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.
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.
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