Banc of California (NYSE:BANC) Now Covered by Analysts at Piper Jaffray Companies

Piper Jaffray Companies initiated coverage on shares of Banc of California (NYSE:BANC) in a research note issued on Thursday, December 21st, MarketBeat Ratings reports. The firm set an “overweight” rating and a $26.00 price target on the bank’s stock. Piper Jaffray Companies’ target price points to a potential upside of 21.21% from the company’s current price.

A number of other research analysts also recently weighed in on the stock. BidaskClub upgraded shares of Banc of California from a “sell” rating to a “hold” rating in a report on Wednesday, November 1st. Keefe, Bruyette & Woods set a $20.00 target price on shares of Banc of California and gave the company a “hold” rating in a research note on Monday, August 28th. Zacks Investment Research upgraded shares of Banc of California from a “strong sell” rating to a “hold” rating in a research note on Monday, October 9th. ValuEngine upgraded shares of Banc of California from a “hold” rating to a “buy” rating in a research note on Tuesday, September 12th. Finally, FBR & Co reiterated a “buy” rating and issued a $24.00 target price on shares of Banc of California in a research note on Thursday, October 26th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $23.50.

Shares of Banc of California (NYSE:BANC) opened at $21.45 on Thursday. The company has a debt-to-equity ratio of 2.21, a current ratio of 0.91 and a quick ratio of 0.91. The company has a market cap of $1,084.00, a P/E ratio of 17.02, a P/E/G ratio of 1.49 and a beta of 0.97. Banc of California has a 12-month low of $14.40 and a 12-month high of $23.40.

Banc of California (NYSE:BANC) last released its earnings results on Thursday, October 26th. The bank reported $0.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.04. Banc of California had a net margin of 15.48% and a return on equity of 11.78%. The company had revenue of $93.40 million during the quarter, compared to the consensus estimate of $84.24 million. During the same quarter in the prior year, the firm earned $0.59 EPS. research analysts forecast that Banc of California will post 0.88 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently bought and sold shares of BANC. Aperio Group LLC acquired a new stake in Banc of California in the 2nd quarter worth $327,000. Great West Life Assurance Co. Can boosted its position in shares of Banc of California by 4.3% during the 2nd quarter. Great West Life Assurance Co. Can now owns 74,748 shares of the bank’s stock valued at $1,603,000 after acquiring an additional 3,097 shares in the last quarter. Sei Investments Co. boosted its position in shares of Banc of California by 718.0% during the 2nd quarter. Sei Investments Co. now owns 23,557 shares of the bank’s stock valued at $507,000 after acquiring an additional 20,677 shares in the last quarter. Arizona State Retirement System boosted its position in shares of Banc of California by 1.2% during the 2nd quarter. Arizona State Retirement System now owns 26,100 shares of the bank’s stock valued at $561,000 after acquiring an additional 300 shares in the last quarter. Finally, Legal & General Group Plc boosted its position in shares of Banc of California by 9.3% during the 2nd quarter. Legal & General Group Plc now owns 90,426 shares of the bank’s stock valued at $1,945,000 after acquiring an additional 7,725 shares in the last quarter.

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Banc of California Company Profile

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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