Banc of California, Inc. (NYSE:BANC) Receives $17.30 Average Price Target from Brokerages

Shares of Banc of California, Inc. (NYSE:BANC) have received a consensus rating of “Moderate Buy” from the ten analysts that are presently covering the company, Marketbeat.com reports. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $17.30.

Several equities research analysts have recently issued reports on BANC shares. DA Davidson lifted their target price on Banc of California from $16.50 to $19.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Citigroup assumed coverage on Banc of California in a research note on Thursday, October 10th. They issued a “neutral” rating and a $15.00 price objective on the stock. Barclays upgraded Banc of California from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $17.00 to $18.00 in a research report on Thursday, October 31st. Stephens boosted their price target on shares of Banc of California from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 24th. Finally, Truist Financial increased their price objective on shares of Banc of California from $15.00 to $16.00 and gave the company a “hold” rating in a research report on Friday, September 20th.

Banc of California Trading Up 2.2 %

Shares of BANC opened at $15.27 on Friday. The firm has a market cap of $2.42 billion, a P/E ratio of -3.55 and a beta of 1.13. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89. Banc of California has a 1 year low of $11.10 and a 1 year high of $16.01. The company has a 50 day simple moving average of $14.62 and a two-hundred day simple moving average of $13.96.

Banc of California (NYSE:BANC) last posted its earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.11. The company had revenue of $431.44 million during the quarter, compared to analysts’ expectations of $229.46 million. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%. During the same period last year, the company posted $0.30 earnings per share. On average, equities analysts expect that Banc of California will post 0.7 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.62%. The ex-dividend date was Monday, September 16th. Banc of California’s payout ratio is currently -9.37%.

Insider Activity

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $14.00, for a total value of $1,050,000.00. Following the sale, the director now owns 719,826 shares in the company, valued at $10,077,564. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On Banc of California

A number of institutional investors have recently modified their holdings of BANC. Vanguard Group Inc. increased its stake in shares of Banc of California by 17.6% during the first quarter. Vanguard Group Inc. now owns 10,597,751 shares of the bank’s stock valued at $161,192,000 after buying an additional 1,582,941 shares during the period. Sei Investments Co. raised its holdings in shares of Banc of California by 86.0% in the 1st quarter. Sei Investments Co. now owns 506,202 shares of the bank’s stock valued at $7,699,000 after purchasing an additional 234,021 shares in the last quarter. Empowered Funds LLC lifted its position in shares of Banc of California by 55.5% in the 1st quarter. Empowered Funds LLC now owns 185,329 shares of the bank’s stock worth $2,819,000 after purchasing an additional 66,183 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of Banc of California by 394.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 331,076 shares of the bank’s stock valued at $5,037,000 after purchasing an additional 264,070 shares in the last quarter. Finally, Redwood Investment Management LLC purchased a new position in Banc of California during the first quarter valued at approximately $630,000. 86.88% of the stock is owned by hedge funds and other institutional investors.

About Banc of California

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.