Banc of California (NYSE:BANC) Stock Rating Upgraded by Wells Fargo & Company

Wells Fargo & Company upgraded shares of Banc of California (NYSE:BANC) from an equal weight rating to an overweight rating in a report released on Monday morning, Marketbeat.com reports. The brokerage currently has $20.00 price target on the bank’s stock, up from their previous price target of $17.00.

A number of other research analysts also recently commented on the stock. Raymond James upped their price objective on shares of Banc of California from $16.00 to $17.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Wedbush increased their target price on shares of Banc of California from $18.00 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Barclays increased their target price on shares of Banc of California from $18.00 to $20.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Stephens increased their target price on shares of Banc of California from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 24th. Finally, DA Davidson increased their target price on shares of Banc of California from $16.50 to $19.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Banc of California presently has an average rating of “Moderate Buy” and a consensus price target of $18.10.

Banc of California Trading Down 0.9 %

NYSE BANC opened at $15.55 on Monday. Banc of California has a 12 month low of $11.88 and a 12 month high of $18.08. The company has a 50-day moving average of $16.23 and a 200-day moving average of $14.78. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89. The company has a market cap of $2.47 billion, a P/E ratio of -3.64 and a beta of 1.14.

Banc of California (NYSE:BANC) last posted its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.25 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.11. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%. The company had revenue of $431.44 million during the quarter, compared to the consensus estimate of $229.46 million. During the same quarter in the prior year, the company posted $0.30 EPS. As a group, equities analysts predict that Banc of California will post 0.7 earnings per share for the current year.

Banc of California Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.57%. The ex-dividend date was Monday, December 16th. Banc of California’s dividend payout ratio is presently -9.37%.

Institutional Trading of Banc of California

A number of hedge funds have recently made changes to their positions in the stock. Future Financial Wealth Managment LLC acquired a new position in Banc of California during the 3rd quarter worth $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 during the last quarter. Mendon Capital Advisors Corp acquired a new position in Banc of California in the second quarter worth about $102,000. Paloma Partners Management Co bought a new stake in Banc of California in the third quarter valued at about $158,000. Finally, Sanctuary Advisors LLC bought a new stake in Banc of California in the third quarter valued at about $167,000. Institutional investors and hedge funds own 86.88% of the company’s stock.

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.