Banc of California, Inc. (NYSE:BANC) Receives $22.62 Consensus PT from Analysts

Banc of California, Inc. (NYSE:BANC) has been assigned a consensus recommendation of “Buy” from the ten analysts that are presently covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $22.6250.

Several equities analysts recently weighed in on BANC shares. Barclays dropped their price target on shares of Banc of California from $23.00 to $22.00 and set an “overweight” rating on the stock in a research report on Monday, August 3rd. JPMorgan Chase & Co. increased their price objective on Banc of California from $22.00 to $24.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 1st. Brean Capital lowered Banc of California from a “buy” rating to a “neutral” rating in a report on Thursday, July 30th. Wall Street Zen cut Banc of California from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. Finally, Wells Fargo & Company began coverage on Banc of California in a report on Monday, August 10th. They set an “overweight” rating and a $23.00 price target for the company.

Banc of California Stock Performance

BANC opened at $18.54 on Monday. The company has a current ratio of 0.89, a quick ratio of 0.86 and a debt-to-equity ratio of 0.20. The company’s fifty day moving average price is $19.60 and its two-hundred day moving average price is $19.00. Banc of California has a 1-year low of $15.33 and a 1-year high of $21.93. The company has a market cap of $2.94 billion, a price-to-earnings ratio of -44.13 and a beta of 0.73.

Banc of California (NYSE:BANC) last issued its quarterly earnings data on Wednesday, July 29th. The bank reported ($1.61) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.40 by ($2.01). The business had revenue of $16.41 million for the quarter, compared to analyst estimates of $295.32 million. Banc of California had a negative net margin of 1.44% and a positive return on equity of 7.98%. The firm’s quarterly revenue was down 94.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.31 earnings per share. On average, analysts expect that Banc of California will post 1.68 EPS for the current fiscal year.

Banc of California Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Tuesday, September 15th. Banc of California’s payout ratio is currently -114.29%.

Insider Buying and Selling at Banc of California

In other news, General Counsel Ido Dotan sold 10,541 shares of the company’s stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $18.30, for a total value of $192,900.30. Following the completion of the sale, the general counsel owned 45,702 shares in the company, valued at $836,346.60. This represents a 18.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Olivia Lindsay sold 6,000 shares of the stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $19.50, for a total transaction of $117,000.00. Following the completion of the sale, the insider owned 32,842 shares of the company’s stock, valued at approximately $640,419. This represents a 15.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 2.78% of the company’s stock.

Institutional Investors Weigh In On Banc of California

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of Banc of California during the 2nd quarter worth approximately $462,252,000. Wellington Management Group LLP grew its holdings in shares of Banc of California by 147.2% in the second quarter. Wellington Management Group LLP now owns 6,121,876 shares of the bank’s stock valued at $125,070,000 after acquiring an additional 3,645,579 shares in the last quarter. California State Teachers Retirement System grew its holdings in shares of Banc of California by 1,898.0% in the second quarter. California State Teachers Retirement System now owns 3,721,161 shares of the bank’s stock valued at $76,023,000 after acquiring an additional 3,534,915 shares in the last quarter. Bank of America Corp DE increased its position in shares of Banc of California by 243.9% during the third quarter. Bank of America Corp DE now owns 3,430,938 shares of the bank’s stock valued at $56,782,000 after acquiring an additional 2,433,394 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Banc of California by 45.4% during the third quarter. Dimensional Fund Advisors LP now owns 5,053,402 shares of the bank’s stock valued at $83,635,000 after acquiring an additional 1,576,914 shares during the last quarter. Hedge funds and other institutional investors own 86.88% of the company’s stock.

About Banc of California

Banc of California, Inc is the holding company for Banc of California, a relationship-focused financial institution headquartered in California. The bank provides banking and financial services to businesses, entrepreneurs, professionals, individuals and families, with a focus on supporting the state’s local communities and economy.

Its offerings include commercial and industrial lending, commercial real estate financing, residential mortgage lending, consumer loans, business and personal deposit accounts, treasury management, online and mobile banking, and other cash-management services.