Banc of California, Inc. (NYSE:BANC) Receives $16.61 Average PT from Analysts

Banc of California, Inc. (NYSE:BANC) has received a consensus rating of “Moderate Buy” from the ten analysts that are presently covering the firm, Marketbeat.com reports. Five equities research analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $16.45.

Several research analysts have commented on the company. Raymond James raised Banc of California from a “market perform” rating to an “outperform” rating and set a $16.00 price target on the stock in a research report on Tuesday, September 17th. Wells Fargo & Company upped their price target on shares of Banc of California from $15.00 to $16.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 1st. Wedbush raised shares of Banc of California from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $14.00 to $18.00 in a research report on Tuesday, September 24th. Barclays upped their target price on shares of Banc of California from $14.00 to $16.00 and gave the company an “equal weight” rating in a report on Friday, September 27th. Finally, Truist Financial raised their price target on Banc of California from $15.00 to $16.00 and gave the stock a “hold” rating in a report on Friday, September 20th.

Insider Transactions at Banc of California

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of the 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 transaction, the director now owns 719,826 shares in the company, valued at approximately $10,077,564. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 7.37% of the company’s stock.

Institutional Investors Weigh In On Banc of California

A number of hedge funds and other institutional investors have recently modified their holdings of BANC. Riverview Trust Co purchased a new position in Banc of California in the 1st quarter valued at approximately $29,000. Future Financial Wealth Managment LLC acquired a new stake in Banc of California in the first quarter valued at $30,000. Fifth Third Bancorp increased its position in shares of Banc of California by 146.3% in the second quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock valued at $27,000 after buying an additional 1,273 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Banc of California by 32.3% during the 3rd quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock worth $44,000 after buying an additional 734 shares during the last quarter. Finally, Mendon Capital Advisors Corp purchased a new stake in shares of Banc of California in the 2nd quarter worth about $102,000. 86.88% of the stock is currently owned by institutional investors and hedge funds.

Banc of California Stock Up 3.4 %

Shares of NYSE:BANC opened at $14.49 on Monday. The company has a current ratio of 0.89, a quick ratio of 0.83 and a debt-to-equity ratio of 0.32. The firm has a 50 day simple moving average of $14.05 and a 200-day simple moving average of $13.88. The company has a market capitalization of $2.30 billion, a PE ratio of -4.12 and a beta of 1.14. Banc of California has a twelve month low of $9.96 and a twelve month high of $15.54.

Banc of California (NYSE:BANC) last issued its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.09). Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. The firm had revenue of $492.38 million for the quarter, compared to analysts’ expectations of $271.42 million. During the same period in the previous year, the business posted $0.32 EPS. On average, equities analysts predict that Banc of California will post 0.61 EPS for the current fiscal year.

Banc of California Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.76%. The ex-dividend date was Monday, September 16th. Banc of California’s payout ratio is -11.36%.

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.