Analysts Set $22.43 Target Price for Banc of California, Inc. (BANC)
Banc of California, Inc. (NYSE:BANC) has been assigned an average broker rating score of 2.00 (Buy) from the seven analysts that cover the company, Zacks Investment Research reports. Three research analysts have rated the stock with a hold recommendation, one has assigned a buy recommendation and three have issued a strong buy recommendation on the company.
Analysts have set a 1 year consensus target price of $22.43 for the company and are predicting that the company will post $0.23 earnings per share for the current quarter, according to Zacks. Zacks has also assigned Banc of California an industry rank of 178 out of 265 based on the ratings given to related companies.
Several brokerages have issued reports on BANC. BidaskClub upgraded Banc of California from a “sell” rating to a “hold” rating in a research note on Wednesday, November 1st. Zacks Investment Research cut Banc of California from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. FBR & Co restated a “buy” rating and set a $24.00 price objective on shares of Banc of California in a research note on Thursday, October 26th. Finally, ValuEngine upgraded Banc of California from a “hold” rating to a “buy” rating in a research note on Tuesday, September 12th.
Shares of Banc of California (NYSE:BANC) traded up C$0.05 during mid-day trading on Monday, reaching C$19.70. The company had a trading volume of 367,000 shares, compared to its average volume of 1,123,599. The firm has a market capitalization of $987.09, a PE ratio of 15.64, a PEG ratio of 1.81 and a beta of 0.95. The company has a debt-to-equity ratio of 2.21, a quick ratio of 0.91 and a current ratio of 0.91. Banc of California has a 52-week low of C$13.20 and a 52-week high of C$23.25.
Banc of California (NYSE:BANC) last posted its quarterly earnings results on Thursday, October 26th. The company reported C$0.23 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of C$0.19 by C$0.04. The firm had revenue of C$93.40 million during the quarter, compared to the consensus estimate of C$84.24 million. Banc of California had a return on equity of 11.78% and a net margin of 15.48%. During the same quarter in the previous year, the business earned $0.59 earnings per share. sell-side analysts anticipate that Banc of California will post 0.88 EPS for the current year.
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In related news, CEO Douglas H. Bowers bought 57,000 shares of the stock in a transaction dated Thursday, September 7th. The stock was bought at an average cost of C$17.56 per share, with a total value of C$1,000,920.00. Following the completion of the acquisition, the chief executive officer now owns 92,000 shares of the company’s stock, valued at C$1,615,520. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders have sold 30,000 shares of company stock valued at $14,000 over the last ninety days. Corporate insiders own 16.89% of the company’s stock.
Several large investors have recently bought and sold shares of BANC. OppenheimerFunds Inc. grew its holdings in shares of Banc of California by 18.9% during the first quarter. OppenheimerFunds Inc. now owns 23,998 shares of the company’s stock valued at $497,000 after purchasing an additional 3,810 shares during the last quarter. Teachers Advisors LLC grew its holdings in Banc of California by 3.3% in the 1st quarter. Teachers Advisors LLC now owns 82,924 shares of the company’s stock worth $1,717,000 after buying an additional 2,679 shares in the last quarter. Legal & General Group Plc grew its holdings in Banc of California by 0.4% in the 1st quarter. Legal & General Group Plc now owns 82,701 shares of the company’s stock worth $1,712,000 after buying an additional 354 shares in the last quarter. Thrivent Financial For Lutherans grew its holdings in Banc of California by 5.9% in the 1st quarter. Thrivent Financial For Lutherans now owns 28,210 shares of the company’s stock worth $584,000 after buying an additional 1,570 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in Banc of California by 3.0% in the 1st quarter. Geode Capital Management LLC now owns 370,968 shares of the company’s stock worth $7,679,000 after buying an additional 10,900 shares in the last quarter.
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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