Shares of Banc of California Inc. (NYSE:BANC) have been given a consensus rating of “Hold” by the six research firms that are currently covering the stock. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $24.00.
Several brokerages have recently commented on BANC. Zacks Investment Research raised shares of Banc of California from a “sell” rating to a “hold” rating in a research report on Monday, July 25th. FBR & Co reaffirmed a “hold” rating on shares of Banc of California in a research report on Thursday, September 22nd. Finally, FIG Partners cut shares of Banc of California from a “market perform” rating to an “underperform” rating in a research report on Wednesday, August 17th.
In related news, insider Jeffrey T. Seabold sold 39,919 shares of the 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 in the company, valued at $4,263,656.83. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 6.13% of the company’s stock.
Several large investors have recently made changes to their positions in BANC. 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 raised its stake in shares of 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. purchased a new stake in shares of Banc of California during the second quarter valued at approximately $113,000. Legal & General Group Plc raised its stake in shares of 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 purchased a new stake in shares of Banc of California during the second quarter valued at approximately $174,000. Institutional investors own 87.96% of the company’s stock.
Shares of Banc of California (NYSE:BANC) opened at 16.50 on Wednesday. Banc of California has a one year low of $12.11 and a one year high of $23.24. The firm has a 50-day moving average price of $19.53 and a 200-day moving average price of $19.74. The stock has a market cap of $820.46 million, a price-to-earnings ratio of 10.84 and a beta of 0.75.
Banc of California (NYSE:BANC) last posted its quarterly earnings data on Thursday, July 21st. The company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates 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 previous year, the company posted $0.32 earnings per share. Analysts anticipate that Banc of California will post $1.64 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Thursday, September 15th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Tuesday, September 13th. This represents a $0.48 annualized dividend and a yield of 2.91%. Banc of California’s dividend payout ratio (DPR) is 32.65%.
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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