Banc of California (BANC) Receives Average Rating of “Hold” from Analysts

Shares of Banc of California (NYSE:BANC) have earned an average recommendation of “Hold” from the nine brokerages that are presently covering the company, MarketBeat reports. Four research analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $21.60.

A number of equities research analysts have weighed in on BANC shares. Zacks Investment Research raised Banc of California from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a report on Monday, January 1st. Bank of America downgraded 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. FIG Partners downgraded Banc of California from a “market perform” rating to an “underperform” rating in a report on Friday, January 26th. ValuEngine raised Banc of California from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Finally, Piper Jaffray started coverage on Banc of California in a report on Thursday, December 21st. They issued an “overweight” rating and a $26.00 target price on the stock.

In other news, insider John A. Bogler purchased 20,000 shares of the company’s stock in a transaction dated 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 owns 37,500 shares of the company’s stock, valued at $723,750. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 16.89% of the stock is currently owned by corporate insiders.



Several institutional investors and hedge funds have recently made changes to their positions in BANC. New York State Common Retirement Fund lifted its stake in shares of Banc of California by 46.5% in the 3rd quarter. New York State Common Retirement Fund now owns 450,924 shares of the bank’s stock valued at $9,357,000 after acquiring an additional 143,053 shares during the last quarter. Municipal Employees Retirement System of Michigan lifted its stake in shares of Banc of California by 24.3% in the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 21,980 shares of the bank’s stock valued at $456,000 after acquiring an additional 4,290 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Banc of California by 22.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 929,532 shares of the bank’s stock valued at $19,287,000 after acquiring an additional 170,632 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in shares of Banc of California by 3.2% in the 3rd quarter. Russell Investments Group Ltd. now owns 106,196 shares of the bank’s stock valued at $2,204,000 after acquiring an additional 3,324 shares during the last quarter. Finally, SG Americas Securities LLC bought a new position in shares of Banc of California in the 3rd quarter valued at $238,000.

NYSE:BANC traded up $0.05 during trading hours on Thursday, reaching $18.80. 623,520 shares of the company were exchanged, compared to its average volume of 664,063. The company has a market capitalization of $955.00, a P/E ratio of 22.93, a P/E/G ratio of 2.54 and a beta of 0.88. Banc of California has a 1-year low of $17.10 and a 1-year high of $23.40. The company has a debt-to-equity ratio of 2.51, a current ratio of 0.96 and a quick ratio of 0.95.

Banc of California (NYSE:BANC) last issued its earnings results on Thursday, January 25th. The bank reported $0.30 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.23 by $0.07. The firm had revenue of $78.87 million for the quarter, compared to the consensus estimate of $84.02 million. Banc of California had a return on equity of 9.93% and a net margin of 13.28%. The company’s revenue was down 31.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.54 EPS. sell-side analysts anticipate that Banc of California will post 0.6 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Monday, April 2nd. Stockholders of record on Thursday, March 15th were paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.77%. The ex-dividend date of this dividend was Wednesday, March 14th. Banc of California’s payout ratio is 63.41%.

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Banc of California Company Profile

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.

Analyst Recommendations for Banc of California (NYSE:BANC)

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