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

Banc of California (NYSE:BANCFree Report) had its price target reduced by Stephens from $18.00 to $17.00 in a report published on Monday morning,Benzinga reports. Stephens currently has an equal weight rating on the bank’s stock.

BANC has been the topic of a number of other research reports. Wedbush increased their target price on shares of Banc of California from $18.00 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Raymond James raised their price target on shares of Banc of California from $17.00 to $18.00 and gave the company an “outperform” rating in a research note on Friday. Citigroup initiated coverage on Banc of California in a research note on Thursday, October 10th. They set a “neutral” rating and a $15.00 target price for the company. Keefe, Bruyette & Woods upped their price target on Banc of California from $17.50 to $20.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Finally, Barclays decreased their price target on Banc of California from $20.00 to $19.00 and set an “overweight” rating for the company in a report on Friday. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Banc of California currently has a consensus rating of “Moderate Buy” and an average price target of $18.20.

Read Our Latest Stock Report on Banc of California

Banc of California Price Performance

Shares of NYSE BANC opened at $16.02 on Monday. The firm has a market cap of $2.54 billion, a PE ratio of -3.75 and a beta of 1.14. Banc of California has a 1-year low of $11.88 and a 1-year high of $18.08. The company has a fifty day moving average price of $16.17 and a 200 day moving average price of $15.08. 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:BANCGet Free Report) last posted its quarterly earnings results on Thursday, January 23rd. The bank reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.05. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%. Research analysts predict that Banc of California will post 0.71 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Monday, December 16th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.50%. The ex-dividend date of this dividend was Monday, December 16th. Banc of California’s dividend payout ratio is -9.37%.

Institutional Trading of Banc of California

Institutional investors and hedge funds have recently made changes to their positions in the stock. Future Financial Wealth Managment LLC bought a new stake in Banc of California in the third quarter worth $29,000. GAMMA Investing LLC lifted its stake in shares of 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 period. KBC Group NV grew its position in shares of Banc of California by 71.0% in the 4th quarter. KBC Group NV now owns 7,286 shares of the bank’s stock worth $113,000 after buying an additional 3,026 shares during the period. Mendon Capital Advisors Corp bought a new position in shares of Banc of California during the second quarter valued at approximately $102,000. Finally, Paloma Partners Management Co bought a new position in Banc of California during the 3rd quarter valued at approximately $158,000. Hedge funds and other institutional investors own 86.88% of the company’s stock.

About Banc of California

(Get Free Report)

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.

Featured Stories

Analyst Recommendations for Banc of California (NYSE:BANC)

Receive News & Ratings for Banc of California Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Banc of California and related companies with MarketBeat.com's FREE daily email newsletter.