Banc of California, Inc. (BANC) Given Consensus Recommendation of “Buy” by Analysts
Banc of California, Inc. (NYSE:BANC) has earned a consensus rating of “Buy” from the eight analysts that are covering the company, Marketbeat reports. Three research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $21.33.
A number of research firms have recently weighed in on BANC. BidaskClub raised shares of Banc of California from a “sell” rating to a “hold” rating in a research report on Thursday, August 3rd. Zacks Investment Research raised shares of 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 shares of Banc of California and gave the stock a “hold” rating in a research report on Thursday, July 6th. Finally, ValuEngine raised shares of Banc of California from a “hold” rating to a “buy” rating in a research report on Tuesday, September 12th.
In other news, CEO Douglas H. Bowers acquired 57,000 shares of the business’s stock in a transaction that occurred on Thursday, September 7th. The shares were bought at an average cost of $17.56 per share, with a total value of $1,000,920.00. Following the transaction, the chief executive officer now owns 92,000 shares of the company’s stock, valued at approximately $1,615,520. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 16.89% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Searle & CO. bought a new position in Banc of California during the 2nd quarter valued at about $686,000. Great Lakes Advisors LLC lifted its stake in Banc of California by 104.6% during the 2nd quarter. Great Lakes Advisors LLC now owns 181,789 shares of the bank’s stock valued at $3,908,000 after acquiring an additional 92,943 shares during the period. FSI Group LLC bought a new position in Banc of California during the 2nd quarter valued at about $3,225,000. EJF Capital LLC bought a new position in Banc of California during the 1st quarter valued at about $21,011,000. Finally, Victory Capital Management Inc. lifted its stake in Banc of California by 39.0% during the 2nd quarter. Victory Capital Management Inc. now owns 1,115,596 shares of the bank’s stock valued at $23,985,000 after acquiring an additional 312,947 shares during the period.
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Banc of California (NYSE:BANC) traded down 0.73% on Thursday, hitting $20.50. 328,271 shares of the company’s stock were exchanged. The stock has a market cap of $980.84 million, a P/E ratio of 13.71 and a beta of 0.99. The firm has a 50 day moving average price of $19.38 and a 200-day moving average price of $20.45. Banc of California has a 52-week low of $10.93 and a 52-week high of $23.25.
Banc of California (NYSE:BANC) last released its earnings results on Wednesday, July 26th. The bank reported $0.20 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.24 by ($0.04). The business had revenue of $81.21 million during the quarter, compared to analysts’ expectations of $97.94 million. Banc of California had a return on equity of 14.44% and a net margin of 17.12%. During the same period in the prior year, the company earned $0.46 earnings per share. Analysts predict that Banc of California will post $0.77 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Investors of record on Friday, September 15th were given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 2.54%. The ex-dividend date of this dividend was Thursday, September 14th. Banc of California’s dividend payout ratio (DPR) is 34.67%.
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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