Banc of California Inc (NYSE:BANC) has been assigned a consensus recommendation of “Hold” from the nine research firms that are currently covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a sell recommendation, five have issued a hold recommendation and two have assigned a buy recommendation to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $21.40.
Several research firms recently issued reports on BANC. Zacks Investment Research lowered Banc of California from a “hold” rating to a “sell” rating in a report on Tuesday, April 10th. ValuEngine lowered Banc of California from a “buy” rating to a “hold” rating in a report on Wednesday, May 2nd. B. Riley dropped their target price on Banc of California from $20.00 to $19.00 and set a “neutral” rating on the stock in a report on Tuesday, June 19th. FIG Partners upgraded Banc of California from an “underperform” rating to a “market perform” rating in a report on Monday, April 30th. Finally, Bank of America lowered Banc of California from a “neutral” rating to an “underperform” rating and set a $19.00 target price on the stock. in a report on Friday, April 6th.
In other Banc of California news, General Counsel John C. Grosvenor sold 23,941 shares of the business’s stock in a transaction that occurred on Thursday, May 17th. The stock was sold at an average price of $18.78, for a total transaction of $449,611.98. Following the transaction, the general counsel now owns 35,438 shares of the company’s stock, valued at $665,525.64. The sale was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 18.08% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Wells Fargo & Company MN increased its position in Banc of California by 15.4% during the fourth quarter. Wells Fargo & Company MN now owns 308,826 shares of the bank’s stock worth $6,377,000 after buying an additional 41,207 shares during the last quarter. HBK Investments L P grew its position in shares of Banc of California by 3.2% in the fourth quarter. HBK Investments L P now owns 121,100 shares of the bank’s stock valued at $2,501,000 after purchasing an additional 3,700 shares during the last quarter. Second Curve Capital LLC grew its position in shares of Banc of California by 300.0% in the fourth quarter. Second Curve Capital LLC now owns 140,000 shares of the bank’s stock valued at $2,891,000 after purchasing an additional 105,000 shares during the last quarter. Teacher Retirement System of Texas acquired a new position in shares of Banc of California in the fourth quarter valued at approximately $298,000. Finally, Brandywine Global Investment Management LLC grew its position in shares of Banc of California by 17.6% in the fourth quarter. Brandywine Global Investment Management LLC now owns 157,696 shares of the bank’s stock valued at $3,257,000 after purchasing an additional 23,563 shares during the last quarter.
Shares of Banc of California traded down $0.05, reaching $19.40, during trading on Tuesday, MarketBeat.com reports. The stock had a trading volume of 280,113 shares, compared to its average volume of 612,703. The firm has a market cap of $981.52 million, a price-to-earnings ratio of 23.66, a price-to-earnings-growth ratio of 2.39 and a beta of 0.84. Banc of California has a 52 week low of $17.10 and a 52 week high of $23.40. The company has a debt-to-equity ratio of 2.87, a current ratio of 1.01 and a quick ratio of 1.01.
Banc of California (NYSE:BANC) last issued its quarterly earnings results on Friday, April 27th. The bank reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.11. Banc of California had a return on equity of 8.37% and a net margin of 11.46%. The company had revenue of $80.02 million for the quarter, compared to analyst estimates of $78.46 million. During the same period in the previous year, the company posted $0.23 earnings per share. equities analysts expect that Banc of California will post 0.66 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, July 2nd. Investors of record on Friday, June 15th will be issued a dividend of $0.13 per share. The ex-dividend date of this dividend is Thursday, June 14th. This represents a $0.52 annualized dividend and a yield of 2.68%. Banc of California’s payout ratio is presently 63.41%.
About Banc of California
Banc of California, Inc operates as the bank holding company for Banc of California, National Association that provides banking products and services in the United States. The company's deposits consist of checking, savings, money market, retirement, and interest and non-interest bearing demand accounts, as well as certificates of deposit; and commercial and consumer loan products include commercial and industrial loans, commercial real estate loans, multi-family loans, small business administration (SBA) guaranteed business loans, construction and renovation loans, single family residential mortgage loans, warehouse loans, asset-insurance-or security backed loans, home equity lines of credit, consumer and business lines of credit, home equity loans, and other consumer loans.
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