Banc of California, Inc. (BANC) Raised to “Sell” at BidaskClub

BidaskClub upgraded shares of Banc of California, Inc. (NYSE:BANC) from a strong sell rating to a sell rating in a research note issued to investors on Thursday morning.

Several other analysts have also recently issued reports on BANC. ValuEngine raised shares of Banc of California from a hold rating to a buy rating in a report on Saturday, June 3rd. Keefe, Bruyette & Woods reaffirmed a hold rating and issued a $22.00 price target on shares of Banc of California in a report on Monday, June 5th. Finally, Zacks Investment Research raised shares of Banc of California from a strong sell rating to a buy rating and set a $24.00 price target on the stock in a report on Tuesday, July 11th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of Hold and a consensus price target of $22.00.

Banc of California (NYSE BANC) opened at 19.15 on Thursday. Banc of California has a 52-week low of $10.93 and a 52-week high of $23.25. The company has a 50 day moving average of $19.12 and a 200-day moving average of $20.47. The stock has a market capitalization of $916.25 million, a P/E ratio of 12.81 and a beta of 0.97.

Banc of California (NYSE:BANC) last posted its quarterly earnings results on Wednesday, July 26th. The bank reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.04). The company had revenue of $81.21 million during the quarter, compared to analyst estimates of $97.94 million. Banc of California had a net margin of 17.12% and a return on equity of 14.44%. During the same period in the prior year, the company earned $0.46 earnings per share. Equities research analysts anticipate that Banc of California will post $0.77 EPS for the current year.

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The firm also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 15th will be paid a dividend of $0.13 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.52 annualized dividend and a yield of 2.72%. Banc of California’s payout ratio is 34.67%.

In other Banc of California news, CEO Douglas H. Bowers bought 57,000 shares of the stock in a transaction on Thursday, September 7th. The stock was purchased at an average price of $17.56 per share, for a total transaction of $1,000,920.00. Following the completion of the purchase, the chief executive officer now directly owns 92,000 shares in the company, valued at $1,615,520. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 16.89% of the stock is owned by insiders.

Hedge funds have recently added to or reduced their stakes in the business. Searle & CO. bought a new position in shares of Banc of California during the second quarter worth about $686,000. Great Lakes Advisors LLC grew its position in shares of Banc of California by 104.6% during the second quarter. Great Lakes Advisors LLC now owns 181,789 shares of the bank’s stock worth $3,908,000 after acquiring an additional 92,943 shares during the last quarter. FSI Group LLC bought a new position in shares of Banc of California during the second quarter worth about $3,225,000. EJF Capital LLC bought a new position in shares of Banc of California during the first quarter worth about $21,011,000. Finally, Swiss National Bank grew its position in shares of Banc of California by 4.5% during the first quarter. Swiss National Bank now owns 69,300 shares of the bank’s stock worth $1,435,000 after acquiring an additional 3,000 shares during the last quarter.

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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