Brokerages Set Banc of California Inc. (BANC) PT at $21.00
Banc of California Inc. (NYSE:BANC) has been given an average rating of “Hold” by the seven ratings firms that are presently covering the stock. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating on the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $21.00.
BANC has been the topic of several research analyst reports. Wells Fargo & Co. reissued an “outperform” rating on shares of Banc of California in a report on Friday, October 21st. FIG Partners downgraded shares of Banc of California from a “market perform” rating to an “underperform” rating in a report on Wednesday, August 17th. FBR & Co set a $20.00 target price on shares of Banc of California and gave the stock a “hold” rating in a report on Tuesday, October 18th. Zacks Investment Research raised shares of Banc of California from a “sell” rating to a “hold” rating in a report on Monday, July 25th. Finally, DA Davidson raised shares of Banc of California from a “neutral” rating to a “buy” rating and set a $20.00 target price on the stock in a report on Thursday, October 20th.
Shares of Banc of California (NYSE:BANC) opened at 14.80 on Wednesday. The firm’s 50-day moving average is $15.12 and its 200 day moving average is $19.05. The stock has a market cap of $736.05 million, a PE ratio of 8.09 and a beta of 0.84. Banc of California has a 12 month low of $10.93 and a 12 month high of $23.24.
Banc of California (NYSE:BANC) last issued its quarterly earnings results on Wednesday, October 19th. The company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.17. Banc of California had a net margin of 16.74% and a return on equity of 16.93%. During the same quarter in the prior year, the company earned $0.29 EPS. On average, equities analysts predict that Banc of California will post $1.86 EPS for the current year.
In other Banc of California news, insider Jeffrey T. Seabold sold 39,919 shares of the business’s stock in a transaction on Friday, September 30th. The shares were sold at an average price of $17.63, for a total transaction of $703,771.97. Following the transaction, the insider now owns 241,841 shares in the company, valued at $4,263,656.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 6.13% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Walleye Trading LLC bought a new stake in shares of Banc of California during the second quarter worth about $102,000. Teacher Retirement System of Texas raised its stake in shares of Banc of California by 48.2% in the second quarter. Teacher Retirement System of Texas now owns 5,864 shares of the company’s stock worth $106,000 after buying an additional 1,908 shares in the last quarter. PineBridge Investments L.P. bought a new stake in shares of Banc of California during the second quarter worth about $113,000. Mason Street Advisors LLC bought a new stake in shares of Banc of California during the second quarter worth about $174,000. Finally, Municipal Employees Retirement System of Michigan raised its stake in shares of Banc of California by 2.3% in the third quarter. Municipal Employees Retirement System of Michigan now owns 10,900 shares of the company’s stock worth $190,000 after buying an additional 250 shares in the last quarter. Institutional investors and hedge funds own 92.86% of the company’s stock.
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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