Banc of California, Inc. (NYSE:BANC) Receives Average Recommendation of “Buy” from Analysts

Banc of California, Inc. (NYSE:BANC) has been assigned an average rating of “Buy” from the ten brokerages that are currently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $21.8333.

A number of brokerages have issued reports on BANC. Wells Fargo & Company raised their target price on Banc of California from $20.00 to $22.00 and gave the stock an “overweight” rating in a research note on Monday, March 30th. Wall Street Zen upgraded Banc of California from a “sell” rating to a “hold” rating in a report on Saturday, January 10th. Keefe, Bruyette & Woods increased their price target on Banc of California from $22.00 to $23.00 and gave the stock an “outperform” rating in a report on Friday, January 23rd. Piper Sandler increased their price target on Banc of California from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Monday, April 27th. Finally, Barclays lowered their price target on Banc of California from $25.00 to $23.00 and set an “overweight” rating for the company in a report on Tuesday, April 7th.

Banc of California Stock Down 0.6%

Shares of BANC opened at $19.05 on Tuesday. Banc of California has a 52-week low of $13.24 and a 52-week high of $21.61. The company has a market capitalization of $2.86 billion, a PE ratio of 14.55 and a beta of 0.75. The stock has a fifty day simple moving average of $18.00 and a two-hundred day simple moving average of $18.67. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31.

Banc of California (NYSE:BANC) last issued its earnings results on Wednesday, April 22nd. The bank reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. Banc of California had a return on equity of 9.25% and a net margin of 13.58%.The business had revenue of $286.95 million during the quarter, compared to the consensus estimate of $291.28 million. During the same period last year, the company earned $0.26 EPS. The company’s revenue for the quarter was up 7.9% on a year-over-year basis. As a group, equities analysts forecast that Banc of California will post 1.72 EPS for the current year.

Banc of California Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th will be issued a dividend of $0.12 per share. The ex-dividend date is Monday, June 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.5%. Banc of California’s dividend payout ratio is currently 36.64%.

Hedge Funds Weigh In On Banc of California

A number of hedge funds have recently modified their holdings of BANC. Royal Bank of Canada grew its holdings in shares of Banc of California by 9.4% during the 1st quarter. Royal Bank of Canada now owns 74,043 shares of the bank’s stock worth $1,050,000 after purchasing an additional 6,364 shares during the period. AQR Capital Management LLC raised its holdings in shares of Banc of California by 209.4% in the 1st quarter. AQR Capital Management LLC now owns 103,044 shares of the bank’s stock valued at $1,462,000 after buying an additional 69,739 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Banc of California by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 82,689 shares of the bank’s stock valued at $1,173,000 after buying an additional 3,611 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of Banc of California by 8.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,796,996 shares of the bank’s stock valued at $53,879,000 after buying an additional 297,680 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Banc of California by 1.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 441,856 shares of the bank’s stock valued at $6,270,000 after buying an additional 4,263 shares during the period. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

Banc of California Company Profile

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.