Banc of California (NYSE:BANC) PT Raised to $17.00 at Wells Fargo & Company

Banc of California (NYSE:BANC) had its target price raised by Wells Fargo & Company from $16.00 to $17.00 in a research report sent to investors on Wednesday morning, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the bank’s stock.

BANC has been the topic of several other research reports. Truist Financial boosted their price objective on shares of Banc of California from $15.00 to $16.00 and gave the stock a “hold” rating in a report on Friday, September 20th. Raymond James boosted their price objective on shares of Banc of California from $16.00 to $17.00 and gave the stock an “outperform” rating in a report on Wednesday. Stephens restated an “equal weight” rating and set a $14.00 price objective on shares of Banc of California in a report on Wednesday, September 4th. Citigroup initiated 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. Finally, Wedbush upgraded shares of Banc of California from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $14.00 to $18.00 in a report on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Banc of California has a consensus rating of “Hold” and an average price target of $17.20.

Banc of California Stock Performance

Shares of BANC opened at $15.22 on Wednesday. The company has a market capitalization of $2.39 billion, a PE ratio of -4.57 and a beta of 1.14. Banc of California has a one year low of $10.53 and a one year high of $15.69. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.83. The company’s fifty day moving average price is $14.47 and its 200 day moving average price is $13.91.

Banc of California (NYSE:BANC) last announced its earnings results on Tuesday, October 22nd. The bank reported $0.25 EPS for the quarter, topping the consensus estimate of $0.14 by $0.11. The firm 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 21.99% and a positive return on equity of 2.12%. During the same quarter last year, the firm posted $0.30 EPS. As a group, analysts expect that Banc of California will post 0.61 earnings per share for the current year.

Banc of California Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 16th were paid a $0.10 dividend. The ex-dividend date was Monday, September 16th. This represents a $0.40 dividend on an annualized basis and a yield of 2.63%. Banc of California’s payout ratio is currently -12.01%.

Insider Activity at Banc of California

In related news, Director Richard J. Lashley sold 75,000 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total value of $1,050,000.00. Following the sale, the director now 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 transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 7.37% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Banc of California

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BANC. Fifth Third Bancorp boosted its position in Banc of California by 146.3% in the second quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock valued at $27,000 after buying an additional 1,273 shares in the last quarter. Riverview Trust Co acquired a new position in Banc of California in the first quarter valued at about $29,000. Future Financial Wealth Managment LLC acquired a new position in Banc of California in the third quarter valued at about $29,000. GAMMA Investing LLC lifted its position in shares of Banc of California by 32.3% during the third quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock worth $44,000 after purchasing an additional 734 shares in the last quarter. Finally, Mendon Capital Advisors Corp acquired a new position in shares of Banc of California during the second quarter worth approximately $102,000. 86.88% of the stock is currently owned by institutional investors and hedge funds.

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.