BNC Bancorp (NASDAQ:BNCN) was downgraded by investment analysts at Stephens from an “overweight” rating to an “equal weight” rating in a research note issued on Wednesday.
Other analysts have also issued research reports about the stock. Zacks Investment Research lowered shares of BNC Bancorp from a “hold” rating to a “sell” rating in a research note on Monday, October 24th. Piper Jaffray Companies initiated coverage on shares of BNC Bancorp in a research note on Wednesday, November 16th. They set an “overweight” rating and a $30.00 price objective on the stock. Keefe, Bruyette & Woods lowered shares of BNC Bancorp from an “outperform” rating to a “market perform” rating and lifted their price target for the stock from $26.50 to $32.00 in a research note on Tuesday, November 29th. Finally, Sandler O’Neill lowered shares of BNC Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, November 22nd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $28.00.
Shares of BNC Bancorp (NASDAQ:BNCN) traded up 2.26% during mid-day trading on Wednesday, reaching $36.20. 217,638 shares of the company were exchanged. The company’s 50-day moving average is $32.30 and its 200 day moving average is $26.91. The firm has a market capitalization of $1.84 billion, a price-to-earnings ratio of 22.11 and a beta of 0.87. BNC Bancorp has a 12 month low of $19.45 and a 12 month high of $36.35.
The firm also recently announced an annual dividend, which will be paid on Friday, February 24th. Shareholders of record on Friday, February 10th will be paid a dividend of $0.05 per share. The ex-dividend date is Wednesday, February 8th. This represents a yield of 0.56%. BNC Bancorp’s payout ratio is 3.60%.
In other BNC Bancorp news, Director Thomas R. Sloan sold 11,000 shares of the business’s stock in a transaction on Wednesday, November 30th. The shares were sold at an average price of $30.50, for a total transaction of $335,500.00. Following the completion of the sale, the director now owns 192,245 shares in the company, valued at $5,863,472.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director John S. Ramsey, Jr. sold 6,301 shares of the business’s stock in a transaction on Tuesday, November 15th. The shares were sold at an average price of $28.18, for a total transaction of $177,562.18. Following the sale, the director now owns 20,301 shares of the company’s stock, valued at approximately $572,082.18. The disclosure for this sale can be found here. In the last quarter, insiders have sold 17,801 shares of company stock valued at $525,587. 6.16% of the stock is owned by insiders.
Hedge funds have recently added to or reduced their stakes in the stock. RMB Capital Management LLC raised its stake in BNC Bancorp by 292.7% in the third quarter. RMB Capital Management LLC now owns 2,808,826 shares of the financial services provider’s stock valued at $68,310,000 after buying an additional 2,093,479 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in BNC Bancorp by 77.7% in the third quarter. Price T Rowe Associates Inc. MD now owns 2,543,392 shares of the financial services provider’s stock valued at $61,855,000 after buying an additional 1,112,433 shares during the last quarter. Franklin Resources Inc. acquired a new stake in BNC Bancorp during the second quarter valued at $24,417,000. BlackRock Group LTD raised its stake in BNC Bancorp by 8,512.9% in the third quarter. BlackRock Group LTD now owns 906,081 shares of the financial services provider’s stock valued at $22,036,000 after buying an additional 895,561 shares during the last quarter. Finally, Perkins Investment Management LLC acquired a new stake in BNC Bancorp during the third quarter valued at $13,288,000. Hedge funds and other institutional investors own 52.24% of the company’s stock.
About BNC Bancorp
BNC Bancorp is a bank holding company for Bank of North Carolina (BNC or the Bank). BNC is a full service commercial bank principally engaged in the business of attracting deposits from the general public and using those deposits, together with other funding from its lines of credit, to make primarily consumer and commercial loans.