Banc of California, Inc. (NYSE:BANC) Receives $17.07 Average Price Target from Analysts

Banc of California, Inc. (NYSE:BANC) has earned a consensus recommendation of “Hold” from the five ratings firms that are presently covering the firm, Marketbeat.com reports. Four research analysts have rated the stock with a hold recommendation and one has given a buy recommendation to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $17.07.

BANC has been the subject of a number of recent analyst reports. Wedbush increased their price target on shares of Banc of California from $14.00 to $16.00 and gave the company a “neutral” rating in a research note on Friday, January 26th. Truist Financial reissued a “hold” rating and issued a $16.00 price objective on shares of Banc of California in a research report on Monday, April 1st. Barclays started coverage on shares of Banc of California in a research report on Friday, March 8th. They issued an “equal weight” rating and a $16.00 price objective on the stock. Wells Fargo & Company increased their price objective on shares of Banc of California from $14.00 to $16.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 10th. Finally, Keefe, Bruyette & Woods raised shares of Banc of California from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $16.00 to $18.00 in a research report on Friday, March 22nd.

Insider Buying and Selling

In other Banc of California news, Director Richard J. Lashley purchased 10,000 shares of the stock in a transaction that occurred on Thursday, February 29th. The shares were acquired at an average cost of $21.40 per share, with a total value of $214,000.00. Following the completion of the transaction, the director now owns 10,000 shares in the company, valued at $214,000. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Banc of California

A number of hedge funds have recently made changes to their positions in BANC. Versant Capital Management Inc boosted its position in Banc of California by 2,466.2% during the 4th quarter. Versant Capital Management Inc now owns 1,899 shares of the bank’s stock worth $26,000 after buying an additional 1,825 shares during the period. Riverview Trust Co acquired a new stake in Banc of California during the 1st quarter worth approximately $29,000. Future Financial Wealth Managment LLC acquired a new stake in Banc of California during the 1st quarter worth approximately $30,000. Lee Financial Co acquired a new stake in Banc of California during the 4th quarter worth approximately $40,000. Finally, Longfellow Investment Management Co. LLC acquired a new stake in Banc of California during the 4th quarter worth approximately $41,000. 86.88% of the stock is currently owned by institutional investors and hedge funds.

Banc of California Stock Performance

Shares of BANC stock opened at $13.82 on Monday. The stock has a market cap of $2.17 billion, a P/E ratio of -4.37 and a beta of 1.15. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.90 and a quick ratio of 0.89. The company has a fifty day moving average price of $14.44 and a two-hundred day moving average price of $13.25. Banc of California has a one year low of $9.72 and a one year high of $16.08.

Banc of California (NYSE:BANC) last announced its quarterly earnings results on Thursday, January 25th. The bank reported ($4.55) EPS for the quarter, missing analysts’ consensus estimates of ($0.28) by ($4.27). The firm had revenue of $193.06 million during the quarter, compared to analyst estimates of $163.11 million. Banc of California had a negative net margin of 44.04% and a positive return on equity of 1.14%. During the same quarter in the prior year, the business earned $0.45 EPS. As a group, equities analysts predict that Banc of California will post 1.5 EPS for the current year.

Banc of California Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date was Thursday, March 14th. Banc of California’s dividend payout ratio is -12.66%.

About Banc of California

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.