Analysts Set Banc of California Inc (BANC) Target Price at $22.25
Shares of Banc of California Inc (NYSE:BANC) have earned a consensus rating of “Hold” from the nine ratings firms that are covering the company, MarketBeat.com reports. Three analysts have rated the stock with a sell recommendation, two have given a hold recommendation and four have given a buy recommendation to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $22.25.
BANC has been the subject of several research analyst reports. ValuEngine cut shares of Banc of California from a “strong-buy” rating to a “buy” rating in a research report on Friday, December 1st. Zacks Investment Research raised shares of Banc of California from a “hold” rating to a “buy” rating and set a $24.00 target price for the company in a research report on Monday, January 1st. Piper Jaffray Companies initiated coverage on shares of Banc of California in a research report on Thursday, December 21st. They issued an “overweight” rating and a $26.00 target price for the company. B. Riley cut shares of Banc of California from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $25.00 to $20.00 in a research report on Thursday, February 1st. Finally, FIG Partners cut shares of Banc of California from a “market perform” rating to an “underperform” rating in a research report on Friday, January 26th.
Banc of California (NYSE:BANC) traded down $0.42 during trading hours on Friday, hitting $20.75. 104,273 shares of the stock traded hands, compared to its average volume of 629,756. Banc of California has a 12-month low of $17.10 and a 12-month high of $23.40. The company has a debt-to-equity ratio of 2.51, a quick ratio of 0.95 and a current ratio of 0.96. The stock has a market cap of $1,080.00, a PE ratio of 36.10, a price-to-earnings-growth ratio of 1.92 and a beta of 0.91.
The firm also recently declared a quarterly dividend, which will be paid on Monday, April 2nd. Investors of record on Thursday, March 15th will be paid a $0.13 dividend. The ex-dividend date is Wednesday, March 14th. This represents a $0.52 annualized dividend and a dividend yield of 2.51%. Banc of California’s payout ratio is 88.14%.
In other Banc of California news, insider John A. Bogler purchased 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The stock was bought at an average cost of $19.30 per share, for a total transaction of $386,000.00. Following the purchase, the insider now directly owns 37,500 shares in the company, valued at $723,750. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 16.89% of the stock is owned by company insiders.
Institutional investors have recently modified their holdings of the stock. FNY Partners Fund LP bought a new position in shares of Banc of California in the 4th quarter worth about $103,000. Massey Quick Simon & CO. LLC bought a new stake in Banc of California during the 3rd quarter valued at about $179,000. Quantbot Technologies LP increased its stake in Banc of California by 193.0% during the 3rd quarter. Quantbot Technologies LP now owns 9,322 shares of the bank’s stock valued at $193,000 after purchasing an additional 6,140 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Banc of California by 6,699.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 9,451 shares of the bank’s stock valued at $195,000 after purchasing an additional 9,312 shares in the last quarter. Finally, SG Americas Securities LLC bought a new stake in Banc of California during the 3rd quarter valued at about $238,000.
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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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