Banc of California (NYSE:BANC) Sets New 52-Week Low at $12.96

Banc of California, Inc. (NYSE:BANC – Get Rating)’s share price reached a new 52-week low on Friday . The company traded as low as $12.96 and last traded at $13.08, with a volume of 97662 shares changing hands. The stock had previously closed at $13.54.

Analyst Ratings Changes

BANC has been the subject of a number of recent research reports. StockNews.com initiated coverage on shares of Banc of California in a research note on Thursday. They issued a “hold” rating for the company. Stephens boosted their price target on shares of Banc of California from $17.00 to $19.00 in a research report on Monday, November 28th. Finally, Wells Fargo & Company reduced their price target on shares of Banc of California from $22.00 to $20.00 and set an “overweight” rating for the company in a research report on Thursday, December 15th. Three equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $20.33.

Banc of California Price Performance

The business’s 50-day moving average price is $16.90 and its 200 day moving average price is $16.62. The stock has a market capitalization of $773.29 million, a PE ratio of 6.97 and a beta of 1.27. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.00 and a current ratio of 1.00.

Banc of California (NYSE:BANC – Get Rating) last released its quarterly earnings results on Thursday, January 19th. The bank reported $0.45 EPS for the quarter, beating analysts’ consensus estimates of $0.44 by $0.01. Banc of California had a net margin of 31.00% and a return on equity of 13.52%. The firm had revenue of $78.79 million during the quarter, compared to analyst estimates of $86.00 million. Research analysts forecast that Banc of California, Inc. will post 1.65 earnings per share for the current year.

Banc of California Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 3rd. Stockholders of record on Wednesday, March 15th will be issued a dividend of $0.10 per share. This is an increase from Banc of California’s previous quarterly dividend of $0.06. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.05%. The ex-dividend date of this dividend is Tuesday, March 14th. Banc of California’s payout ratio is currently 21.28%.

Insider Transactions at Banc of California

In related news, Director James Andrew Barker acquired 15,000 shares of the company’s stock in a transaction dated Monday, March 13th. The stock was bought at an average cost of $13.50 per share, with a total value of $202,500.00. Following the acquisition, the director now owns 139,680 shares of the company’s stock, valued at approximately $1,885,680. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 12.28% of the stock is currently owned by insiders.

Institutional Trading of Banc of California

Several hedge funds have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD lifted its stake in Banc of California by 3.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 23,021 shares of the bank’s stock worth $367,000 after purchasing an additional 829 shares during the last quarter. Amalgamated Bank raised its stake in shares of Banc of California by 3.9% during the third quarter. Amalgamated Bank now owns 25,062 shares of the bank’s stock valued at $400,000 after acquiring an additional 947 shares during the last quarter. Advisor Group Holdings Inc. raised its stake in shares of Banc of California by 14.9% during the fourth quarter. Advisor Group Holdings Inc. now owns 7,649 shares of the bank’s stock valued at $122,000 after acquiring an additional 994 shares during the last quarter. Mutual of America Capital Management LLC raised its stake in shares of Banc of California by 14.2% during the second quarter. Mutual of America Capital Management LLC now owns 8,900 shares of the bank’s stock valued at $157,000 after acquiring an additional 1,104 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund raised its stake in shares of Banc of California by 7.2% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 18,604 shares of the bank’s stock valued at $296,000 after acquiring an additional 1,246 shares during the last quarter. 92.54% of the stock is owned by institutional investors.

About Banc of California

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Banc of California, Inc is a holding company engaged in the provision of commercial banking services. It offers personal banking, business and commercial banking, real estate banking, and private banking. The company was founded in 1941 and is headquartered in Santa Ana, CA.