Wells Fargo & Company Raises Banc of California (NYSE:BANC) Price Target to $17.00

Banc of California (NYSE:BANC) had its price objective upped by Wells Fargo & Company from $16.00 to $17.00 in a research note published on Wednesday morning, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the bank’s stock.

Other research analysts have also issued research reports about the stock. Stephens restated an “equal weight” rating and issued a $14.00 price target on shares of Banc of California in a research report on Wednesday, September 4th. Keefe, Bruyette & Woods decreased their price objective on shares of Banc of California from $18.00 to $17.00 and set an “outperform” rating for the company in a research note on Tuesday, July 9th. Truist Financial raised their price objective on shares of Banc of California from $15.00 to $16.00 and gave the stock a “hold” rating in a research note on Friday, September 20th. Citigroup started coverage on shares of Banc of California in a research note on Thursday, October 10th. They issued a “neutral” rating and a $15.00 price objective for the company. Finally, Raymond James raised their price objective on shares of Banc of California from $16.00 to $17.00 and gave the stock an “outperform” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Banc of California currently has a consensus rating of “Hold” and a consensus price target of $17.20.

Banc of California Price Performance

NYSE BANC opened at $15.22 on Wednesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.83. The firm has a market capitalization of $2.39 billion, a PE ratio of -4.57 and a beta of 1.14. Banc of California has a 12 month low of $10.53 and a 12 month high of $15.69. The company’s 50 day simple moving average is $14.47 and its 200 day simple moving average is $13.91.

Banc of California (NYSE:BANC) last posted its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.11. The firm had revenue of $431.44 million for the quarter, compared to analyst estimates of $229.46 million. Banc of California had a negative net margin of 21.99% and a positive return on equity of 2.12%. During the same quarter in the previous year, the business posted $0.30 earnings per share. As a group, equities research analysts forecast that Banc of California will post 0.61 EPS for the current fiscal year.

Banc of California Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.63%. The ex-dividend date was Monday, September 16th. Banc of California’s dividend payout ratio (DPR) is currently -12.01%.

Insider Buying and Selling at Banc of California

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of Banc of California stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total transaction of $1,050,000.00. Following the completion of the sale, the director now owns 719,826 shares of the company’s stock, valued at $10,077,564. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 7.37% of the company’s stock.

Institutional Investors Weigh In On Banc of California

Several institutional investors and hedge funds have recently modified their holdings of the business. 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 last quarter. Mutual of America Capital Management LLC lifted its stake in shares of Banc of California by 4.3% in the 1st quarter. Mutual of America Capital Management LLC now owns 23,876 shares of the bank’s stock valued at $363,000 after purchasing an additional 984 shares during the last quarter. Louisiana State Employees Retirement System lifted its stake in shares of 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 purchasing an additional 1,200 shares during the last quarter. Fifth Third Bancorp lifted its stake in shares of Banc of California by 146.3% in the 2nd quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock valued at $27,000 after purchasing an additional 1,273 shares during the last quarter. Finally, Riverview Trust Co acquired a new stake in shares of Banc of California in the 1st quarter valued at $29,000. Institutional investors and hedge funds own 86.88% of the company’s stock.

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.