Analysts Set Banc of California, Inc. (BANC) PT at $22.00

Shares of Banc of California, Inc. (NYSE:BANC) have received a consensus recommendation of “Hold” from the seven ratings firms that are covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and three have given a buy recommendation to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $22.00.

BANC has been the subject of several analyst reports. BidaskClub cut shares of Banc of California from a “hold” rating to a “sell” rating in a research report on Friday, August 11th. Keefe, Bruyette & Woods set a $20.00 price target on shares of Banc of California and gave the company a “hold” rating in a research report on Monday, August 28th. ValuEngine raised shares of Banc of California from a “hold” rating to a “buy” rating in a research report on Tuesday, September 12th. Zacks Investment Research raised shares of Banc of California from a “strong sell” rating to a “hold” rating in a research report on Monday, October 9th. Finally, FBR & Co reissued a “buy” rating and set a $24.00 price target on shares of Banc of California in a research report on Thursday, October 26th.

In related news, CEO Douglas H. Bowers bought 57,000 shares of the company’s stock in a transaction dated Thursday, September 7th. The stock was purchased at an average cost of $17.56 per share, with a total value of $1,000,920.00. Following the transaction, the chief executive officer now owns 92,000 shares in the company, valued at approximately $1,615,520. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Over the last ninety days, insiders sold 30,000 shares of company stock valued at $14,000. Corporate insiders own 16.89% of the company’s stock.

Several large investors have recently bought and sold shares of BANC. Oppenheimer Asset Management Inc. lifted its position in Banc of California by 13.6% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 5,991 shares of the bank’s stock valued at $129,000 after acquiring an additional 718 shares during the period. Massey Quick Simon & CO. LLC purchased a new position in Banc of California during the 3rd quarter valued at about $179,000. Quantbot Technologies LP lifted its position in Banc of California by 193.0% during the 3rd quarter. Quantbot Technologies LP now owns 9,322 shares of the bank’s stock valued at $193,000 after acquiring an additional 6,140 shares during the period. JPMorgan Chase & Co. lifted its position in Banc of California by 6,699.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 9,451 shares of the bank’s stock valued at $195,000 after acquiring an additional 9,312 shares during the period. Finally, State of Alaska Department of Revenue lifted its position in Banc of California by 80.3% during the 2nd quarter. State of Alaska Department of Revenue now owns 9,864 shares of the bank’s stock valued at $212,000 after acquiring an additional 4,394 shares during the period.

Banc of California (NYSE:BANC) traded up $0.25 during mid-day trading on Friday, hitting $22.55. 635,874 shares of the company traded hands, compared to its average volume of 1,097,678. The company has a debt-to-equity ratio of 2.21, a quick ratio of 0.91 and a current ratio of 0.91. Banc of California has a 52 week low of $14.40 and a 52 week high of $23.40. The company has a market cap of $1,126.95, a price-to-earnings ratio of 17.70, a P/E/G ratio of 2.05 and a beta of 0.97.

Banc of California (NYSE:BANC) last released its earnings results on Thursday, October 26th. The bank reported $0.23 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.19 by $0.04. Banc of California had a net margin of 15.48% and a return on equity of 11.78%. The company had revenue of $93.40 million for the quarter, compared to analyst estimates of $84.24 million. During the same quarter last year, the firm earned $0.59 EPS. equities analysts predict that Banc of California will post 0.88 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 15th will be given a $0.13 dividend. The ex-dividend date is Thursday, December 14th. This represents a $0.52 annualized dividend and a dividend yield of 2.31%. Banc of California’s dividend payout ratio is 45.61%.

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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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