Banc of California (NYSE:BANC) PT Raised to $16.00

Banc of California (NYSE:BANC) had its price objective boosted by Stephens from $15.00 to $16.00 in a research note issued to investors on Thursday, Benzinga reports. They currently have an equal weight rating on the bank’s stock.

A number of other equities analysts also recently weighed in on the company. Keefe, Bruyette & Woods lowered their price target on Banc of California from $18.00 to $17.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 9th. Raymond James boosted their price target on Banc of California from $16.00 to $17.00 and gave the stock an “outperform” rating in a research report on Wednesday. Truist Financial boosted their price target on Banc of California from $15.00 to $16.00 and gave the stock a “hold” rating in a research report on Friday, September 20th. Wells Fargo & Company boosted their price target on Banc of California from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Finally, DA Davidson boosted their price target on Banc of California from $16.50 to $19.00 and gave the stock a “buy” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $17.20.

Banc of California Price Performance

NYSE:BANC opened at $15.22 on Thursday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.83 and a current ratio of 0.89. The stock’s 50-day simple moving average is $14.47 and its 200 day simple moving average is $13.90. The company has a market cap of $2.42 billion, a P/E 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.

Banc of California (NYSE:BANC) last released its earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 positive return on equity of 2.93% and a negative net margin of 20.75%. During the same quarter in the previous year, the business earned $0.30 earnings per share. As a group, sell-side analysts forecast that Banc of California will post 0.61 EPS for the current fiscal year.

Banc of California Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.63%. The ex-dividend date was Monday, September 16th. Banc of California’s dividend payout ratio (DPR) is currently -9.37%.

Insider Transactions at Banc of California

In other news, Director Richard J. Lashley sold 75,000 shares of the business’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $14.00, for a total transaction of $1,050,000.00. Following the sale, the director now directly owns 719,826 shares in the company, valued at approximately $10,077,564. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 7.37% of the company’s stock.

Institutional Trading of Banc of California

Several hedge funds and other institutional investors have recently made changes to their positions in BANC. Fifth Third Bancorp grew its holdings in shares of Banc of California by 146.3% during the second quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock worth $27,000 after purchasing an additional 1,273 shares during the last quarter. Future Financial Wealth Managment LLC acquired a new position in shares of Banc of California in the third quarter worth approximately $29,000. GAMMA Investing LLC lifted its stake in shares of Banc of California by 32.3% in the third quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock worth $44,000 after acquiring an additional 734 shares during the period. Mendon Capital Advisors Corp acquired a new position in shares of Banc of California in the second quarter worth approximately $102,000. Finally, Simplicity Wealth LLC acquired a new position in shares of Banc of California in the second quarter worth approximately $132,000. 86.88% of the stock is currently owned by 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.