Banc of California (NYSE:BANC - Get Free Report)'s stock had its "hold (c)" rating reaffirmed by Weiss Ratings in a report released on Friday,Weiss Ratings reports.
Other research analysts have also issued reports about the stock. Raymond James Financial raised shares of Banc of California from an "outperform" rating to a "strong-buy" rating in a research note on Tuesday, October 7th. Wells Fargo & Company raised their price objective on shares of Banc of California from $18.00 to $20.00 and gave the company an "overweight" rating in a research note on Monday, September 29th. Keefe, Bruyette & Woods reaffirmed an "outperform" rating and issued a $18.00 price objective (up from $17.00) on shares of Banc of California in a research note on Friday, July 25th. JPMorgan Chase & Co. raised their price objective on shares of Banc of California from $20.00 to $21.00 and gave the company an "overweight" rating in a research note on Friday. Finally, Barclays raised their price objective on shares of Banc of California from $19.00 to $21.00 and gave the company an "overweight" rating in a research note on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $19.00.
Read Our Latest Report on BANC
Banc of California Stock Up 2.6%
NYSE BANC traded up $0.44 on Friday, hitting $16.98. 4,553,672 shares of the company were exchanged, compared to its average volume of 2,612,593. The company has a market cap of $2.51 billion, a PE ratio of 16.32 and a beta of 0.68. Banc of California has a 12 month low of $11.52 and a 12 month high of $18.24. The stock has a fifty day moving average of $16.66 and a 200-day moving average of $14.94. The company has a current ratio of 0.90, a quick ratio of 0.88 and a debt-to-equity ratio of 0.32.
Banc of California (NYSE:BANC - Get Free Report) last issued its earnings results on Monday, May 13th. The bank reported $1.03 earnings per share (EPS) for the quarter. The business had revenue of $315.66 million for the quarter. Banc of California had a net margin of 11.49% and a return on equity of 7.99%. As a group, analysts forecast that Banc of California will post 1.31 earnings per share for the current year.
Insider Activity at Banc of California
In other news, insider Hamid Hussain sold 20,000 shares of the stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $16.59, for a total value of $331,800.00. Following the completion of the sale, the insider owned 66,444 shares in the company, valued at $1,102,305.96. This represents a 23.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.69% of the stock is currently owned by corporate insiders.
Institutional Trading of Banc of California
Several institutional investors and hedge funds have recently made changes to their positions in BANC. GAMMA Investing LLC raised its holdings in shares of Banc of California by 22.2% in the second quarter. GAMMA Investing LLC now owns 4,201 shares of the bank's stock valued at $59,000 after purchasing an additional 762 shares during the last quarter. Osaic Holdings Inc. increased its holdings in Banc of California by 210.8% during the second quarter. Osaic Holdings Inc. now owns 5,809 shares of the bank's stock worth $82,000 after buying an additional 3,940 shares during the last quarter. CWM LLC increased its holdings in Banc of California by 41.7% during the first quarter. CWM LLC now owns 8,049 shares of the bank's stock worth $114,000 after buying an additional 2,367 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Banc of California during the first quarter worth about $123,000. Finally, Xponance Inc. purchased a new stake in Banc of California during the first quarter worth about $148,000. Hedge funds and other institutional investors own 86.88% of the company's stock.
Banc of California Company Profile
(
Get Free Report)
Banc of California, Inc operates as the bank holding company for Banc of California that provides various banking products and services in California. The company offers deposit products, such as checking, savings, money market, demand, and time deposits; certificates of deposit; retirement accounts; and safe deposit boxes.
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