rating and set a $24.00 target price on the stock in a research report on Tuesday, July 11th. Keefe, Bruyette & Woods set a $22.00 target price on Banc of California and gave the stock a “hold” rating in a research report on Thursday, July 6th. Finally, ValuEngine upgraded Banc of California from a “hold” rating to a “buy” rating in a research report on Saturday, June 3rd. Two research analysts have rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $22.00.
Shares of Banc of California (BANC) traded up 1.59% during trading on Thursday, reaching $19.15. The company’s stock had a trading volume of 2,444,392 shares. Banc of California has a 52 week low of $10.93 and a 52 week high of $23.25. The firm has a market capitalization of $916.25 million, a P/E ratio of 12.81 and a beta of 0.97. The company has a 50 day moving average price of $19.12 and a 200 day moving average price of $20.47.
Banc of California (NYSE:BANC) last released its earnings results on Wednesday, July 26th. The bank reported $0.20 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.24 by ($0.04). Banc of California had a return on equity of 14.44% and a net margin of 17.12%. The business had revenue of $81.21 million for the quarter, compared to analyst estimates of $97.94 million. During the same quarter in the previous year, the firm posted $0.46 EPS. On average, equities research analysts expect that Banc of California will post $0.77 EPS for the current fiscal year.
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In other news, CEO Douglas H. Bowers purchased 57,000 shares of the stock in a transaction that occurred on Thursday, September 7th. The shares were acquired at an average price of $17.56 per share, for a total transaction of $1,000,920.00. Following the acquisition, the chief executive officer now directly owns 92,000 shares in the company, valued at approximately $1,615,520. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 16.89% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. grew its holdings in shares of Banc of California by 48,720.8% in the 1st quarter. BlackRock Inc. now owns 6,494,627 shares of the bank’s stock worth $134,438,000 after acquiring an additional 6,481,324 shares during the period. State Street Corp lifted its stake in Banc of California by 13.5% in the 2nd quarter. State Street Corp now owns 3,345,022 shares of the bank’s stock valued at $71,920,000 after buying an additional 397,611 shares in the last quarter. Wellington Management Group LLP lifted its stake in Banc of California by 939.7% in the 1st quarter. Wellington Management Group LLP now owns 1,915,231 shares of the bank’s stock valued at $39,645,000 after buying an additional 1,731,026 shares in the last quarter. Victory Capital Management Inc. lifted its stake in Banc of California by 39.0% in the 2nd quarter. Victory Capital Management Inc. now owns 1,115,596 shares of the bank’s stock valued at $23,985,000 after buying an additional 312,947 shares in the last quarter. Finally, EJF Capital LLC purchased a new stake in Banc of California in the 1st quarter valued at approximately $21,011,000.
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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