BNC Bancorp (BNCN) Stock Rating Lowered by Keefe, Bruyette & Woods
BNC Bancorp (NASDAQ:BNCN) was downgraded by investment analysts at Keefe, Bruyette & Woods from an “outperform” rating to a “market perform” rating in a research note issued to investors on Tuesday. They currently have a $32.00 price objective on the financial services provider’s stock, up from their prior price objective of $26.50. Keefe, Bruyette & Woods’ price objective suggests a potential upside of 5.96% from the stock’s current price.
A number of other analysts also recently issued reports on the company. Sandler O’Neill downgraded BNC Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, November 22nd. Piper Jaffray Cos. assumed coverage on BNC Bancorp in a research report on Wednesday, November 16th. They issued an “overweight” rating and a $30.00 target price on the stock. Zacks Investment Research downgraded BNC Bancorp from a “hold” rating to a “sell” rating in a research report on Monday, October 24th. Finally, Gabelli downgraded BNC Bancorp from a “buy” rating to a “hold” rating and set a $27.00 target price on the stock. in a research report on Tuesday, August 9th. One analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $28.30.
BNC Bancorp (NASDAQ:BNCN) opened at 30.20 on Tuesday. The firm has a 50-day moving average price of $26.19 and a 200 day moving average price of $24.40. BNC Bancorp has a 12-month low of $19.45 and a 12-month high of $31.20. The firm has a market cap of $1.57 billion, a PE ratio of 21.39 and a beta of 0.80.
BNC Bancorp (NASDAQ:BNCN) last released its quarterly earnings results on Thursday, October 20th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.02. BNC Bancorp had a return on equity of 9.98% and a net margin of 22.11%. Equities research analysts forecast that BNC Bancorp will post $1.63 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, November 25th. Investors of record on Friday, November 11th were issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.66%. The ex-dividend date of this dividend was Tuesday, November 8th. BNC Bancorp’s payout ratio is currently 3.57%.
In related news, Director Thomas R. Sloan sold 11,000 shares of BNC Bancorp stock in a transaction dated Wednesday, November 30th. The stock was sold at an average price of $30.50, for a total transaction of $335,500.00. Following the completion of the transaction, the director now owns 192,245 shares in the company, valued at $5,863,472.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John S. Ramsey, Jr. sold 6,301 shares of the business’s stock in a transaction that occurred on Tuesday, November 15th. The stock was sold at an average price of $28.18, for a total value of $177,562.18. Following the sale, the director now owns 20,301 shares of the company’s stock, valued at approximately $572,082.18. The disclosure for this sale can be found here. Corporate insiders own 6.16% of the company’s stock.
Several large investors have recently modified their holdings of BNCN. RMB Capital Management LLC boosted its stake in shares of BNC Bancorp by 292.7% in the third quarter. RMB Capital Management LLC now owns 2,808,826 shares of the financial services provider’s stock worth $68,310,000 after buying an additional 2,093,479 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of BNC Bancorp by 77.7% in the third quarter. Price T Rowe Associates Inc. MD now owns 2,543,392 shares of the financial services provider’s stock worth $61,855,000 after buying an additional 1,112,433 shares in the last quarter. Mendon Capital Advisors Corp boosted its stake in shares of BNC Bancorp by 17.1% in the second quarter. Mendon Capital Advisors Corp now owns 1,297,564 shares of the financial services provider’s stock worth $29,468,000 after buying an additional 189,554 shares in the last quarter. Franklin Resources Inc. purchased a new stake in shares of BNC Bancorp during the second quarter worth about $24,417,000. Finally, BlackRock Fund Advisors boosted its stake in shares of BNC Bancorp by 16.1% in the third quarter. BlackRock Fund Advisors now owns 1,036,635 shares of the financial services provider’s stock worth $25,211,000 after buying an additional 143,768 shares in the last quarter. Institutional investors own 51.93% of the company’s stock.
About BNC Bancorp
BNC Bancorp is a bank holding company for Bank of North Carolina (BNC or the Bank). BNC is a full service commercial bank principally engaged in the business of attracting deposits from the general public and using those deposits, together with other funding from its lines of credit, to make primarily consumer and commercial loans.
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