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Fly News Breaks for February 11, 2020
BANC
Feb 11, 2020 | 09:02 EDT
B. Riley FBR analyst Steve Moss views Banc of California's $45M share repurchase program as a "modest positive." At current prices, the program would total ~5% of Banc of California's common stock. While the share repurchase is a positive, it will only modestly enhance earnings, which remain challenged by the "considerable" balance sheet reduction relative to total expenses, Moss tells investors in a research note. He reiterates a Sell rating on the shares with a $15 price target citing the company's "below average" profitability.
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