Zacks Investment Research upgraded shares of Banc of California, Inc. (NYSE:BANC) from a strong sell rating to a hold rating in a research note issued to investors on Monday morning.
According to Zacks, “Banc of California, Inc. provides comprehensive banking services to California’s diverse private businesses, entrepreneurs and homeowners. It is the parent company of Banc of California, National Association. “
BANC has been the topic of a number of other reports. Keefe, Bruyette & Woods set a $22.00 price target on shares of Banc of California and gave the company a hold rating in a research note on Thursday, July 6th. BidaskClub lowered shares of Banc of California from a sell rating to a strong sell rating in a research note on Tuesday, August 22nd. Finally, ValuEngine raised shares of Banc of California from a hold rating to a buy rating in a research note on Tuesday, September 12th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Banc of California has an average rating of Buy and a consensus price target of $22.00.
Shares of Banc of California (NYSE BANC) traded down 0.97% during midday trading on Monday, hitting $20.45. The stock had a trading volume of 11,426 shares. The firm has a 50 day moving average price of $19.38 and a 200-day moving average price of $20.45. The stock has a market cap of $978.45 million, a PE ratio of 13.68 and a beta of 0.99. Banc of California has a 52-week low of $10.93 and a 52-week high of $23.25.
Banc of California (NYSE:BANC) last issued its quarterly earnings results on Wednesday, July 26th. The bank reported $0.20 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.24 by ($0.04). The company had revenue of $81.21 million during the quarter, compared to analysts’ expectations of $97.94 million. Banc of California had a net margin of 17.12% and a return on equity of 14.44%. During the same period in the prior year, the business posted $0.46 earnings per share. Equities analysts predict that Banc of California will post $0.77 EPS for the current fiscal year.
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The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Friday, September 15th were issued a $0.13 dividend. The ex-dividend date of this dividend was Thursday, September 14th. This represents a $0.52 dividend on an annualized basis and a yield of 2.52%. Banc of California’s payout ratio is 34.67%.
In other Banc of California news, CEO Douglas H. Bowers acquired 57,000 shares of the business’s stock in a transaction on Thursday, September 7th. The stock was bought at an average price of $17.56 per share, for a total transaction of $1,000,920.00. Following the acquisition, the chief executive officer now owns 92,000 shares in the company, valued at $1,615,520. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 16.89% of the stock is currently owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the business. Oppenheimer Asset Management Inc. acquired a new stake in Banc of California in the 1st quarter valued at about $109,000. State of Alaska Department of Revenue raised its holdings in Banc of California by 80.3% in the 2nd quarter. State of Alaska Department of Revenue now owns 9,864 shares of the bank’s stock valued at $212,000 after acquiring an additional 4,394 shares during the last quarter. Highbridge Capital Management LLC acquired a new stake in Banc of California in the 1st quarter valued at about $218,000. Suntrust Banks Inc. acquired a new stake in Banc of California in the 2nd quarter valued at about $231,000. Finally, Piedmont Investment Advisors LLC acquired a new stake in Banc of California in the 2nd quarter valued at about $232,000.
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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