Banc of California Inc (NYSE:BANC) – B. Riley reduced their FY2019 earnings estimates for shares of Banc of California in a note issued to investors on Thursday. B. Riley analyst S. Moss now forecasts that the bank will earn $1.20 per share for the year, down from their prior forecast of $1.25. B. Riley currently has a “Neutral” rating and a $20.00 target price on the stock.
A number of other research analysts also recently commented on the company. Piper Jaffray Companies restated a “buy” rating and set a $25.00 price objective on shares of Banc of California in a research note on Thursday. ValuEngine upgraded Banc of California from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Zacks Investment Research lowered Banc of California from a “strong-buy” rating to a “sell” rating in a research report on Tuesday, January 30th. FIG Partners lowered Banc of California from a “market perform” rating to an “underperform” rating in a research report on Friday, January 26th. Finally, BidaskClub lowered Banc of California from a “hold” rating to a “sell” rating in a research report on Thursday, November 9th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the stock. Banc of California currently has an average rating of “Hold” and a consensus target price of $22.60.
Banc of California (NYSE:BANC) last issued its quarterly earnings data on Thursday, January 25th. The bank reported $0.30 EPS for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.07. The firm had revenue of $78.87 million during the quarter, compared to the consensus estimate of $84.02 million. Banc of California had a return on equity of 9.93% and a net margin of 13.28%. The firm’s revenue was down 31.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.54 EPS.
In other Banc of California news, insider John A. Bogler purchased 20,000 shares of Banc of California stock in a transaction on Thursday, February 1st. The stock was bought at an average price of $19.30 per share, for a total transaction of $386,000.00. Following the transaction, the insider now owns 37,500 shares of the company’s stock, valued at approximately $723,750. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 16.89% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the business. State Street Corp lifted its holdings in shares of Banc of California by 13.5% in the second 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 during the period. Channing Capital Management LLC acquired a new stake in shares of Banc of California in the third quarter valued at $48,607,000. Victory Capital Management Inc. lifted its holdings in shares of Banc of California by 2.2% in the fourth quarter. Victory Capital Management Inc. now owns 1,538,602 shares of the bank’s stock valued at $31,773,000 after buying an additional 33,092 shares during the period. EJF Capital LLC lifted its holdings in shares of Banc of California by 19.5% in the third quarter. EJF Capital LLC now owns 1,225,000 shares of the bank’s stock valued at $25,419,000 after buying an additional 200,000 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Banc of California by 22.5% in the third quarter. Bank of New York Mellon Corp now owns 929,532 shares of the bank’s stock valued at $19,287,000 after buying an additional 170,632 shares during the period.
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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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