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

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

Other equities research analysts also recently issued research reports about the stock. Truist Financial boosted their price objective 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. Stephens reaffirmed an “equal weight” rating and set a $14.00 price objective on shares of Banc of California in a research report on Wednesday, September 4th. Keefe, Bruyette & Woods lowered 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 report on Tuesday, July 9th. Citigroup started coverage on shares of Banc of California in a research report on Thursday, October 10th. They set a “neutral” rating and a $15.00 price objective for the company. Finally, Wells Fargo & Company boosted their price objective 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 Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Banc of California currently has an average rating of “Hold” and a consensus price target of $17.20.

Banc of California Price Performance

BANC opened at $15.22 on Wednesday. The company has a 50-day moving average of $14.47 and a 200-day moving average of $13.91. The company has a market capitalization of $2.39 billion, a P/E ratio of -4.57 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 0.32, a quick ratio of 0.83 and a current ratio of 0.89.

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

Banc of California Announces Dividend

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

Insider Transactions at Banc of California

In other news, Director Richard J. Lashley sold 75,000 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the director now directly owns 719,826 shares of the company’s stock, valued at approximately $10,077,564. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 7.37% of the company’s stock.

Institutional Trading of Banc of California

A number of institutional investors have recently made changes to their positions in the stock. Fifth Third Bancorp lifted its stake in 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 last quarter. Riverview Trust Co acquired a new stake in Banc of California during the first quarter valued at approximately $29,000. Future Financial Wealth Managment LLC acquired a new stake in Banc of California during the third quarter valued at approximately $29,000. GAMMA Investing LLC lifted its stake in 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 last quarter. Finally, Mendon Capital Advisors Corp acquired a new stake in Banc of California during the second quarter valued at approximately $102,000. 86.88% of the stock is owned by institutional investors and hedge funds.

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.