Banc of California (BANC) Upgraded to Buy at Zacks Investment Research

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Zacks Investment Research upgraded shares of Banc of California (NYSE:BANC) from a hold rating to a buy rating in a research report released on Friday morning. Zacks Investment Research currently has $20.00 target price on the bank’s stock.

According to Zacks, “Banc of California, Inc. provides comprehensive banking services to California’s diverse private businesses, entrepreneurs and homeowners. It is the parent company of Banc of California, National Association. “

BANC has been the subject of several other research reports. ValuEngine upgraded shares of Banc of California from a hold rating to a buy rating in a research report on Friday, August 10th. B. Riley lowered 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. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $21.40.

BANC traded down $0.21 during midday trading on Friday, hitting $18.00. The company had a trading volume of 675,598 shares, compared to its average volume of 534,822. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 2.75. The stock has a market capitalization of $957.44 million, a PE ratio of 21.95, a PEG ratio of 2.18 and a beta of 0.75. Banc of California has a twelve month low of $17.53 and a twelve month high of $23.40.

Banc of California (NYSE:BANC) last posted its quarterly earnings data on Thursday, July 26th. The bank reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.04). The company had revenue of $80.83 million during the quarter, compared to analyst estimates of $79.67 million. Banc of California had a net margin of 11.74% and a return on equity of 8.25%. During the same quarter in the previous year, the business posted $0.20 EPS. On average, research analysts predict that Banc of California will post 0.7 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, October 1st. Stockholders of record on Friday, September 14th were given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 2.89%. The ex-dividend date was Thursday, September 13th. Banc of California’s dividend payout ratio is 63.41%.

In related news, Director W Kirk Wycoff sold 225,300 shares of Banc of California stock in a transaction that occurred on Thursday, August 23rd. The shares were sold at an average price of $19.99, for a total transaction of $4,503,747.00. Following the transaction, the director now owns 4,748 shares of the company’s stock, valued at approximately $94,912.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 640,656 shares of company stock worth $12,808,384 in the last three months. 18.08% of the stock is owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in the stock. Tyers Asset Management LLC lifted its stake in Banc of California by 64.9% in the second quarter. Tyers Asset Management LLC now owns 7,600 shares of the bank’s stock valued at $149,000 after buying an additional 2,992 shares in the last quarter. Legal & General Group Plc lifted its stake in Banc of California by 4.6% in the second quarter. Legal & General Group Plc now owns 83,424 shares of the bank’s stock valued at $1,615,000 after buying an additional 3,694 shares in the last quarter. California Public Employees Retirement System lifted its stake in Banc of California by 7.0% in the second quarter. California Public Employees Retirement System now owns 67,346 shares of the bank’s stock valued at $1,317,000 after buying an additional 4,415 shares in the last quarter. Wells Fargo & Company MN lifted its stake in Banc of California by 1.9% in the first quarter. Wells Fargo & Company MN now owns 314,682 shares of the bank’s stock valued at $6,073,000 after buying an additional 5,856 shares in the last quarter. Finally, Meadow Creek Investment Management LLC lifted its stake in Banc of California by 84.8% in the second quarter. Meadow Creek Investment Management LLC now owns 13,300 shares of the bank’s stock valued at $260,000 after buying an additional 6,104 shares in the last quarter.

About Banc of California

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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