Banc of California, Inc. (BANC) Given a $20.00 Price Target at Keefe, Bruyette & Woods
Other research analysts have also issued reports about the company. BidaskClub upgraded Banc of California from a sell rating to a hold rating in a research report on Thursday, August 3rd. Zacks Investment Research upgraded Banc of California from a strong sell rating to a buy rating and set a $24.00 price target for the company in a research report on Tuesday, July 11th. ValuEngine upgraded Banc of California from a hold rating to a buy rating in a research report on Saturday, June 3rd. Finally, FBR & Co lowered their price target on Banc of California from $25.00 to $24.00 and set an outperform rating for the company in a research report on Thursday, May 4th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. The stock has a consensus rating of Hold and an average target price of $22.00.
Shares of Banc of California (NYSE BANC) opened at 18.55 on Monday. The firm has a market capitalization of $887.54 million, a PE ratio of 12.41 and a beta of 0.97. The firm has a 50-day moving average price of $19.73 and a 200-day moving average price of $20.58. Banc of California has a 1-year low of $10.93 and a 1-year high of $23.25.
Banc of California (NYSE:BANC) last released its quarterly earnings results on Wednesday, July 26th. The bank reported $0.20 EPS for the quarter, missing the consensus estimate of $0.24 by $0.04. Banc of California had a return on equity of 14.44% and a net margin of 17.12%. The firm had revenue of $81.21 million for the quarter, compared to analysts’ expectations of $97.94 million. During the same quarter in the prior year, the business earned $0.46 earnings per share. On average, analysts forecast that Banc of California will post $0.76 EPS for the current fiscal year.
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The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be issued a $0.13 dividend. The ex-dividend date is Thursday, September 14th. This represents a $0.52 dividend on an annualized basis and a yield of 2.80%. Banc of California’s dividend payout ratio (DPR) is presently 34.67%.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Searle & CO. bought a new position in Banc of California during the second quarter worth about $686,000. First Mercantile Trust Co. bought a new position in Banc of California during the first quarter worth about $304,000. EJF Capital LLC bought a new position in Banc of California during the first quarter worth about $21,011,000. Great Lakes Advisors LLC bought a new position in Banc of California during the first quarter worth about $1,839,000. Finally, Swiss National Bank raised its position in Banc of California by 4.5% in the first quarter. Swiss National Bank now owns 69,300 shares of the bank’s stock worth $1,435,000 after buying an additional 3,000 shares during the period.
About Banc of California
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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