Banc of California (NYSE:BANC) PT Raised to $16.00 at Wells Fargo & Company

Banc of California (NYSE:BANC) had its target price raised by Wells Fargo & Company from $15.00 to $16.00 in a research note published on Tuesday, Benzinga reports. The brokerage currently has an equal weight rating on the bank’s stock.

A number of other research firms have also issued reports on BANC. Stephens reiterated an equal weight rating and issued a $14.00 target price on shares of Banc of California in a report on Wednesday, September 4th. Barclays lifted their price objective on Banc of California from $14.00 to $16.00 and gave the company an equal weight rating in a research note on Friday, September 27th. Raymond James raised Banc of California from a market perform rating to an outperform rating and set a $16.00 price objective for the company in a research report on Tuesday, September 17th. Truist Financial raised their target price on shares of Banc of California from $15.00 to $16.00 and gave the company a hold rating in a report on Friday, September 20th. Finally, Wedbush upgraded shares of Banc of California from a neutral rating to an outperform rating and lifted 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, four have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Banc of California has an average rating of Hold and a consensus price target of $16.61.

Banc of California Stock Performance

NYSE:BANC opened at $14.06 on Tuesday. The company’s 50-day moving average is $13.99 and its two-hundred day moving average is $13.90. Banc of California has a 1-year low of $9.96 and a 1-year high of $15.54. 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 firm has a market capitalization of $2.21 billion, a price-to-earnings ratio of -4.22 and a beta of 1.13.

Banc of California (NYSE:BANC) last posted its earnings results on Tuesday, July 23rd. The bank reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.09). Banc of California had a negative net margin of 21.99% and a positive return on equity of 2.12%. The business had revenue of $492.38 million during the quarter, compared to analysts’ expectations of $271.42 million. During the same quarter in the prior year, the firm earned $0.32 EPS. Analysts forecast that Banc of California will post 0.59 EPS for the current year.

Banc of California Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders 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 dividend yield of 2.85%. The ex-dividend date of this dividend was Monday, September 16th. Banc of California’s dividend payout ratio (DPR) is -12.01%.

Insider Activity at Banc of California

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of the firm’s stock in a transaction 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 owns 719,826 shares of the company’s stock, valued at $10,077,564. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 7.37% of the company’s stock.

Institutional Trading of Banc of California

A number of institutional investors have recently bought and sold shares of BANC. Vanguard Group Inc. lifted its holdings 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. Basswood Capital Management L.L.C. purchased a new stake in Banc of California in the 4th quarter valued at approximately $3,374,000. Carmignac Gestion purchased a new stake in Banc of California in the 4th quarter valued at approximately $2,152,000. Sei Investments Co. grew its holdings in Banc of California by 86.0% during the 1st quarter. Sei Investments Co. now owns 506,202 shares of the bank’s stock valued at $7,699,000 after buying an additional 234,021 shares during the last quarter. Finally, Empowered Funds LLC increased its position in Banc of California by 55.5% during the first quarter. Empowered Funds LLC now owns 185,329 shares of the bank’s stock worth $2,819,000 after buying an additional 66,183 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.