Banc of California, Inc. (NYSE:BANC) Given Average Recommendation of “Buy” by Analysts

Banc of California, Inc. (NYSE:BANC) has been given a consensus rating of “Buy” by the nine analysts that are covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $22.3125.

BANC has been the topic of a number of recent research reports. JPMorgan Chase & Co. raised their price objective on Banc of California from $20.50 to $22.00 and gave the stock an “overweight” rating in a research note on Friday, April 24th. Barclays lowered their price objective on Banc of California from $25.00 to $23.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 7th. Piper Sandler lifted their price target on Banc of California from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Monday, April 27th. DA Davidson reiterated a “buy” rating and issued a $24.00 price target on shares of Banc of California in a research note on Tuesday, April 28th. Finally, Wells Fargo & Company lifted their price target on Banc of California from $20.00 to $22.00 and gave the company an “overweight” rating in a research note on Monday, March 30th.

Hedge Funds Weigh In On Banc of California

Several hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in shares of Banc of California by 4.6% in the 4th quarter. Vanguard Group Inc. now owns 9,951,795 shares of the bank’s stock valued at $191,970,000 after purchasing an additional 438,320 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Banc of California by 10.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 6,464,447 shares of the bank’s stock valued at $113,640,000 after purchasing an additional 600,791 shares during the last quarter. Invesco Ltd. increased its stake in shares of Banc of California by 3.1% in the 4th quarter. Invesco Ltd. now owns 6,010,260 shares of the bank’s stock valued at $115,938,000 after purchasing an additional 181,029 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Banc of California by 8.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,796,996 shares of the bank’s stock valued at $53,879,000 after purchasing an additional 297,680 shares during the last quarter. Finally, Bank of America Corp DE boosted its holdings in shares of Banc of California by 243.9% during the 3rd 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 in the last quarter. Institutional investors own 86.88% of the company’s stock.

Banc of California Price Performance

Banc of California stock opened at $20.46 on Wednesday. The stock’s fifty day moving average price is $19.26 and its two-hundred day moving average price is $19.15. Banc of California has a one year low of $13.96 and a one year high of $21.61. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89. The firm has a market cap of $3.15 billion, a PE ratio of 15.61 and a beta of 0.74.

Banc of California (NYSE:BANC) last posted its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. Banc of California had a return on equity of 9.25% and a net margin of 13.58%.The firm had revenue of $286.95 million for the quarter, compared to analyst estimates of $291.28 million. During the same quarter last year, the company earned $0.26 EPS. The company’s revenue was up 7.9% on a year-over-year basis. As a group, research analysts expect that Banc of California will post 1.71 EPS for the current fiscal year.

Banc of California Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th will be paid a $0.12 dividend. The ex-dividend date is Monday, June 15th. This represents a $0.48 annualized dividend and a dividend yield of 2.3%. Banc of California’s dividend payout ratio (DPR) is presently 36.64%.

Banc of California Company Profile

Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.

Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.