Banc of California, Inc. (NYSE:BANC) Receives $17.80 Average Price Target from Brokerages

Banc of California, Inc. (NYSE:BANC) has received a consensus rating of “Moderate Buy” from the ten research firms that are covering the stock, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $17.80.

A number of brokerages recently issued reports on BANC. Wedbush boosted their price objective on Banc of California from $18.00 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Stephens upped their price objective on Banc of California from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 24th. Citigroup initiated coverage on shares of Banc of California in a research report on Thursday, October 10th. They set a “neutral” rating and a $15.00 target price for the company. Truist Financial boosted their target price on Banc of California from $15.00 to $16.00 and gave the stock a “hold” rating in a research report on Friday, September 20th. Finally, Raymond James upped their price objective on Banc of California from $16.00 to $17.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd.

Hedge Funds Weigh In On Banc of California

Several hedge funds have recently added to or reduced their stakes in BANC. GAMMA Investing LLC lifted its stake in Banc of California by 32.3% in the third quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock worth $44,000 after purchasing an additional 734 shares during the last quarter. Crescent Grove Advisors LLC lifted its stake in shares of Banc of California by 0.8% during the 3rd quarter. Crescent Grove Advisors LLC now owns 98,420 shares of the bank’s stock worth $1,460,000 after acquiring an additional 772 shares during the last quarter. World Investment Advisors LLC boosted its holdings in Banc of California by 4.5% during the 3rd quarter. World Investment Advisors LLC now owns 18,082 shares of the bank’s stock valued at $266,000 after acquiring an additional 779 shares during the period. FMR LLC boosted its holdings in Banc of California by 5.8% during the 3rd quarter. FMR LLC now owns 20,659 shares of the bank’s stock valued at $304,000 after acquiring an additional 1,126 shares during the period. Finally, Louisiana State Employees Retirement System grew its position in Banc of California by 1.7% in the 2nd quarter. Louisiana State Employees Retirement System now owns 69,800 shares of the bank’s stock valued at $892,000 after acquiring an additional 1,200 shares during the last quarter. 86.88% of the stock is currently owned by institutional investors.

Banc of California Stock Up 0.8 %

Shares of BANC stock opened at $15.55 on Friday. The company has a 50 day simple moving average of $16.16 and a two-hundred day simple moving average of $14.56. The stock has a market cap of $2.47 billion, a P/E ratio of -3.64 and a beta of 1.14. Banc of California has a 12 month low of $11.88 and a 12 month high of $18.08. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31.

Banc of California (NYSE:BANC) last released 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 for the quarter, compared to the consensus estimate of $229.46 million. Banc of California had a positive return on equity of 2.93% and a negative net margin of 20.75%. During the same period in the previous year, the business earned $0.30 earnings per share. On average, research analysts expect that Banc of California will post 0.7 earnings per share for the current year.

Banc of California Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.57%. The ex-dividend date is Monday, December 16th. Banc of California’s payout ratio is -9.37%.

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.