Wedbush Boosts Banc of California (NYSE:BANC) Price Target to $19.00

Banc of California (NYSE:BANC) had its target price increased by Wedbush from $18.00 to $19.00 in a research report report published on Wednesday morning, Benzinga reports. The firm currently has an outperform rating on the bank’s stock. Wedbush also issued estimates for Banc of California’s Q1 2025 earnings at $0.28 EPS, Q4 2025 earnings at $0.39 EPS and FY2026 earnings at $1.60 EPS.

A number of other research firms have also recently weighed in on BANC. Truist Financial upped their price target on 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 upped their price target on Banc of California from $16.00 to $17.00 and gave the stock an “outperform” rating in a report on Wednesday. Wells Fargo & Company upped their price target on Banc of California from $16.00 to $17.00 and gave the stock an “equal weight” rating in a report on Wednesday. Barclays upped their price target on Banc of California from $16.00 to $17.00 and gave the stock an “equal weight” rating in a report on Wednesday. Finally, Keefe, Bruyette & Woods reduced their price target on Banc of California from $18.00 to $17.00 and set an “outperform” rating for the company in a report on Tuesday, July 9th. One 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. Based on data from MarketBeat, Banc of California has an average rating of “Hold” and an average target price of $17.20.

Banc of California Stock Down 1.5 %

Shares of BANC opened at $15.22 on Wednesday. Banc of California has a 52 week low of $10.53 and a 52 week high of $15.69. The company has a quick ratio of 0.83, a current ratio of 0.89 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $2.39 billion, a price-to-earnings ratio of -4.57 and a beta of 1.14. The stock’s 50-day moving average price is $14.47 and its 200-day moving average price is $13.91.

Banc of California (NYSE:BANC) last issued its earnings results on Tuesday, October 22nd. The bank reported $0.25 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.11. Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. The firm had revenue of $431.44 million for the quarter, compared to the consensus estimate of $229.46 million. During the same quarter in the prior year, the business earned $0.30 earnings per share. On average, sell-side analysts predict that Banc of California will post 0.61 EPS for the current 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 issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.63%. Banc of California’s payout ratio is currently -12.01%.

Insider Buying and Selling at Banc of California

In other news, Director Richard J. Lashley sold 75,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $14.00, for a total value of $1,050,000.00. Following the completion of the sale, the director now directly owns 719,826 shares in the company, valued at $10,077,564. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 7.37% of the company’s stock.

Institutional Investors Weigh In On Banc of California

A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in shares of Banc of California by 17.6% in the first quarter. Vanguard Group Inc. now owns 10,597,751 shares of the bank’s stock valued at $161,192,000 after purchasing an additional 1,582,941 shares in the last quarter. PL Capital Advisors LLC grew its position in shares of Banc of California by 0.7% in the first quarter. PL Capital Advisors LLC now owns 3,224,219 shares of the bank’s stock valued at $49,040,000 after purchasing an additional 22,500 shares in the last quarter. American Century Companies Inc. grew its position in shares of Banc of California by 25.9% in the second quarter. American Century Companies Inc. now owns 3,222,376 shares of the bank’s stock valued at $41,182,000 after purchasing an additional 663,061 shares in the last quarter. William Blair Investment Management LLC grew its position in shares of Banc of California by 42.1% in the first quarter. William Blair Investment Management LLC now owns 2,575,930 shares of the bank’s stock valued at $39,180,000 after purchasing an additional 762,959 shares in the last quarter. Finally, Senator Investment Group LP grew its position in shares of Banc of California by 13.8% in the first quarter. Senator Investment Group LP now owns 2,445,685 shares of the bank’s stock valued at $37,199,000 after purchasing an additional 297,097 shares in the last quarter. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

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.