BANC has been the topic of several other reports. Zacks Investment Research downgraded shares of Banc of California from a buy rating to a hold rating in a research report on Friday, July 1st. FIG Partners downgraded shares of Banc of California from a market perform rating to an underperform rating in a research report on Wednesday, August 17th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. The company has a consensus rating of Hold and a consensus price target of $21.00.
Banc of California (NYSE:BANC) opened at 17.53 on Thursday. The company has a 50-day moving average of $21.34 and a 200 day moving average of $19.70. The stock has a market capitalization of $871.68 million, a price-to-earnings ratio of 11.52 and a beta of 0.70. Banc of California has a 12 month low of $11.88 and a 12 month high of $23.24.
Banc of California (NYSE:BANC) last released its quarterly earnings results on Thursday, July 21st. The company reported $0.46 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.06. Banc of California had a net margin of 14.65% and a return on equity of 14.90%. During the same period in the prior year, the firm earned $0.32 EPS. On average, equities research analysts anticipate that Banc of California will post $1.64 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Thursday, September 15th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Tuesday, September 13th. This represents a $0.48 annualized dividend and a dividend yield of 2.74%. Banc of California’s payout ratio is 32.65%.
Several hedge funds have recently made changes to their positions in the stock. Walleye Trading LLC purchased a new stake in shares of Banc of California during the second quarter valued at approximately $102,000. Teacher Retirement System of Texas boosted 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 valued at $106,000 after buying an additional 1,908 shares during the last quarter. PineBridge Investments L.P. bought a new position in Banc of California during the second quarter valued at $113,000. Legal & General Group Plc boosted its position in Banc of California by 17.7% in the first quarter. Legal & General Group Plc now owns 6,731 shares of the company’s stock valued at $116,000 after buying an additional 1,012 shares during the last quarter. Finally, Mason Street Advisors LLC bought a new position in Banc of California during the second quarter valued at $174,000. Hedge funds and other institutional investors own 87.96% of the company’s stock.
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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