Banc of California Inc. (NYSE:BANC) has been given a $20.00 price target by investment analysts at FBR & Co in a research report issued to clients and investors on Tuesday. The brokerage currently has a a “hold” rating on the stock. FBR & Co’s target price suggests a potential upside of 77.62% from the stock’s current price.
BANC has been the subject of a number of other reports. Zacks Investment Research upgraded shares of Banc of California from a “sell” rating to a “hold” rating in a research note on Monday, July 25th. FIG Partners lowered shares of Banc of California from a “market perform” rating to an “underperform” rating in a research note on Wednesday, August 17th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $21.00.
Banc of California (NYSE:BANC) traded up 20.8606% on Tuesday, reaching $13.6089. 14,897,547 shares of the company’s stock were exchanged. The company has a market cap of $676.70 million, a PE ratio of 8.9415 and a beta of 0.75. Banc of California has a 52-week low of $10.93 and a 52-week high of $23.24. The firm’s 50 day moving average price is $19.05 and its 200 day moving average price is $19.73.
Banc of California (NYSE:BANC) last issued its quarterly earnings results on Wednesday, October 19th. The company reported $0.59 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.17. Banc of California had a net margin of 14.65% and a return on equity of 14.90%. During the same period last year, the business posted $0.29 earnings per share. On average, analysts expect that Banc of California will post $1.64 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Thursday, September 15th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 4.26%. The ex-dividend date of this dividend was Tuesday, September 13th. Banc of California’s payout ratio is presently 32.65%.
In other news, insider Jeffrey T. Seabold sold 39,919 shares of the firm’s stock in a transaction dated Friday, September 30th. The shares were sold at an average price of $17.63, for a total transaction of $703,771.97. Following the sale, the insider now owns 241,841 shares of the company’s stock, valued at approximately $4,263,656.83. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 6.13% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Walleye Trading LLC bought a new stake in shares of Banc of California during the second quarter worth about $102,000. Teacher Retirement System of Texas increased its position in Banc of California by 48.2% in the second quarter. Teacher Retirement System of Texas now owns 5,864 shares of the company’s stock worth $106,000 after buying an additional 1,908 shares during the last quarter. PineBridge Investments L.P. acquired a new position in Banc of California during the second quarter worth about $113,000. Mason Street Advisors LLC acquired a new position in Banc of California during the second quarter worth about $174,000. Finally, Guggenheim Capital LLC acquired a new position in Banc of California during the second quarter worth about $235,000. 87.76% of the stock is currently owned by hedge funds and other institutional investors.
Banc of California Company Profile
Banc of California, Inc provides banking services to California’s diverse businesses, entrepreneurs and homeowners. The Bank was formed through the merger of four of Southern California’s community banking franchises. The Bank offers a range of financial services to meet the banking and financial needs of the communities it serves, with operations conducted through over 100 banking offices across California and across the West.
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