Banc of California (NYSE:BANC) Reaches New 12-Month Low at $12.96

Banc of California, Inc. (NYSE:BANC – Get Rating) hit 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 traded. The stock had previously closed at $13.54.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. StockNews.com assumed coverage on Banc of California in a research report on Thursday. They issued a “hold” rating on the stock. Stephens upped their target price on Banc of California from $17.00 to $19.00 in a research report on Monday, November 28th. Finally, Wells Fargo & Company decreased their target price on Banc of California from $22.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, December 15th. Three investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $20.33.

Banc of California Trading Down 3.2 %

The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $773.29 million, a P/E ratio of 6.97 and a beta of 1.27. The firm has a 50 day moving average of $16.90 and a 200-day moving average of $16.62.

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

Banc of California Increases Dividend

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

Insiders Place Their Bets

In other Banc of California news, Director James Andrew Barker bought 15,000 shares of the business’s stock in a transaction on Monday, March 13th. The stock was purchased at an average cost of $13.50 per share, for a total transaction of $202,500.00. Following the completion of the purchase, the director now directly owns 139,680 shares of the company’s stock, valued at $1,885,680. The acquisition was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 12.28% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of BANC. BlackRock Inc. increased its holdings in Banc of California by 0.4% in the first quarter. BlackRock Inc. now owns 8,829,206 shares of the bank’s stock valued at $170,933,000 after purchasing an additional 38,558 shares during the period. Dimensional Fund Advisors LP increased its holdings in Banc of California by 5.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,867,399 shares of the bank’s stock valued at $61,608,000 after purchasing an additional 182,455 shares during the period. Vanguard Group Inc. increased its holdings in Banc of California by 1.2% in the third quarter. Vanguard Group Inc. now owns 3,664,891 shares of the bank’s stock valued at $58,529,000 after purchasing an additional 44,120 shares during the period. Geode Capital Management LLC increased its holdings in Banc of California by 4.4% in the fourth quarter. Geode Capital Management LLC now owns 982,138 shares of the bank’s stock valued at $15,645,000 after purchasing an additional 41,694 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in Banc of California by 1.5% in the first quarter. Bank of New York Mellon Corp now owns 583,011 shares of the bank’s stock valued at $11,286,000 after purchasing an additional 8,380 shares during the period. 92.54% of the stock is currently owned by institutional investors.

Banc of California Company Profile

(Get Rating)

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.