Banc of California (NYSE:BANC) Upgraded by Raymond James to Outperform

Raymond James upgraded shares of Banc of California (NYSE:BANC) from a market perform rating to an outperform rating in a research note published on Tuesday, Marketbeat Ratings reports. They currently have $16.00 price objective on the bank’s stock.

A number of other analysts have also commented on the company. Wedbush reaffirmed a neutral rating and set a $14.00 price objective on shares of Banc of California in a research report on Wednesday, July 24th. Truist Financial upped their price target on Banc of California from $13.00 to $15.00 and gave the stock a hold rating in a research report on Wednesday, July 24th. Keefe, Bruyette & Woods lowered their price objective on shares of Banc of California from $18.00 to $17.00 and set an outperform rating on the stock in a report on Tuesday, July 9th. Barclays cut their price objective on shares of Banc of California from $15.00 to $14.00 and set an equal weight rating on the stock in a research report on Wednesday, July 24th. Finally, Stephens reaffirmed an equal weight rating and issued a $14.00 target price on shares of Banc of California in a research report on Wednesday, September 4th. One analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of Hold and an average price target of $15.72.

Banc of California Stock Performance

Shares of BANC stock opened at $14.69 on Tuesday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.83 and a current ratio of 0.89. Banc of California has a 52 week low of $9.96 and a 52 week high of $15.54. The company’s 50 day moving average price is $13.79 and its two-hundred day moving average price is $13.89. The company has a market capitalization of $2.31 billion, a P/E ratio of -4.41 and a beta of 1.13.

Banc of California (NYSE:BANC) last issued its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.09). The company had revenue of $492.38 million for the quarter, compared to analyst estimates of $271.42 million. Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. During the same quarter in the previous year, the business earned $0.32 earnings per share. On average, analysts expect that Banc of California will post 0.61 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.40 annualized dividend and a dividend yield of 2.72%. Banc of California’s dividend payout ratio is presently -12.01%.

Insider Buying and Selling

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of the company’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total value of $1,050,000.00. Following the transaction, the director now directly owns 719,826 shares in the company, valued at $10,077,564. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 7.37% of the stock is currently owned by corporate insiders.

Institutional Trading of Banc of California

Institutional investors have recently added to or reduced their stakes in the company. Truist Financial Corp increased its holdings in shares of Banc of California by 9.8% during the fourth quarter. Truist Financial Corp now owns 13,747 shares of the bank’s stock worth $185,000 after purchasing an additional 1,223 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Banc of California by 144.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,071,139 shares of the bank’s stock valued at $14,385,000 after buying an additional 633,132 shares during the last quarter. BNP Paribas Financial Markets increased its stake in shares of Banc of California by 1,123.0% in the fourth quarter. BNP Paribas Financial Markets now owns 227,272 shares of the bank’s stock valued at $3,052,000 after buying an additional 208,689 shares during the period. Jump Financial LLC bought a new stake in Banc of California in the fourth quarter valued at approximately $342,000. Finally, Dimensional Fund Advisors LP raised its holdings in Banc of California by 49.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,853,903 shares of the bank’s stock worth $65,191,000 after purchasing an additional 1,615,478 shares during the last quarter. 86.88% of the stock is currently owned by 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.