Banc of California (NYSE:BANC) Price Target Raised to $17.00

Banc of California (NYSE:BANC) had its price target boosted by Barclays from $16.00 to $17.00 in a research note released on Wednesday, Benzinga reports. Barclays currently has an equal weight rating on the bank’s stock.

Other equities analysts also recently issued reports about the stock. Citigroup assumed coverage on shares of Banc of California in a report on Thursday, October 10th. They set a “neutral” rating and a $15.00 price objective on the stock. Wells Fargo & Company raised their price target on shares of Banc of California from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 1st. Raymond James raised shares of Banc of California from a “market perform” rating to an “outperform” rating and set a $16.00 price target on the stock in a research note on Tuesday, September 17th. Keefe, Bruyette & Woods decreased their price target on shares of Banc of California from $18.00 to $17.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 9th. Finally, Wedbush raised shares of Banc of California from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $14.00 to $18.00 in a research note on Tuesday, September 24th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $17.20.

Banc of California Stock Performance

BANC opened at $15.22 on Wednesday. The company has a quick ratio of 0.83, a current ratio of 0.89 and a debt-to-equity ratio of 0.31. The company has a market cap of $2.42 billion, a price-to-earnings ratio of -3.56 and a beta of 1.14. Banc of California has a 52-week low of $10.53 and a 52-week high of $15.69. The firm’s fifty day simple moving average is $14.47 and its two-hundred day simple moving average is $13.90.

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

Banc of California Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.63%. The ex-dividend date of this dividend was Monday, September 16th. Banc of California’s dividend payout ratio (DPR) 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 shares were 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 of the company’s stock, valued at $10,077,564. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 7.37% of the stock is owned by insiders.

Institutional Investors Weigh In On Banc of California

Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of Banc of California by 17.6% during the first quarter. Vanguard Group Inc. now owns 10,597,751 shares of the bank’s stock valued at $161,192,000 after acquiring an additional 1,582,941 shares during the last quarter. Sei Investments Co. increased its position in shares of Banc of California by 86.0% during the first quarter. Sei Investments Co. now owns 506,202 shares of the bank’s stock valued at $7,699,000 after acquiring an additional 234,021 shares during the last quarter. Empowered Funds LLC increased its position in shares of Banc of California by 55.5% during the first quarter. Empowered Funds LLC now owns 185,329 shares of the bank’s stock valued at $2,819,000 after acquiring an additional 66,183 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Banc of California by 394.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 331,076 shares of the bank’s stock valued at $5,037,000 after acquiring an additional 264,070 shares during the last quarter. Finally, Redwood Investment Management LLC acquired a new stake in shares of Banc of California during the first quarter valued at about $630,000. 86.88% of the stock is currently owned by institutional investors and hedge funds.

Banc of California Company Profile

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.