Shares of Banc of California Inc. (NYSE:BANC) have been assigned a consensus rating of “Hold” from the six analysts that are currently covering the firm. One research analyst has rated the stock with a sell recommendation, two have given a hold recommendation and three have given a buy recommendation to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $24.00.
BANC has been the subject of several research reports. FBR & Co initiated coverage on shares of Banc of California in a research note on Friday, July 1st. They set a “market perform” rating and a $20.00 price objective for the company. Zacks Investment Research cut shares of Banc of California from a “buy” rating to a “hold” rating in a research note on Friday, July 1st. Finally, FIG Partners cut shares of Banc of California from a “market perform” rating to an “underperform” rating in a research note on Wednesday, August 17th.
In other Banc of California news, insider Jeffrey T. Seabold sold 39,919 shares of the business’s stock in a transaction dated Friday, September 30th. The shares were sold at an average price of $17.63, for a total value of $703,771.97. Following the transaction, the insider now directly owns 241,841 shares in the company, valued at approximately $4,263,656.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 6.13% of the stock is currently owned by company insiders.
Institutional investors have recently modified their holdings of the company. Texas Permanent School Fund bought a new position in shares of Banc of California during the first quarter valued at approximately $627,000. Prudential Financial Inc. raised its position in shares of Banc of California by 34.1% in the first quarter. Prudential Financial Inc. now owns 462,069 shares of the company’s stock valued at $8,086,000 after buying an additional 117,500 shares in the last quarter. BlackRock Fund Advisors raised its position in shares of Banc of California by 198.2% in the first quarter. BlackRock Fund Advisors now owns 2,827,696 shares of the company’s stock valued at $49,485,000 after buying an additional 1,879,284 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its position in shares of Banc of California by 20.7% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 919,423 shares of the company’s stock valued at $16,090,000 after buying an additional 157,612 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Banc of California by 3.9% in the first quarter. JPMorgan Chase & Co. now owns 868,863 shares of the company’s stock valued at $15,205,000 after buying an additional 32,863 shares in the last quarter. Hedge funds and other institutional investors own 87.96% of the company’s stock.
Shares of Banc of California (NYSE:BANC) traded down 0.45% on Wednesday, hitting $17.72. 217,772 shares of the company were exchanged. The firm’s 50-day moving average is $19.97 and its 200-day moving average is $19.78. Banc of California has a 52-week low of $12.00 and a 52-week high of $23.24. The stock has a market capitalization of $881.13 million, a PE ratio of 11.64 and a beta of 0.75.
Banc of California (NYSE:BANC) last announced its quarterly earnings data on Thursday, July 21st. The company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.06. Banc of California had a net margin of 14.65% and a return on equity of 14.90%. During the same quarter in the previous year, the firm posted $0.32 earnings per share. Equities research analysts predict that Banc of California will post $1.64 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Thursday, September 15th were issued a $0.12 dividend. The ex-dividend date was Tuesday, September 13th. This represents a $0.48 annualized dividend and a yield of 2.70%. Banc of California’s payout ratio is 32.65%.