Zacks Investment Research upgraded shares of Banc of California, Inc. (NYSE:BANC) from a strong sell rating to a hold rating in a research note published on Monday.
According to Zacks, “Banc of California, Inc. provides comprehensive banking services to California’s diverse private businesses, entrepreneurs and homeowners. It is the parent company of Banc of California, National Association. “
Several other brokerages also recently weighed in on BANC. BidaskClub upgraded Banc of California from a hold rating to a buy rating in a research report on Tuesday, June 13th. Keefe, Bruyette & Woods set a $22.00 price objective on Banc of California and gave the company a hold rating in a research report on Thursday, July 6th. Finally, ValuEngine downgraded Banc of California from a buy rating to a hold rating in a research report on Friday, July 14th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company has an average rating of Buy and an average target price of $22.00.
Banc of California (NYSE BANC) opened at 20.50 on Monday. The company has a market cap of $980.84 million, a price-to-earnings ratio of 13.71 and a beta of 0.99. Banc of California has a one year low of $10.93 and a one year high of $23.25. The company has a 50-day moving average of $19.43 and a 200-day moving average of $20.45.
Banc of California (NYSE:BANC) last announced its quarterly earnings data on Wednesday, July 26th. The bank reported $0.20 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.24 by ($0.04). Banc of California had a net margin of 17.12% and a return on equity of 14.44%. The company had revenue of $81.21 million during the quarter, compared to the consensus estimate of $97.94 million. During the same quarter in the previous year, the firm posted $0.46 EPS. Equities research analysts expect that Banc of California will post $0.77 EPS for the current fiscal year.
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The firm also recently announced a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Friday, September 15th were paid a dividend of $0.13 per share. The ex-dividend date of this dividend was Thursday, September 14th. This represents a $0.52 annualized dividend and a dividend yield of 2.54%. Banc of California’s dividend payout ratio (DPR) is presently 34.67%.
In other Banc of California news, CEO Douglas H. Bowers bought 57,000 shares of Banc of California stock in a transaction dated Thursday, September 7th. The shares were purchased at an average cost of $17.56 per share, with a total value of $1,000,920.00. Following the completion of the purchase, the chief executive officer now owns 92,000 shares of the company’s stock, valued at $1,615,520. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 16.89% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. grew its stake in Banc of California by 48,720.8% in the first quarter. BlackRock Inc. now owns 6,494,627 shares of the bank’s stock worth $134,438,000 after purchasing an additional 6,481,324 shares during the period. State Street Corp grew its stake in Banc of California by 13.5% in the second quarter. State Street Corp now owns 3,345,022 shares of the bank’s stock worth $71,920,000 after purchasing an additional 397,611 shares during the period. Wellington Management Group LLP grew its stake in Banc of California by 939.7% in the first quarter. Wellington Management Group LLP now owns 1,915,231 shares of the bank’s stock worth $39,645,000 after purchasing an additional 1,731,026 shares during the period. Victory Capital Management Inc. grew its stake in Banc of California by 39.0% in the second quarter. Victory Capital Management Inc. now owns 1,115,596 shares of the bank’s stock worth $23,985,000 after purchasing an additional 312,947 shares during the period. Finally, EJF Capital LLC purchased a new stake in Banc of California in the first quarter worth $21,011,000.
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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