Banc of California Inc (BANC) Given Consensus Recommendation of “Buy” by Analysts

Shares of Banc of California Inc (NYSE:BANC) have been assigned a consensus recommendation of “Buy” from the eight analysts that are presently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and five have issued a buy recommendation on the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $23.50.

A number of equities research analysts recently weighed in on the company. FBR & Co reissued a “buy” rating and set a $24.00 target price on shares of Banc of California in a research report on Thursday, October 26th. BidaskClub raised Banc of California from a “sell” rating to a “hold” rating in a research report on Wednesday, November 1st. ValuEngine raised Banc of California from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Piper Jaffray Companies assumed coverage on Banc of California in a research report on Thursday, December 21st. They set an “overweight” rating and a $26.00 target price on the stock. Finally, Zacks Investment Research raised Banc of California from a “strong sell” rating to a “hold” rating in a research report on Monday, October 9th.

Banc of California (NYSE BANC) traded up $0.10 during trading on Friday, hitting $21.70. The stock had a trading volume of 379,178 shares, compared to its average volume of 417,369. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 2.21. The company has a market capitalization of $1,091.58, a price-to-earnings ratio of 19.04, a PEG ratio of 1.50 and a beta of 0.97. Banc of California has a twelve month low of $14.40 and a twelve month high of $23.40.

Banc of California (NYSE:BANC) last posted its quarterly earnings data on Thursday, October 26th. The bank reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.04. Banc of California had a return on equity of 11.78% and a net margin of 15.48%. The business had revenue of $93.40 million for the quarter, compared to analyst estimates of $84.24 million. During the same period in the previous year, the company posted $0.59 earnings per share. analysts predict that Banc of California will post 0.88 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, January 2nd. Investors of record on Friday, December 15th were given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date of this dividend was Thursday, December 14th. Banc of California’s dividend payout ratio (DPR) is presently 45.61%.

Hedge funds have recently added to or reduced their stakes in the stock. Oppenheimer Asset Management Inc. grew its position in Banc of California by 13.6% during the second quarter. Oppenheimer Asset Management Inc. now owns 5,991 shares of the bank’s stock worth $129,000 after buying an additional 718 shares in the last quarter. Massey Quick Simon & CO. LLC acquired a new stake in Banc of California during the third quarter valued at approximately $179,000. Quantbot Technologies LP boosted its holdings in Banc of California by 193.0% during the third quarter. Quantbot Technologies LP now owns 9,322 shares of the bank’s stock valued at $193,000 after purchasing an additional 6,140 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Banc of California by 6,699.3% during the third quarter. JPMorgan Chase & Co. now owns 9,451 shares of the bank’s stock valued at $195,000 after purchasing an additional 9,312 shares in the last quarter. Finally, Suntrust Banks Inc. acquired a new stake in Banc of California during the second quarter valued at approximately $231,000.

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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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