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

Banc of California, Inc. (NYSE:BANC) has been assigned an average rating of “Moderate Buy” from the ten ratings firms that are presently covering the stock, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $17.80.

A number of research firms have commented on BANC. Barclays increased their price objective on shares of Banc of California from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. DA Davidson increased their price target on Banc of California from $16.50 to $19.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Citigroup began coverage on Banc of California in a research note on Thursday, October 10th. They set a “neutral” rating and a $15.00 price objective on the stock. Wells Fargo & Company raised their target price on Banc of California from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 23rd. Finally, Stephens boosted 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 Thursday, October 24th.

Banc of California Stock Up 0.1 %

NYSE BANC opened at $15.56 on Friday. The business has a fifty day moving average price of $16.19 and a 200 day moving average price of $14.60. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.89. The company has a market cap of $2.47 billion, a P/E ratio of -3.64 and a beta of 1.14. Banc of California has a one year low of $11.88 and a one year high of $18.08.

Banc of California (NYSE:BANC) last issued its earnings results on Tuesday, October 22nd. The bank reported $0.25 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.11. The business had revenue of $431.44 million during the quarter, compared to analysts’ expectations 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 business earned $0.30 earnings per share. Research analysts anticipate that Banc of California will post 0.7 EPS for the current fiscal year.

Banc of California Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 16th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.57%. The ex-dividend date of this dividend is Monday, December 16th. Banc of California’s dividend payout ratio is currently -9.37%.

Hedge Funds Weigh In On Banc of California

Institutional investors and hedge funds have recently made changes to their positions in the stock. Future Financial Wealth Managment LLC purchased a new stake in Banc of California during the third quarter worth $29,000. Fifth Third Bancorp boosted its position in shares of Banc of California by 146.3% in the 2nd 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. GAMMA Investing LLC grew its stake in Banc of California by 32.3% in the 3rd quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock valued at $44,000 after acquiring an additional 734 shares during the last quarter. Mendon Capital Advisors Corp purchased a new position in Banc of California during the 2nd quarter valued at about $102,000. Finally, Paloma Partners Management Co purchased a new position in Banc of California during the 3rd quarter valued at about $158,000. 86.88% of the stock is owned by institutional investors and hedge funds.

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.