Banc of California (NYSE:BANC) PT Raised to $17.00

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

A number of other research analysts have also issued reports on BANC. Truist Financial upped 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. Stephens reiterated 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 began 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. Wedbush upgraded shares of Banc of California from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $14.00 to $18.00 in a report on Tuesday, September 24th. Finally, Raymond James increased 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. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $17.20.

Banc of California Price Performance

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

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 company had revenue of $431.44 million for the quarter, compared to analyst estimates of $229.46 million. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%. During the same period in the prior year, the firm earned $0.30 EPS. As a group, research analysts forecast that Banc of California will post 0.61 earnings per share for the current fiscal year.

Banc of California Announces Dividend

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

Insider Buying and Selling at Banc of California

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of the stock in a transaction that occurred on 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 completion of the sale, the director now owns 719,826 shares of the company’s stock, valued at $10,077,564. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 7.37% of the stock is owned by corporate insiders.

Institutional Trading of Banc of California

A number of hedge funds have recently made changes to their positions in BANC. Fifth Third Bancorp grew its position 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 buying an additional 1,273 shares in the last quarter. Riverview Trust Co bought a new position in Banc of California during the first quarter worth $29,000. Future Financial Wealth Managment LLC bought a new position in Banc of California during the third quarter worth $29,000. GAMMA Investing LLC lifted its stake in 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. Finally, Mendon Capital Advisors Corp bought a new position in Banc of California during the second quarter worth $102,000. Institutional investors and hedge funds own 86.88% of the company’s stock.

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.