Banc of California, Inc. (BANC) Receives Consensus Recommendation of “Hold” from Brokerages
Banc of California, Inc. (NYSE:BANC) has received a consensus recommendation of “Hold” from the seven research firms that are covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and three have given a buy recommendation to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $22.00.
A number of equities research analysts have recently issued reports on the stock. BidaskClub lowered shares of Banc of California from a “hold” rating to a “sell” rating in a research note on Friday, August 11th. Zacks Investment Research upgraded shares of Banc of California from a “strong sell” rating to a “hold” rating in a research note on Monday, October 9th. ValuEngine upgraded shares of Banc of California from a “hold” rating to a “buy” rating in a research note on Tuesday, September 12th. Keefe, Bruyette & Woods set a $20.00 target price on shares of Banc of California and gave the company a “hold” rating in a research note on Monday, August 28th. Finally, FBR & Co restated a “buy” rating and issued a $24.00 target price on shares of Banc of California in a research note on Thursday, October 26th.
In other Banc of California news, CEO Douglas H. Bowers acquired 57,000 shares of the stock in a transaction that occurred on Thursday, September 7th. The stock was acquired at an average price of $17.56 per share, with a total value of $1,000,920.00. Following the transaction, the chief executive officer now directly owns 92,000 shares in the company, valued at $1,615,520. The acquisition was disclosed in a document filed with the SEC, which is available through this link. In the last ninety days, insiders have sold 30,000 shares of company stock valued at $14,000. Insiders own 16.89% of the company’s stock.
Shares of Banc of California (NYSE:BANC) traded down $0.25 during mid-day trading on Friday, reaching $22.30. 797,403 shares of the company’s stock were exchanged, compared to its average volume of 1,099,669. Banc of California has a 52-week low of $14.40 and a 52-week high of $23.40. The company has a debt-to-equity ratio of 2.21, a current ratio of 0.91 and a quick ratio of 0.91. The firm has a market cap of $1,160.00, a price-to-earnings ratio of 17.46, a P/E/G ratio of 2.02 and a beta of 0.95.
Banc of California (NYSE:BANC) last issued its earnings results on Thursday, October 26th. The bank reported $0.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.04. The business had revenue of $93.40 million for the quarter, compared to analyst estimates of $84.24 million. Banc of California had a net margin of 15.48% and a return on equity of 11.78%. During the same quarter in the prior year, the business posted $0.59 EPS. research analysts predict that Banc of California will post 0.88 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Friday, December 15th will be given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.33%. The ex-dividend date is Thursday, December 14th. Banc of California’s dividend payout ratio is presently 49.06%.
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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