Banc of California (NYSE:BANC) Price Target Raised to $23.00

Banc of California (NYSE:BANC) had its price target increased by Barclays from $22.00 to $23.00 in a research note released on Monday,Benzinga reports. They currently have an overweight rating on the bank’s stock.

Several other analysts also recently commented on the company. Wall Street Zen upgraded Banc of California from a “strong sell” rating to a “sell” rating in a research note on Sunday, September 27th. Brean Capital downgraded Banc of California from a “buy” rating to a “neutral” rating in a report on Thursday, July 30th. Weiss Ratings cut Banc of California from a “hold (c+)” rating to a “hold (c-)” rating in a research report on Friday, August 21st. UBS Group assumed coverage on Banc of California in a report on Monday, September 14th. They issued a “neutral” rating and a $20.00 price objective for the company. Finally, Piper Sandler decreased their target price on Banc of California from $23.00 to $22.00 and set an “overweight” rating for the company in a research report on Thursday, October 1st. Seven analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $22.50.

Banc of California Stock Down 1.5%

NYSE:BANC opened at $17.17 on Monday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.86 and a current ratio of 0.89. The firm has a market cap of $2.72 billion, a P/E ratio of -40.89 and a beta of 0.77. Banc of California has a fifty-two week low of $15.33 and a fifty-two week high of $21.93. The firm has a 50-day simple moving average of $18.56 and a two-hundred day simple moving average of $19.02.

Banc of California (NYSE:BANC) last issued its earnings results on Wednesday, July 29th. The bank reported ($1.61) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($2.01). The firm had revenue of $16.41 million during the quarter, compared to the consensus estimate of $295.32 million. Banc of California had a positive return on equity of 7.98% and a negative net margin of 1.44%.The company’s quarterly revenue was down 94.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.31 EPS. Analysts predict that Banc of California will post 1.72 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th were paid a dividend of $0.12 per share. The ex-dividend date was Tuesday, September 15th. This represents a $0.48 dividend on an annualized basis and a yield of 2.8%. Banc of California’s payout ratio is currently -114.29%.

Insider Buying and Selling at Banc of California

In related news, General Counsel Ido Dotan sold 10,541 shares of Banc of California stock in a transaction on Thursday, September 10th. The stock was 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 of the company’s stock, valued at $836,346.60. The trade was a 18.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Olivia I. Lindsay sold 6,000 shares of Banc of California stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $19.50, for a total value of $117,000.00. Following the completion of the sale, the insider directly owned 32,842 shares of the company’s stock, valued at $640,419. The trade was a 15.45% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.78% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of BANC. Western Wealth Management LLC bought a new stake in shares of Banc of California during the 1st quarter valued at about $29,000. Orion Capital Management LLC purchased a new position in shares of Banc of California in the second quarter worth approximately $37,000. Nykredit A S bought a new stake in Banc of California during the second quarter valued at approximately $61,000. Integrated Wealth Concepts LLC bought a new stake in Banc of California during the second quarter valued at approximately $70,000. Finally, Danske Bank A S purchased a new position in shares of Banc of California during the second quarter valued at about $86,000. Institutional investors own 86.88% of the company’s stock.

Banc of California Company Profile

Banc of California, Inc is a bank holding company whose principal subsidiary, Banc of California, N.A., provides banking and financial services to businesses, professionals and individuals. The bank serves customers primarily through branches and digital banking channels in California and selected markets.

Its products and services include commercial and consumer lending, commercial real estate financing, residential mortgage lending, deposit accounts, treasury management, cash management and online banking.