Banc of California (NYSE:BANC) Price Target Raised to $17.00

Banc of California (NYSE:BANC) had its price target lifted by Barclays from $16.00 to $17.00 in a report published on Wednesday, Benzinga reports. Barclays currently has an equal weight rating on the bank’s stock.

BANC has been the topic of a number of other reports. Keefe, Bruyette & Woods dropped their target price on Banc of California from $18.00 to $17.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 9th. Wedbush upgraded Banc of California from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $14.00 to $18.00 in a report on Tuesday, September 24th. Truist Financial lifted their price objective on Banc of California from $15.00 to $16.00 and gave the stock a “hold” rating in a report on Friday, September 20th. Raymond James upgraded Banc of California from a “market perform” rating to an “outperform” rating and set a $16.00 price objective on the stock in a report on Tuesday, September 17th. Finally, Stephens reiterated an “equal weight” rating and issued a $14.00 price objective on shares of Banc of California in a report on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Banc of California has an average rating of “Hold” and a consensus price target of $17.20.

Banc of California Price Performance

NYSE:BANC opened at $15.22 on Wednesday. Banc of California has a 52 week low of $10.53 and a 52 week high of $15.69. The company has a quick ratio of 0.83, a current ratio of 0.89 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $2.39 billion, a PE ratio of -4.57 and a beta of 1.14. The stock’s 50-day moving average price is $14.47 and its 200-day moving average price is $13.91.

Banc of California (NYSE:BANC) last posted its earnings results on Tuesday, October 22nd. The bank reported $0.25 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.11. Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. The firm had revenue of $431.44 million for the quarter, compared to analysts’ expectations of $229.46 million. During the same period last year, the firm earned $0.30 EPS. As a group, equities analysts expect that Banc of California will post 0.61 EPS for the current fiscal year.

Banc of California Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.63%. The ex-dividend date of this dividend was Monday, September 16th. Banc of California’s payout ratio is presently -12.01%.

Insider Activity

In other news, Director Richard J. Lashley sold 75,000 shares of Banc of California stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total transaction of $1,050,000.00. Following the sale, the director now owns 719,826 shares of the company’s stock, valued at approximately $10,077,564. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 7.37% of the company’s stock.

Institutional Trading of Banc of California

Several institutional investors have recently made changes to their positions in BANC. Fifth Third Bancorp increased its holdings in Banc of California by 146.3% in the 2nd quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock valued at $27,000 after purchasing an additional 1,273 shares during the last quarter. Riverview Trust Co acquired a new stake in Banc of California in the 1st quarter valued at approximately $29,000. Future Financial Wealth Managment LLC acquired a new stake in Banc of California in the 3rd quarter valued at approximately $29,000. GAMMA Investing LLC increased its holdings in Banc of California by 32.3% in the 3rd quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock valued at $44,000 after purchasing an additional 734 shares during the last quarter. Finally, Mendon Capital Advisors Corp acquired a new stake in Banc of California in the 2nd quarter valued at approximately $102,000. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Banc of California Company Profile

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.