Banc of California (BANC) Reaches New 52-Week Low at $17.10

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Banc of California Inc (NYSE:BANC)’s share price hit a new 52-week low during trading on Monday . The company traded as low as $17.10 and last traded at $16.84, with a volume of 52621 shares traded. The stock had previously closed at $17.58.

A number of brokerages recently commented on BANC. Zacks Investment Research downgraded Banc of California from a “buy” rating to a “hold” rating in a research report on Tuesday, October 16th. ValuEngine downgraded Banc of California from a “buy” rating to a “hold” rating in a research report on Tuesday, October 2nd. Two research analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $21.40.

The stock has a market capitalization of $890.57 million, a P/E ratio of 20.01, a P/E/G ratio of 2.08 and a beta of 0.75. 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 data on Thursday, July 26th. The bank reported $0.16 EPS for the quarter, missing the Zacks’ consensus estimate of $0.20 by ($0.04). Banc of California had a return on equity of 8.25% and a net margin of 11.74%. The company had revenue of $80.83 million for the quarter, compared to analysts’ expectations of $79.67 million. During the same quarter in the previous year, the business posted $0.20 EPS. As a group, analysts expect that Banc of California Inc will post 0.69 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 1st. Investors of record on Friday, September 14th were given a dividend of $0.13 per share. The ex-dividend date of this dividend was Thursday, September 13th. This represents a $0.52 dividend on an annualized basis and a yield of 3.17%. Banc of California’s 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 stock was 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 in the company, valued at $94,912.52. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In the last quarter, insiders have sold 640,656 shares of company stock worth $12,808,384. 18.08% of the stock is currently owned by company insiders.

A number of large investors have recently bought and sold shares of BANC. Millennium Management LLC raised its position in Banc of California by 448.1% in the first quarter. Millennium Management LLC now owns 603,577 shares of the bank’s stock valued at $11,649,000 after purchasing an additional 493,450 shares during the period. BlackRock Inc. raised its position in 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 during the period. EJF Capital LLC raised its position in 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 during the period. United Services Automobile Association raised its position in Banc of California by 43.5% in the second quarter. United Services Automobile Association now owns 559,041 shares of the bank’s stock valued at $10,929,000 after purchasing an additional 169,600 shares during the period. Finally, Victory Capital Management Inc. raised its position in 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 during the period.

About Banc of California (NYSE:BANC)

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.

See Also: Price to Earnings Ratio (PE)

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