Zacks Investment Research upgraded shares of Banc of California (NYSE:BANC) from a hold rating to a buy rating in a report released on Friday. They currently have $20.00 price objective 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. “
BANC has been the topic of a number of other research reports. B. Riley cut their price objective on shares of Banc of California from $20.00 to $19.00 and set a neutral rating on the stock in a research report on Tuesday, June 19th. ValuEngine raised shares of Banc of California from a hold rating to a buy rating in a research report on Friday, August 10th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. The company currently has an average rating of Hold and an average price target of $21.40.
Shares of BANC stock traded down $0.21 during trading on Friday, reaching $18.00. The company’s stock had a trading volume of 675,598 shares, compared to its average volume of 534,822. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 2.75. The firm has a market cap of $957.44 million, a PE ratio of 21.95, a P/E/G ratio of 2.18 and a beta of 0.75. Banc of California has a one year low of $17.53 and a one year high of $23.40.
Banc of California (NYSE:BANC) last announced its quarterly earnings data on Thursday, July 26th. The bank reported $0.16 EPS for the quarter, missing the Zacks’ consensus estimate of $0.20 by ($0.04). The business had revenue of $80.83 million during the quarter, compared to the consensus estimate of $79.67 million. Banc of California had a return on equity of 8.25% and a net margin of 11.74%. During the same period in the prior year, the firm earned $0.20 EPS. On average, equities analysts predict that Banc of California will post 0.7 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, October 1st. Investors of record on Friday, September 14th were issued a dividend of $0.13 per share. The ex-dividend date of this dividend was Thursday, September 13th. This represents a $0.52 dividend on an annualized basis and a yield of 2.89%. Banc of California’s payout ratio is 63.41%.
In related news, Director W Kirk Wycoff sold 274,700 shares of the business’s stock in a transaction on Thursday, August 16th. The shares were sold at an average price of $19.95, for a total transaction of $5,480,265.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Over the last 90 days, insiders have sold 640,656 shares of company stock worth $12,808,384. 18.08% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently modified their holdings of the stock. Tyers Asset Management LLC increased its holdings in Banc of California by 64.9% during the second quarter. Tyers Asset Management LLC now owns 7,600 shares of the bank’s stock worth $149,000 after buying an additional 2,992 shares during the last quarter. Cornerstone Wealth Management LLC acquired a new position in shares of Banc of California in the second quarter valued at $400,000. Piedmont Investment Advisors LLC acquired a new position in shares of Banc of California in the second quarter valued at $194,000. Xact Kapitalforvaltning AB acquired a new position in shares of Banc of California in the first quarter valued at $210,000. Finally, Sei Investments Co. increased its holdings in shares of Banc of California by 157.9% in the second quarter. Sei Investments Co. now owns 11,669 shares of the bank’s stock valued at $228,000 after purchasing an additional 7,145 shares during the last quarter.
About Banc of California
Banc of California, Inc operates as the bank holding company for Banc of California, National Association that provides banking products and services in the United States. The company's deposits consist of checking, savings, money market, retirement, and interest and non-interest bearing demand accounts, as well as certificates of deposit; and commercial and consumer loan products include commercial and industrial loans, commercial real estate loans, multi-family loans, small business administration (SBA) guaranteed business loans, construction and renovation loans, single family residential mortgage loans, warehouse loans, asset-insurance-or security backed loans, home equity lines of credit, consumer and business lines of credit, home equity loans, and other consumer loans.
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