Banc of California (NYSE:BANC) Price Target Raised to $19.00 at DA Davidson

Banc of California (NYSE:BANC) had its target price upped by DA Davidson from $16.50 to $19.00 in a research note released on Wednesday, Benzinga reports. DA Davidson currently has a buy rating on the bank’s stock. DA Davidson also issued estimates for Banc of California’s Q4 2024 earnings at $0.23 EPS and FY2024 earnings at $0.69 EPS.

Other analysts have also recently issued reports about the company. Citigroup initiated coverage on Banc of California in a research report on Thursday, October 10th. They set a “neutral” rating and a $15.00 price objective for the company. Stephens reaffirmed an “equal weight” rating and set a $14.00 price objective on shares of Banc of California in a research report on Wednesday, September 4th. Keefe, Bruyette & Woods decreased their price objective on Banc of California from $18.00 to $17.00 and set an “outperform” rating for the company in a research report on Tuesday, July 9th. Raymond James raised their price target on Banc of California from $16.00 to $17.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Wedbush raised their price target on Banc of California from $18.00 to $19.00 and gave the company an “outperform” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company. According to MarketBeat, Banc of California currently has a consensus rating of “Hold” and an average target price of $17.20.

Banc of California Trading Down 1.5 %

NYSE:BANC opened at $15.22 on Wednesday. The stock’s 50 day moving average price is $14.47 and its 200 day moving average price is $13.90. The company has a market capitalization of $2.42 billion, a PE ratio of -3.56 and a beta of 1.14. The company has a quick ratio of 0.83, a current ratio of 0.89 and a debt-to-equity ratio of 0.31. Banc of California has a 52-week low of $10.53 and a 52-week high of $15.69.

Banc of California (NYSE:BANC) last posted its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.25 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.11. Banc of California had a positive return on equity of 2.93% and a negative net margin of 20.75%. The company had revenue of $431.44 million during the quarter, compared to analysts’ expectations of $229.46 million. During the same period last year, the firm earned $0.30 EPS. On average, research analysts anticipate that Banc of California will post 0.61 EPS for the current year.

Banc of California Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 16th were issued a dividend of $0.10 per share. The ex-dividend date was Monday, September 16th. This represents a $0.40 annualized dividend and a yield of 2.63%. Banc of California’s dividend payout ratio is presently -9.37%.

Insider Buying and Selling

In related news, Director Richard J. Lashley sold 75,000 shares of Banc of California stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $14.00, for a total transaction of $1,050,000.00. Following the completion of the transaction, the director now directly owns 719,826 shares of the company’s stock, valued at approximately $10,077,564. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 7.37% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Banc of California

Several hedge funds have recently bought and sold shares of the stock. GAMMA Investing LLC increased its position in Banc of California by 32.3% during the third quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock worth $44,000 after buying an additional 734 shares in the last quarter. Mutual of America Capital Management LLC increased its position in Banc of California by 4.3% during the first quarter. Mutual of America Capital Management LLC now owns 23,876 shares of the bank’s stock worth $363,000 after buying an additional 984 shares in the last quarter. Louisiana State Employees Retirement System increased its position in Banc of California by 1.7% during the second quarter. Louisiana State Employees Retirement System now owns 69,800 shares of the bank’s stock worth $892,000 after buying an additional 1,200 shares in the last quarter. Fifth Third Bancorp increased its position in Banc of California by 146.3% during the second quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock worth $27,000 after buying an additional 1,273 shares in the last quarter. Finally, Riverview Trust Co purchased a new position in Banc of California during the first quarter worth $29,000. 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.