Banc of California (NYSE:BANC) Stock Rating Upgraded by Barclays

Barclays upgraded shares of Banc of California (NYSE:BANC) from an equal weight rating to an overweight rating in a research report sent to investors on Thursday, MarketBeat.com reports. They currently have $18.00 price objective on the bank’s stock, up from their previous price objective of $17.00.

BANC has been the subject of several other research reports. Stephens lifted their price objective on shares of Banc of California from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 24th. Keefe, Bruyette & Woods dropped their price target on shares of Banc of California from $18.00 to $17.00 and set an “outperform” rating for the company in a research report on Tuesday, July 9th. Truist Financial boosted their price target on Banc of California from $15.00 to $16.00 and gave the company a “hold” rating in a research note on Friday, September 20th. DA Davidson raised their price objective on Banc of California from $16.50 to $19.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Finally, Raymond James lifted their price objective on Banc of California from $16.00 to $17.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Banc of California currently has an average rating of “Hold” and an average target price of $17.30.

Banc of California Trading Down 0.4 %

Shares of NYSE:BANC opened at $15.30 on Thursday. Banc of California has a 12-month low of $11.10 and a 12-month high of $16.01. The business has a 50 day moving average of $14.61 and a 200-day moving average of $13.95. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31. The stock has a market cap of $2.43 billion, a PE ratio of -3.58 and a beta of 1.13.

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

Banc of California Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th were paid a $0.10 dividend. The ex-dividend date was Monday, September 16th. This represents a $0.40 annualized dividend and a dividend yield of 2.61%. Banc of California’s payout ratio is -9.37%.

Insider Buying and Selling

In related news, Director Richard J. Lashley sold 75,000 shares of the firm’s stock in a transaction dated 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 sale, the director now directly 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 transaction was disclosed in a filing with the SEC, which is available through this link. 7.37% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Banc of California

Several institutional investors and hedge funds have recently added to or reduced their stakes in BANC. Vanguard Group Inc. increased its holdings in shares of Banc of California by 143.4% during the fourth quarter. Vanguard Group Inc. now owns 9,014,810 shares of the bank’s stock worth $121,069,000 after buying an additional 5,311,842 shares in the last quarter. Capital Research Global Investors bought a new stake in Banc of California during the 1st quarter worth $32,618,000. William Blair Investment Management LLC increased its holdings in Banc of California by 42.1% in the 1st quarter. William Blair Investment Management LLC now owns 2,575,930 shares of the bank’s stock worth $39,180,000 after purchasing an additional 762,959 shares in the last quarter. American Century Companies Inc. raised its position in 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 during the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in shares of Banc of California by 461.6% during the third quarter. Assenagon Asset Management S.A. now owns 651,695 shares of the bank’s stock valued at $9,599,000 after purchasing an additional 535,654 shares in the last quarter. Institutional investors 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.