Shares of Banc of California Inc (NYSE:BANC) gapped down prior to trading on Friday . The stock had previously closed at $21.80, but opened at $21.05. Banc of California shares last traded at $20.35, with a volume of 2019326 shares changing hands.
BANC has been the topic of a number of research analyst reports. ValuEngine lowered Banc of California from a “strong-buy” rating to a “buy” rating in a research report on Friday, December 1st. Zacks Investment Research raised Banc of California from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a research report on Monday, January 1st. Piper Jaffray Companies initiated coverage on Banc of California in a research report on Thursday, December 21st. They issued an “overweight” rating and a $26.00 target price on the stock. B. Riley lowered Banc of California from a “buy” rating to a “neutral” rating and cut their target price for the company from $25.00 to $20.00 in a research report on Thursday, February 1st. Finally, FIG Partners lowered Banc of California from a “market perform” rating to an “underperform” rating in a research report on Friday, January 26th. Three analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $22.60.
The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 2.51. The firm has a market capitalization of $1,061.39, a PE ratio of 28.26, a price-to-earnings-growth ratio of 1.94 and a beta of 0.91.
Banc of California (NYSE:BANC) last posted its quarterly earnings data on Thursday, January 25th. The bank reported $0.30 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.07. Banc of California had a return on equity of 9.93% and a net margin of 13.28%. The business had revenue of $78.87 million for the quarter, compared to analyst estimates of $84.02 million. During the same quarter in the prior year, the company earned $0.54 earnings per share. The company’s revenue was down 31.7% on a year-over-year basis. equities analysts forecast that Banc of California Inc will post 0.88 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 2nd. Stockholders of record on Thursday, March 15th will be given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.56%. The ex-dividend date of this dividend is Wednesday, March 14th. Banc of California’s dividend payout ratio is currently 72.22%.
In related news, insider John A. Bogler acquired 20,000 shares of the business’s stock in a transaction dated Thursday, February 1st. The shares were acquired at an average price of $19.30 per share, with a total value of $386,000.00. Following the completion of the transaction, the insider now owns 37,500 shares of the company’s stock, valued at $723,750. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. 16.89% of the stock is currently owned by corporate insiders.
Institutional investors have recently bought and sold shares of the company. Channing Capital Management LLC grew its stake in shares of Banc of California by 24.1% during the fourth quarter. Channing Capital Management LLC now owns 2,906,672 shares of the bank’s stock worth $60,023,000 after purchasing an additional 564,190 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of Banc of California by 2.2% during the fourth quarter. Victory Capital Management Inc. now owns 1,538,602 shares of the bank’s stock worth $31,773,000 after purchasing an additional 33,092 shares in the last quarter. EJF Capital LLC grew its stake in shares of Banc of California by 19.5% during the third quarter. EJF Capital LLC now owns 1,225,000 shares of the bank’s stock worth $25,419,000 after purchasing an additional 200,000 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Banc of California by 22.5% during the third quarter. Bank of New York Mellon Corp now owns 929,532 shares of the bank’s stock worth $19,287,000 after purchasing an additional 170,632 shares in the last quarter. Finally, Maltese Capital Management LLC grew its stake in shares of Banc of California by 13.2% during the fourth quarter. Maltese Capital Management LLC now owns 860,141 shares of the bank’s stock worth $17,762,000 after purchasing an additional 100,141 shares in the last quarter.
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About Banc of California
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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