Raymond James Increases Banc of California (NYSE:BANC) Price Target to $17.00

Banc of California (NYSE:BANC) had its price objective upped by Raymond James from $16.00 to $17.00 in a report published on Wednesday, Benzinga reports. They currently have an outperform rating on the bank’s stock.

Several other equities analysts have also recently weighed in on BANC. Truist Financial lifted their price objective on Banc of California from $15.00 to $16.00 and gave the company a “hold” rating in a report on Friday, September 20th. Citigroup assumed coverage on Banc of California in a report on Thursday, October 10th. They issued a “neutral” rating and a $15.00 price objective for the company. Wedbush raised Banc of California from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $14.00 to $18.00 in a report on Tuesday, September 24th. Barclays boosted their price target on Banc of California from $16.00 to $17.00 and gave the stock an “equal weight” rating in a report on Wednesday. Finally, Keefe, Bruyette & Woods lowered their price target on Banc of California from $18.00 to $17.00 and set an “outperform” rating for the company in a report on Tuesday, July 9th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $17.20.

Banc of California Stock Performance

BANC opened at $15.22 on Wednesday. The business has a fifty day simple moving average of $14.47 and a 200 day simple moving average of $13.90. The company has a market capitalization of $2.42 billion, a PE ratio of -3.56 and a beta of 1.14. Banc of California has a 1 year low of $10.53 and a 1 year high of $15.69. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.83.

Banc of California (NYSE:BANC) last announced its quarterly earnings data 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 firm had revenue of $431.44 million during the quarter, compared to analysts’ expectations 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 firm earned $0.30 EPS. Research analysts expect that Banc of California will post 0.61 EPS for the current year.

Banc of California Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th were given a $0.10 dividend. The ex-dividend date was Monday, September 16th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.63%. Banc of California’s dividend payout ratio (DPR) is presently -9.37%.

Insider Activity at Banc of California

In related news, Director Richard J. Lashley sold 75,000 shares of the company’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $14.00, for a total transaction of $1,050,000.00. Following the sale, the director now owns 719,826 shares in the company, valued at $10,077,564. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 7.37% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Banc of California

Institutional investors and hedge funds have recently made changes to their positions in the business. Fifth Third Bancorp boosted its position in shares of Banc of California by 146.3% during 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 in the last quarter. Riverview Trust Co acquired a new position in Banc of California during the 1st quarter worth approximately $29,000. Future Financial Wealth Managment LLC acquired a new position in Banc of California during the 3rd quarter worth approximately $29,000. GAMMA Investing LLC raised its stake in Banc of California by 32.3% during the 3rd quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock worth $44,000 after buying an additional 734 shares during the period. Finally, Mendon Capital Advisors Corp acquired a new position in Banc of California during the 2nd quarter worth approximately $102,000. Institutional investors own 86.88% of the company’s stock.

Banc of California Company Profile

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.