Banc of California (NYSE:BANC) Sets New 52-Week High After Better-Than-Expected Earnings

Shares of Banc of California, Inc. (NYSE:BANC) reached a new 52-week high during trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $21.08 and last traded at $21.0550, with a volume of 1431738 shares trading hands. The stock had previously closed at $20.22.

The bank reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. Banc of California had a net margin of 11.49% and a return on equity of 8.00%.

Banc of California Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, January 2nd. Investors of record on Monday, December 15th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend was Monday, December 15th. Banc of California’s dividend payout ratio is currently 38.46%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Citigroup raised Banc of California from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $18.00 to $21.50 in a research note on Monday, October 27th. Wells Fargo & Company boosted their target price on Banc of California from $18.00 to $20.00 and gave the stock an “overweight” rating in a research report on Monday, September 29th. Barclays upped their target price on Banc of California from $21.00 to $25.00 and gave the stock an “overweight” rating in a research note on Friday, December 19th. JPMorgan Chase & Co. lifted their price target on shares of Banc of California from $21.00 to $24.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 16th. Finally, Raymond James Financial raised shares of Banc of California from an “outperform” rating to a “strong-buy” rating in a research note on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.95.

Institutional Investors Weigh In On Banc of California

Institutional investors have recently added to or reduced their stakes in the company. Voya Investment Management LLC grew its holdings in shares of Banc of California by 338.7% during the 3rd quarter. Voya Investment Management LLC now owns 166,298 shares of the bank’s stock worth $2,752,000 after acquiring an additional 128,387 shares during the period. GAMMA Investing LLC lifted its stake in shares of Banc of California by 22.2% in the 2nd quarter. GAMMA Investing LLC now owns 4,201 shares of the bank’s stock valued at $59,000 after purchasing an additional 762 shares during the period. Savant Capital LLC bought a new stake in shares of Banc of California during the second quarter valued at approximately $455,000. Bank of New York Mellon Corp boosted its position in shares of Banc of California by 63.6% during the second quarter. Bank of New York Mellon Corp now owns 1,797,082 shares of the bank’s stock valued at $25,249,000 after purchasing an additional 698,426 shares in the last quarter. Finally, Brandywine Global Investment Management LLC purchased a new stake in Banc of California in the second quarter worth $454,000. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Banc of California Stock Performance

The business has a fifty day simple moving average of $19.16 and a 200-day simple moving average of $17.21. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.32. The firm has a market cap of $3.19 billion, a P/E ratio of 20.25 and a beta of 0.69.

About Banc of California

Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.

Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.