Banc of California, Inc. (NYSE:BANC) Receives $17.30 Average Target Price from Analysts

Shares of Banc of California, Inc. (NYSE:BANC) have been given a consensus recommendation of “Moderate Buy” by the ten analysts that are currently covering the firm, MarketBeat Ratings reports. Four analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $17.30.

A number of equities research analysts have recently weighed in on BANC shares. Truist Financial lifted their price target on shares of Banc of California from $15.00 to $16.00 and gave the company a “hold” rating in a research report on Friday, September 20th. Barclays upgraded shares of Banc of California from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $17.00 to $18.00 in a research report on Thursday, October 31st. DA Davidson lifted their price target on shares of Banc of California from $16.50 to $19.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Stephens lifted their price target on shares of Banc of California from $15.00 to $16.00 and gave the company an “equal weight” rating in a research report on Thursday, October 24th. Finally, Wells Fargo & Company lifted their price objective on shares of Banc of California from $16.00 to $17.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 23rd.

Insiders Place Their Bets

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of the business’s 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 sale, the director now owns 719,826 shares of the company’s stock, valued at approximately $10,077,564. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On Banc of California

Several hedge funds and other institutional investors have recently bought and sold shares of BANC. Fifth Third Bancorp raised its holdings in shares of Banc of California by 146.3% during the second 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 period. Future Financial Wealth Managment LLC acquired a new position in shares of Banc of California during the third quarter valued at about $29,000. GAMMA Investing LLC raised its holdings in shares of Banc of California by 32.3% during the third 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. Mendon Capital Advisors Corp acquired a new stake in shares of Banc of California in the 2nd quarter worth about $102,000. Finally, Simplicity Wealth LLC acquired a new stake in shares of Banc of California in the 2nd quarter worth about $132,000. Institutional investors and hedge funds own 86.88% of the company’s stock.

Banc of California Trading Down 3.8 %

Shares of BANC stock opened at $16.14 on Friday. The firm has a 50 day moving average price of $14.72 and a two-hundred day moving average price of $14.01. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $2.56 billion, a PE ratio of -3.78 and a beta of 1.13. Banc of California has a 12-month low of $11.10 and a 12-month high of $16.92.

Banc of California (NYSE:BANC) last released its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.11. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%. The company had revenue of $431.44 million during the quarter, compared to the consensus estimate of $229.46 million. During the same period in the previous year, the business earned $0.30 earnings per share. As a group, analysts predict that Banc of California will post 0.7 earnings per share for the current 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. The ex-dividend date was Monday, September 16th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.48%. Banc of California’s payout ratio is presently -9.37%.

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.