Banc of California Inc (BANC) Given Average Recommendation of “Hold” by Analysts

Banc of California Inc (NYSE:BANC) has earned an average rating of “Hold” from the nine analysts that are currently covering the stock, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $22.25.

Several analysts have recently weighed in on BANC shares. BidaskClub raised Banc of California from a “sell” rating to a “hold” rating in a report on Wednesday, November 1st. ValuEngine raised Banc of California from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. Piper Jaffray Companies initiated 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. Zacks Investment Research upgraded Banc of California from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a research report on Monday, January 1st. Finally, B. Riley cut Banc of California from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $25.00 to $20.00 in a research report on Thursday, February 1st.

Banc of California (NYSE BANC) traded up $0.60 on Wednesday, reaching $20.45. The company had a trading volume of 391,071 shares, compared to its average volume of 721,108. Banc of California has a 1 year low of $17.10 and a 1 year high of $23.40. The firm has a market cap of $994.11, a PE ratio of 28.40, a price-to-earnings-growth ratio of 1.76 and a beta of 0.95. The company has a debt-to-equity ratio of 2.51, a current ratio of 0.96 and a quick ratio of 0.95.

Banc of California (NYSE:BANC) last posted its earnings results on Thursday, January 25th. The bank reported $0.30 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $0.07. Banc of California had a return on equity of 9.93% and a net margin of 13.28%. The business had revenue of $78.87 million during the quarter, compared to the consensus estimate of $84.02 million. During the same period in the previous year, the business earned $0.54 EPS. The business’s quarterly revenue was down 31.7% on a year-over-year basis. equities research analysts anticipate that Banc of California will post 0.9 EPS for the current year.

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 shares were bought at an average price of $19.30 per share, with a total value of $386,000.00. Following the purchase, the insider now directly owns 37,500 shares in the company, valued at approximately $723,750. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 16.89% of the company’s stock.

Institutional investors have recently modified their holdings of the business. Brandywine Global Investment Management LLC grew its stake in shares of Banc of California by 17.6% during the fourth quarter. Brandywine Global Investment Management LLC now owns 157,696 shares of the bank’s stock valued at $3,257,000 after acquiring an additional 23,563 shares in the last quarter. Second Curve Capital LLC grew its stake in shares of Banc of California by 300.0% during the fourth quarter. Second Curve Capital LLC now owns 140,000 shares of the bank’s stock valued at $2,891,000 after acquiring an additional 105,000 shares in the last quarter. Koch Industries Inc. acquired a new stake in shares of Banc of California during the fourth quarter valued at about $754,000. Alliancebernstein L.P. grew its stake in shares of Banc of California by 13.3% during the fourth quarter. Alliancebernstein L.P. now owns 77,980 shares of the bank’s stock valued at $1,610,000 after acquiring an additional 9,180 shares in the last quarter. Finally, Channing Capital Management LLC grew its stake in Banc of California by 24.1% in the fourth quarter. Channing Capital Management LLC now owns 2,906,672 shares of the bank’s stock worth $60,023,000 after purchasing an additional 564,190 shares in the last quarter.

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About Banc of California

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.

Analyst Recommendations for Banc of California (NYSE:BANC)

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