Banc of California Inc (BANC) Receives Average Rating of “Hold” from Analysts

Banc of California Inc (NYSE:BANC) has received an average recommendation of “Hold” from the nine brokerages that are currently covering the company, MarketBeat.com reports. Two analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $21.40.

A number of equities research analysts have weighed in on BANC shares. ValuEngine upgraded shares of Banc of California from a “hold” rating to a “buy” rating in a research report on Friday, August 10th. Zacks Investment Research cut shares of Banc of California from a “buy” rating to a “hold” rating in a research report on Friday, July 27th. FIG Partners upgraded shares of Banc of California from an “underperform” rating to a “market perform” rating in a research report on Monday, April 30th. Finally, B. Riley dropped their price target on shares of Banc of California from $20.00 to $19.00 and set a “neutral” rating for the company in a research report on Tuesday, June 19th.

Shares of BANC traded down $0.05 during trading on Thursday, reaching $19.85. 377,200 shares of the company traded hands, compared to its average volume of 576,018. Banc of California has a twelve month low of $17.10 and a twelve month high of $23.40. The stock has a market cap of $1.01 billion, a PE ratio of 24.39, a P/E/G ratio of 2.40 and a beta of 0.83. The company has a debt-to-equity ratio of 2.75, a current ratio of 1.02 and a quick ratio of 1.02.

Banc of California (NYSE:BANC) last announced its quarterly earnings results on Thursday, July 26th. The bank reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.04). Banc of California had a net margin of 11.74% and a return on equity of 8.25%. The company had revenue of $80.83 million for the quarter, compared to analyst estimates of $79.67 million. During the same quarter in the prior year, the business earned $0.20 earnings per share. sell-side analysts expect that Banc of California will post 0.68 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 1st. Investors of record on Friday, September 14th will be issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.62%. The ex-dividend date of this dividend is Thursday, September 13th. Banc of California’s dividend payout ratio (DPR) is currently 63.41%.

Several hedge funds have recently made changes to their positions in the stock. BlackRock Inc. grew its holdings in shares of Banc of California by 7.6% in the second quarter. BlackRock Inc. now owns 6,003,930 shares of the bank’s stock valued at $117,376,000 after purchasing an additional 422,637 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of Banc of California by 3.5% in the second quarter. Victory Capital Management Inc. now owns 2,489,202 shares of the bank’s stock valued at $48,664,000 after purchasing an additional 84,855 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Banc of California by 3.4% in the second quarter. Dimensional Fund Advisors LP now owns 2,445,877 shares of the bank’s stock valued at $47,816,000 after purchasing an additional 79,606 shares in the last quarter. Millennium Management LLC grew its holdings in shares of Banc of California by 63.1% in the second quarter. Millennium Management LLC now owns 984,317 shares of the bank’s stock valued at $19,243,000 after purchasing an additional 380,740 shares in the last quarter. Finally, EJF Capital LLC grew its holdings in shares of Banc of California by 61.7% in the second quarter. EJF Capital LLC now owns 982,512 shares of the bank’s stock valued at $19,208,000 after purchasing an additional 374,712 shares in the last quarter.

Banc of California Company Profile

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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Analyst Recommendations for Banc of California (NYSE:BANC)

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