Banc of California Inc. (BANC) Receives Average Recommendation of “Hold” from Brokerages
Banc of California Inc. (NYSE:BANC) has received a consensus rating of “Hold” from the six research firms that are presently covering the stock. One investment analyst has rated the stock with a sell recommendation, two have given a hold recommendation and three have given a buy recommendation to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $24.00.
Several analysts recently commented on BANC shares. Zacks Investment Research upgraded Banc of California from a “sell” rating to a “hold” rating in a report on Monday, July 25th. FIG Partners cut Banc of California from a “market perform” rating to an “underperform” rating in a report on Wednesday, August 17th. Finally, FBR & Co reiterated a “hold” rating on shares of Banc of California in a report on Thursday, September 22nd.
In other Banc of California news, insider Jeffrey T. Seabold sold 39,919 shares of the stock in a transaction that occurred on Friday, September 30th. The stock was sold at an average price of $17.63, for a total transaction of $703,771.97. Following the transaction, the insider now directly owns 241,841 shares in the company, valued at approximately $4,263,656.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 6.13% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. Capstone Asset Management Co. boosted its position in shares of Banc of California by 1.7% in the third quarter. Capstone Asset Management Co. now owns 13,470 shares of the company’s stock worth $235,000 after buying an additional 230 shares in the last quarter. First Trust Advisors LP boosted its position in shares of Banc of California by 2.7% in the second quarter. First Trust Advisors LP now owns 25,623 shares of the company’s stock worth $464,000 after buying an additional 672 shares in the last quarter. Legal & General Group Plc boosted its position in shares of Banc of California by 17.7% in the first quarter. Legal & General Group Plc now owns 6,731 shares of the company’s stock worth $116,000 after buying an additional 1,012 shares in the last quarter. Zacks Investment Management boosted its position in shares of Banc of California by 2.3% in the second quarter. Zacks Investment Management now owns 56,104 shares of the company’s stock worth $1,015,000 after buying an additional 1,265 shares in the last quarter. Finally, Louisiana State Employees Retirement System boosted its position in shares of Banc of California by 9.5% in the second quarter. Louisiana State Employees Retirement System now owns 21,800 shares of the company’s stock worth $395,000 after buying an additional 1,900 shares in the last quarter. Institutional investors own 87.76% of the company’s stock.
Shares of Banc of California (NYSE:BANC) opened at 16.50 on Wednesday. Banc of California has a 12-month low of $12.11 and a 12-month high of $23.24. The firm has a market capitalization of $820.46 million, a P/E ratio of 10.84 and a beta of 0.76. The stock has a 50 day moving average of $19.53 and a 200-day moving average of $19.74.
Banc of California (NYSE:BANC) last announced its earnings results on Thursday, July 21st. The company reported $0.46 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.06. Banc of California had a return on equity of 14.90% and a net margin of 14.65%. During the same period in the previous year, the firm earned $0.32 EPS. On average, equities research analysts predict that Banc of California will post $1.64 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Thursday, September 15th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.91%. The ex-dividend date of this dividend was Tuesday, September 13th. Banc of California’s payout ratio is 32.65%.
Banc of California Company Profile
Banc of California, Inc provides banking services to California’s diverse businesses, entrepreneurs and homeowners. The Bank was formed through the merger of four of Southern California’s community banking franchises. The Bank offers a range of financial services to meet the banking and financial needs of the communities it serves, with operations conducted through over 100 banking offices across California and across the West.
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