Banc of California, Inc. (NYSE:BANC) Given Consensus Recommendation of “Buy” by Analysts

Banc of California, Inc. (NYSE:BANC) has earned a consensus recommendation of “Buy” from the ten analysts that are covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $22.6250.

A number of analysts have recently issued reports on the company. Barclays decreased their target price on Banc of California from $23.00 to $22.00 and set an “overweight” rating for the company in a report on Monday, August 3rd. Wells Fargo & Company started coverage on shares of Banc of California in a report on Monday, August 10th. They issued an “overweight” rating and a $23.00 price target on the stock. Brean Capital cut shares of Banc of California from a “buy” rating to a “neutral” rating in a research report on Thursday, July 30th. Weiss Ratings upgraded shares of Banc of California from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, August 7th. Finally, Piper Sandler increased their price objective on shares of Banc of California from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Monday, April 27th.

Banc of California Stock Down 1.9%

Shares of BANC opened at $18.93 on Thursday. Banc of California has a fifty-two week low of $15.33 and a fifty-two week high of $21.93. The company’s fifty day moving average is $20.16 and its two-hundred day moving average is $19.18. The firm has a market cap of $3.00 billion, a PE ratio of -45.07 and a beta of 0.74. The company has a quick ratio of 0.86, a current ratio of 0.89 and a debt-to-equity ratio of 0.20.

Banc of California (NYSE:BANC) last released its quarterly earnings data on Wednesday, July 29th. The bank reported ($1.61) EPS for the quarter, missing analysts’ consensus estimates of $0.40 by ($2.01). The firm had revenue of $16.41 million for the quarter, compared to analyst estimates of $295.32 million. Banc of California had a positive return on equity of 7.98% and a negative net margin of 1.44%.The company’s quarterly revenue was down 94.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.31 earnings per share. Analysts forecast that Banc of California will post 1.68 earnings per share for the current year.

Banc of California Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend is Tuesday, September 15th. Banc of California’s dividend payout ratio is -114.29%.

Insider Transactions at Banc of California

In related news, insider Olivia I. Lindsay sold 6,000 shares of the stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $19.50, for a total value of $117,000.00. Following the completion of the sale, the insider directly owned 32,842 shares in the company, valued at approximately $640,419. This represents a 15.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.78% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. purchased a new stake in shares of Banc of California during the 2nd quarter valued at about $462,252,000. Vanguard Group Inc. lifted its position in Banc of California by 4.6% during the 4th quarter. Vanguard Group Inc. now owns 9,951,795 shares of the bank’s stock worth $191,970,000 after acquiring an additional 438,320 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Banc of California by 10.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 6,464,447 shares of the bank’s stock worth $113,640,000 after acquiring an additional 600,791 shares during the period. Wellington Management Group LLP boosted its holdings in Banc of California by 147.2% in the 2nd quarter. Wellington Management Group LLP now owns 6,121,876 shares of the bank’s stock worth $125,070,000 after acquiring an additional 3,645,579 shares during the period. Finally, Invesco Ltd. grew its position in Banc of California by 3.1% in the fourth quarter. Invesco Ltd. now owns 6,010,260 shares of the bank’s stock valued at $115,938,000 after acquiring an additional 181,029 shares in the last quarter. Institutional investors and hedge funds own 86.88% of the company’s stock.

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.