Shares of Banc of California, Inc. (NYSE:BANC) have received a consensus recommendation of “Hold” from the eight brokerages that are currently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and four have issued a buy recommendation on the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $23.33.
Several equities research analysts recently issued reports on the company. BidaskClub downgraded Banc of California from a “hold” rating to a “sell” rating in a research note on Monday, October 23rd. 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 “strong sell” rating to a “hold” rating in a research report on Monday, October 9th. Keefe, Bruyette & Woods set a $20.00 target price on Banc of California and gave the stock a “hold” rating in a research report on Monday, August 28th. Finally, Piper Jaffray Companies started 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.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Arizona State Retirement System lifted its position in shares of Banc of California by 1.2% in the 2nd quarter. Arizona State Retirement System now owns 26,100 shares of the bank’s stock worth $561,000 after acquiring an additional 300 shares during the period. Raymond James Financial Services Advisors Inc. lifted its position in shares of Banc of California by 2.1% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 15,519 shares of the bank’s stock worth $334,000 after acquiring an additional 319 shares during the period. Oppenheimer Asset Management Inc. lifted its position in shares of Banc of California by 13.6% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 5,991 shares of the bank’s stock worth $129,000 after acquiring an additional 718 shares during the period. California Public Employees Retirement System lifted its position in shares of Banc of California by 2.6% in the 2nd quarter. California Public Employees Retirement System now owns 62,200 shares of the bank’s stock worth $1,337,000 after acquiring an additional 1,600 shares during the period. Finally, Thrivent Financial For Lutherans lifted its position in shares of Banc of California by 6.5% in the 2nd quarter. Thrivent Financial For Lutherans now owns 30,050 shares of the bank’s stock worth $646,000 after acquiring an additional 1,840 shares during the period.
Banc of California (NYSE:BANC) last issued its quarterly earnings data on Thursday, October 26th. The bank reported $0.23 EPS for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.04. Banc of California had a return on equity of 11.78% and a net margin of 15.48%. The firm had revenue of $93.40 million during the quarter, compared to the consensus estimate of $84.24 million. During the same period in the prior year, the business earned $0.59 EPS. analysts anticipate that Banc of California will post 0.88 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Friday, December 15th will be issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 2.45%. The ex-dividend date of this dividend is Thursday, December 14th. Banc of California’s dividend payout ratio (DPR) is currently 45.61%.
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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