BNC Bancorp (BNCN) Raised to Buy at Zacks Investment Research
BNC Bancorp (NASDAQ:BNCN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Friday. The brokerage presently has a $38.00 target price on the financial services provider’s stock. Zacks Investment Research’s price objective points to a potential upside of 12.26% from the company’s current price.
According to Zacks, “BNC Bancorp provides a complete line of banking and financial services to individuals and businesses through 90 banking offices in the Carolinas and Virginia. “
A number of other research analysts also recently issued reports on the company. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $37.75 price target on shares of BNC Bancorp in a report on Thursday. Stephens downgraded BNC Bancorp from an “overweight” rating to an “equal weight” rating in a report on Wednesday, January 25th. Five analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $31.15.
Shares of BNC Bancorp (NASDAQ:BNCN) traded down 0.15% during trading on Friday, hitting $33.85. The company had a trading volume of 164,039 shares. BNC Bancorp has a 1-year low of $21.07 and a 1-year high of $37.15. The firm has a market capitalization of $1.77 billion, a P/E ratio of 24.35 and a beta of 0.90. The company’s 50 day moving average is $34.18 and its 200 day moving average is $31.51.
BNC Bancorp (NASDAQ:BNCN) last announced its quarterly earnings results on Monday, April 17th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.01. The firm had revenue of $74.43 million for the quarter, compared to the consensus estimate of $76.80 million. BNC Bancorp had a return on equity of 10.48% and a net margin of 21.87%. Analysts anticipate that BNC Bancorp will post $1.79 earnings per share for the current fiscal year.
In related news, Director Matthew W. Mcinnis sold 25,000 shares of the company’s stock in a transaction on Thursday, March 30th. The stock was sold at an average price of $33.81, for a total transaction of $845,250.00. Following the completion of the sale, the director now owns 7,819 shares in the company, valued at $264,360.39. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John S. Ramsey, Jr. sold 10,000 shares of the company’s stock in a transaction on Thursday, February 23rd. The shares were sold at an average price of $36.22, for a total value of $362,200.00. Following the sale, the director now owns 4,000 shares of the company’s stock, valued at approximately $144,880. The disclosure for this sale can be found here. In the last quarter, insiders have sold 35,400 shares of company stock valued at $1,222,014. 6.16% of the stock is owned by company insiders.
Hedge funds have recently bought and sold shares of the stock. RMB Capital Management LLC boosted its stake in 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 during the period. Franklin Resources Inc. boosted its stake in BNC Bancorp by 27.6% in the fourth quarter. Franklin Resources Inc. now owns 2,431,958 shares of the financial services provider’s stock worth $77,579,000 after buying an additional 526,700 shares during the period. High Point Bank & Trust Co. boosted its stake in BNC Bancorp by 7,256.4% in the fourth quarter. High Point Bank & Trust Co. now owns 1,844,991 shares of the financial services provider’s stock worth $58,856,000 after buying an additional 1,819,911 shares during the period. BlackRock Group LTD boosted its stake in BNC Bancorp by 8,512.9% in the third quarter. BlackRock Group LTD now owns 906,081 shares of the financial services provider’s stock worth $22,036,000 after buying an additional 895,561 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in BNC Bancorp by 8.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 890,626 shares of the financial services provider’s stock worth $28,411,000 after buying an additional 71,941 shares during the period. Institutional investors own 52.41% of the company’s stock.
BNC Bancorp Company Profile
BNC Bancorp is a one-bank holding company for Bank of North Carolina (the Bank). The Bank is a full service commercial bank, which provides a range of banking services tailored to the particular banking needs of the communities it serves. It is 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 commercial and consumer loans.
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