Banc of California, Inc. (NYSE:BANC) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of Banc of California, Inc. (NYSE:BANC) have earned an average rating of “Moderate Buy” from the ten research firms that are covering the stock, MarketBeat.com reports. Four equities research analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $17.80.

A number of equities analysts recently weighed in on the stock. Stephens boosted 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 report on Thursday, October 24th. Wedbush lifted their price objective on Banc of California from $18.00 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Raymond James boosted their target price on Banc of California from $16.00 to $17.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Citigroup initiated coverage on shares of Banc of California in a report on Thursday, October 10th. They set a “neutral” rating and a $15.00 price target on the stock. Finally, Truist Financial boosted their price objective 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.

Banc of California Stock Up 0.4 %

BANC stock opened at $15.42 on Friday. Banc of California has a fifty-two week low of $11.88 and a fifty-two week high of $18.08. The company has a market capitalization of $2.45 billion, a price-to-earnings ratio of -3.61 and a beta of 1.14. The business’s 50 day moving average price is $16.15 and its two-hundred day moving average price is $14.53. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.89.

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

Banc of California Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be given a dividend of $0.10 per share. The ex-dividend date is Monday, December 16th. This represents a $0.40 annualized dividend and a dividend yield of 2.59%. Banc of California’s payout ratio is -9.37%.

Institutional Trading of Banc of California

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. World Investment Advisors LLC increased its holdings in Banc of California by 4.5% in the 3rd quarter. World Investment Advisors LLC now owns 18,082 shares of the bank’s stock valued at $266,000 after acquiring an additional 779 shares during the last quarter. Sanctuary Advisors LLC bought a new stake in shares of Banc of California in the third quarter worth about $167,000. First Dallas Securities Inc. lifted its position in shares of Banc of California by 15.4% in the third quarter. First Dallas Securities Inc. now owns 61,975 shares of the bank’s stock worth $913,000 after buying an additional 8,250 shares in the last quarter. Barclays PLC lifted its position in shares of Banc of California by 4.4% in the third quarter. Barclays PLC now owns 425,634 shares of the bank’s stock worth $6,270,000 after buying an additional 17,876 shares in the last quarter. Finally, Hodges Capital Management Inc. boosted its stake in Banc of California by 3.7% during the third quarter. Hodges Capital Management Inc. now owns 2,060,285 shares of the bank’s stock valued at $30,348,000 after buying an additional 74,039 shares during the last quarter. Institutional investors own 86.88% of the company’s stock.

About Banc of California

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.