Banc of California (BANC) Earns Buy Rating from Piper Jaffray Companies

Banc of California (NYSE:BANC)‘s stock had its “buy” rating reiterated by equities researchers at Piper Jaffray Companies in a research report issued to clients and investors on Thursday. They currently have a $25.00 price target on the bank’s stock. Piper Jaffray Companies’ price target suggests a potential upside of 29.20% from the company’s previous close.

A number of other research analysts also recently weighed in on BANC. ValuEngine upgraded Banc of California from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Zacks Investment Research downgraded Banc of California from a “strong-buy” rating to a “sell” rating in a report on Tuesday, January 30th. B. Riley downgraded Banc of California from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $25.00 to $20.00 in a report on Thursday, February 1st. FIG Partners downgraded Banc of California from a “market perform” rating to an “underperform” rating in a report on Friday, January 26th. Finally, BidaskClub upgraded Banc of California from a “sell” rating to a “hold” rating in a report on Wednesday, November 1st. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company’s stock. Banc of California currently has an average rating of “Hold” and a consensus target price of $22.60.

Banc of California (NYSE:BANC) traded down $0.05 during mid-day trading on Thursday, hitting $19.35. The company’s stock had a trading volume of 1,771,037 shares, compared to its average volume of 716,783. Banc of California has a 1 year low of $17.10 and a 1 year high of $23.40. The company has a debt-to-equity ratio of 2.51, a current ratio of 0.96 and a quick ratio of 0.95. The stock has a market cap of $963.76, a P/E ratio of 26.88, a price-to-earnings-growth ratio of 1.63 and a beta of 0.95.

Banc of California (NYSE:BANC) last posted its earnings results on Thursday, January 25th. The bank reported $0.30 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.07. Banc of California had a return on equity of 9.93% and a net margin of 13.28%. The firm had revenue of $78.87 million for the quarter, compared to the consensus estimate of $84.02 million. During the same quarter in the prior year, the business earned $0.54 EPS. The business’s revenue for the quarter was down 31.7% on a year-over-year basis. research analysts forecast that Banc of California will post 0.95 earnings per share for the current year.

In related news, insider John A. Bogler purchased 20,000 shares of the company’s stock in a transaction dated Thursday, February 1st. The shares were purchased at an average cost of $19.30 per share, with a total value of $386,000.00. Following the transaction, the insider now directly owns 37,500 shares in the company, valued at approximately $723,750. The purchase was disclosed in a document filed with the SEC, which is available through this link. Insiders own 16.89% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. Wells Fargo & Company MN boosted its position in shares of Banc of California by 15.4% in the 4th quarter. Wells Fargo & Company MN now owns 308,826 shares of the bank’s stock worth $6,377,000 after purchasing an additional 41,207 shares in the last quarter. First Trust Advisors LP bought a new stake in shares of Banc of California in the 4th quarter worth approximately $1,356,000. Swiss National Bank boosted its position in shares of Banc of California by 8.4% in the 4th quarter. Swiss National Bank now owns 75,100 shares of the bank’s stock worth $1,551,000 after purchasing an additional 5,800 shares in the last quarter. Lisanti Capital Growth LLC boosted its position in shares of Banc of California by 39.1% in the 4th quarter. Lisanti Capital Growth LLC now owns 145,524 shares of the bank’s stock worth $3,005,000 after purchasing an additional 40,890 shares in the last quarter. Finally, Teacher Retirement System of Texas bought a new stake in shares of Banc of California in the 4th quarter worth approximately $298,000.

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Banc of California Company Profile

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.

Analyst Recommendations for Banc of California (NYSE:BANC)

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