Banc of California (NYSE:BANC) Price Target Raised to $16.00

Banc of California (NYSE:BANC) had its target price hoisted by Stephens from $15.00 to $16.00 in a report issued on Thursday morning, Benzinga reports. Stephens currently has an equal weight rating on the bank’s stock.

Several other research firms have also recently commented on BANC. Wells Fargo & Company lifted their target price on Banc of California from $16.00 to $17.00 and gave the company an “equal weight” rating in a research note on Wednesday. Keefe, Bruyette & Woods lowered their target price on Banc of California from $18.00 to $17.00 and set an “outperform” rating for the company in a research note on Tuesday, July 9th. Raymond James lifted their target price on Banc of California from $16.00 to $17.00 and gave the company an “outperform” rating in a research note on Wednesday. DA Davidson lifted their target price on Banc of California from $16.50 to $19.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Barclays lifted their target price on Banc of California from $16.00 to $17.00 and gave the company an “equal weight” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $17.20.

Banc of California Trading Down 1.5 %

BANC stock opened at $15.22 on Thursday. The business has a fifty day moving average price of $14.47 and a 200 day moving average price of $13.90. Banc of California has a fifty-two week low of $10.53 and a fifty-two week high of $15.69. The stock has a market capitalization of $2.42 billion, a price-to-earnings ratio of -3.56 and a beta of 1.14. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.83.

Banc of California (NYSE:BANC) last released its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.11. Banc of California had a positive return on equity of 2.93% and a negative net margin of 20.75%. The firm had revenue of $431.44 million during the quarter, compared to analysts’ expectations of $229.46 million. During the same period last year, the firm posted $0.30 EPS. Analysts expect that Banc of California will post 0.61 EPS for the current fiscal year.

Banc of California Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th were issued a dividend of $0.10 per share. The ex-dividend date was Monday, September 16th. This represents a $0.40 annualized dividend and a yield of 2.63%. Banc of California’s dividend payout ratio is presently -9.37%.

Insiders Place Their Bets

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of Banc of California stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $14.00, for a total transaction of $1,050,000.00. Following the transaction, the director now directly owns 719,826 shares in the company, valued at approximately $10,077,564. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 7.37% of the company’s stock.

Institutional Trading of Banc of California

A number of institutional investors have recently modified their holdings of BANC. Vanguard Group Inc. lifted its holdings in shares of Banc of California by 143.4% in the fourth quarter. Vanguard Group Inc. now owns 9,014,810 shares of the bank’s stock valued at $121,069,000 after purchasing an additional 5,311,842 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of Banc of California by 54.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 15,346 shares of the bank’s stock valued at $206,000 after purchasing an additional 5,412 shares in the last quarter. Global Assets Advisory LLC bought a new stake in shares of Banc of California in the first quarter valued at about $741,000. Future Financial Wealth Managment LLC bought a new stake in shares of Banc of California in the first quarter valued at about $30,000. Finally, Hennessy Advisors Inc. lifted its holdings in shares of Banc of California by 44.3% in the first quarter. Hennessy Advisors Inc. now owns 250,000 shares of the bank’s stock valued at $3,802,000 after purchasing an additional 76,758 shares in the last quarter. 86.88% of the stock is currently owned by institutional investors.

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.