Shares of Banc of California Inc (NYSE:BANC) have been given an average recommendation of “Hold” by the seven analysts that are presently covering the stock, MarketBeat reports. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $19.75.
A number of equities research analysts have recently weighed in on the stock. ValuEngine lowered shares of Banc of California from a “buy” rating to a “hold” rating in a report on Tuesday, December 18th. Raymond James lowered their price objective on shares of Banc of California from $22.00 to $20.00 and set an “outperform” rating for the company in a report on Monday, November 12th. Zacks Investment Research upgraded shares of Banc of California from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a report on Friday, October 12th. Finally, B. Riley lowered their price objective on shares of Banc of California from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Tuesday, December 18th.
Shares of BANC opened at $14.22 on Friday. The company has a market capitalization of $714.19 million, a PE ratio of 17.34, a price-to-earnings-growth ratio of 1.04 and a beta of 1.21. The company has a debt-to-equity ratio of 2.53, a current ratio of 1.01 and a quick ratio of 1.01. Banc of California has a fifty-two week low of $12.22 and a fifty-two week high of $21.85.
Banc of California (NYSE:BANC) last announced its quarterly earnings data on Thursday, October 25th. The bank reported $0.22 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.01. The firm had revenue of $76.02 million during the quarter, compared to analyst estimates of $78.99 million. Banc of California had a net margin of 10.47% and a return on equity of 8.38%. Equities research analysts expect that Banc of California will post 0.67 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, January 2nd. Investors of record on Monday, December 17th were issued a dividend of $0.13 per share. The ex-dividend date was Friday, December 14th. This represents a $0.52 dividend on an annualized basis and a yield of 3.66%. Banc of California’s dividend payout ratio is currently 63.41%.
In other news, CAO Michael Alan Smith purchased 4,600 shares of the stock in a transaction that occurred on Friday, November 2nd. The stock was bought at an average cost of $16.50 per share, for a total transaction of $75,900.00. Following the acquisition, the chief accounting officer now directly owns 13,959 shares of the company’s stock, valued at approximately $230,323.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Mary A. Curran purchased 2,000 shares of the stock in a transaction that occurred on Thursday, December 6th. The shares were purchased at an average price of $15.61 per share, with a total value of $31,220.00. Following the completion of the acquisition, the director now directly owns 11,736 shares in the company, valued at $183,198.96. The disclosure for this purchase can be found here. Corporate insiders own 18.08% of the company’s stock.
Large investors have recently bought and sold shares of the stock. Wells Fargo & Company MN increased its position in Banc of California by 25.5% during the 2nd quarter. Wells Fargo & Company MN now owns 394,960 shares of the bank’s stock valued at $7,721,000 after purchasing an additional 80,278 shares during the period. Millennium Management LLC increased its position in Banc of California by 63.1% during the 2nd quarter. Millennium Management LLC now owns 984,317 shares of the bank’s stock valued at $19,243,000 after purchasing an additional 380,740 shares during the period. Dimensional Fund Advisors LP increased its position in Banc of California by 3.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,445,877 shares of the bank’s stock valued at $47,816,000 after purchasing an additional 79,606 shares during the period. BlackRock Inc. increased its position in Banc of California by 3.9% during the 3rd quarter. BlackRock Inc. now owns 6,237,726 shares of the bank’s stock valued at $117,893,000 after purchasing an additional 233,796 shares during the period. Finally, Sei Investments Co. increased its position in Banc of California by 157.9% during the 2nd quarter. Sei Investments Co. now owns 11,669 shares of the bank’s stock valued at $228,000 after purchasing an additional 7,145 shares during the period.
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.
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