Zacks Investment Research upgraded shares of Banc of California (NYSE:BANC) from a hold rating to a buy rating in a research note published on Monday. Zacks Investment Research currently has $24.00 target price on the bank’s stock.
According to Zacks, “Banc of California, Inc. provides comprehensive banking services to California’s diverse private businesses, entrepreneurs and homeowners. It is the parent company of Banc of California, National Association. “
A number of other analysts have also issued reports on BANC. ValuEngine raised Banc of California from a hold rating to a buy rating in a research note on Sunday. FBR & Co reissued a buy rating and issued a $24.00 price target on shares of Banc of California in a research note on Thursday, October 26th. BidaskClub raised Banc of California from a sell rating to a hold rating in a research note on Thursday, September 28th. Finally, Piper Jaffray Companies began coverage on Banc of California in a research note on Thursday, December 21st. They issued an overweight rating and a $26.00 price target on the stock. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company. The company has a consensus rating of Buy and an average price target of $23.50.
Banc of California (NYSE:BANC) last posted its quarterly earnings data on Thursday, October 26th. The bank reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.04. The firm had revenue of $93.40 million during the quarter, compared to analysts’ expectations of $84.24 million. Banc of California had a return on equity of 11.78% and a net margin of 15.48%. During the same quarter last year, the business posted $0.59 EPS. equities research analysts predict that Banc of California will post 0.88 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 2nd. Shareholders of record on Friday, December 15th were paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 2.52%. The ex-dividend date of this dividend was Thursday, December 14th. Banc of California’s payout ratio is 45.61%.
A number of large investors have recently modified their holdings of the business. Public Employees Retirement System of Ohio boosted its stake in Banc of California by 18.4% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 111,133 shares of the bank’s stock worth $2,306,000 after buying an additional 17,241 shares during the last quarter. California Public Employees Retirement System lifted its stake in shares of Banc of California by 4.9% in the 3rd quarter. California Public Employees Retirement System now owns 65,267 shares of the bank’s stock valued at $1,354,000 after purchasing an additional 3,067 shares in the last quarter. Continental Advisors LLC lifted its stake in shares of Banc of California by 7.0% in the 3rd quarter. Continental Advisors LLC now owns 184,500 shares of the bank’s stock valued at $3,828,000 after purchasing an additional 12,000 shares in the last quarter. Second Curve Capital LLC acquired a new position in shares of Banc of California in the 3rd quarter valued at about $726,000. Finally, Maltese Capital Management LLC lifted its stake in shares of Banc of California by 171.4% in the 3rd quarter. Maltese Capital Management LLC now owns 760,000 shares of the bank’s stock valued at $15,770,000 after purchasing an additional 480,000 shares in the last quarter.
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Banc of California Company Profile
Banc of California, Inc is a financial holding company. The Company is the parent of Banc of California, National Association (the Bank). The Company operates through Commercial Banking; Mortgage Banking, and Corporate/Other segments. As of December 31, 2016, the Bank had 90 California banking locations, including 39 full service branches in San Diego, Orange, Santa Barbara, and Los Angeles Counties.
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