WELLS FARGO & CO. REAFFIRMED RATING FOR BANC OF CALIFORNIA INC. (BANC)

Shares of Banc of California (NYSE:BANC) traded down 2.454% on Friday, reaching $13.315. 2,746,210 shares of the company’s stock were exchanged. The firm’s 50 day moving average price is $18.55 and its 200-day moving average price is $19.64. The company has a market capitalization of $662.09 million, a P/E ratio of 8.748 and a beta of 0.75. Banc of California has a 12 month low of $10.93 and a 12 month high of $23.24.

Banc of California (NYSE:BANC) last announced its earnings results on Wednesday, October 19th. Wells Fargo & Co. reaffirmed the company’s reporting $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.17. Banc of California had a return on equity of 17.97% and a net margin of 16.74%. During the same quarter in the previous year, the company earned $0.29 earnings per share. On average, equities analysts anticipate that Banc of California will post $1.64 EPS for the current year.

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The company also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Thursday, September 15th were paid a $0.12 dividend. The ex-dividend date of this dividend was Tuesday, September 13th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.52%. Banc of California’s payout ratio is 27.12%.

Banc of California Inc. (NYSE:BANC)‘s stock had its “outperform” rating reissued by equities research analysts at Wells Fargo & Co. in a research note issued to investors on Friday.

Other equities research analysts have also recently issued research reports about the company. Zacks Investment Research raised Banc of California from a “sell” rating to a “hold” rating in a research report on Monday, July 11th. FBR & Co reissued a “marketperform” rating on shares of Banc of California in a research report on Thursday, June 30th. FIG Partners cut Banc of California from a “market perform” rating to an “underperform” rating in a research report on Wednesday, August 17th. Finally, DA Davidson raised Banc of California from a “neutral” rating to a “buy” rating in a research report on Thursday. One analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $20.00.

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