Banc of California (NYSE:BANC) Price Target Raised to $16.00

Banc of California (NYSE:BANC) had its price objective lifted by Truist Financial from $15.00 to $16.00 in a research report report published on Friday morning, Benzinga reports. Truist Financial currently has a hold rating on the bank’s stock.

Several other analysts also recently weighed in on the stock. Raymond James raised shares of Banc of California from a market perform rating to an outperform rating and set a $16.00 target price on the stock in a report on Tuesday, September 17th. Stephens restated an equal weight rating and issued a $14.00 price target on shares of Banc of California in a research note on Wednesday, September 4th. Wedbush reaffirmed a neutral rating and set a $14.00 price objective on shares of Banc of California in a report on Wednesday, July 24th. Barclays reduced their target price on Banc of California from $15.00 to $14.00 and set an equal weight rating for the company in a report on Wednesday, July 24th. Finally, Keefe, Bruyette & Woods lowered their price target on shares of Banc of California from $18.00 to $17.00 and set an outperform rating on the stock in a research note on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and an average target price of $15.83.

Banc of California Price Performance

Shares of NYSE:BANC opened at $14.84 on Friday. The stock has a market capitalization of $2.33 billion, a price-to-earnings ratio of -4.46 and a beta of 1.13. Banc of California has a one year low of $9.96 and a one year high of $15.54. The company has a 50-day simple moving average of $13.95 and a 200-day simple moving average of $13.90. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.83 and a current ratio of 0.89.

Banc of California (NYSE:BANC) last released its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.10 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 company had revenue of $492.38 million for the quarter, compared to analysts’ expectations of $271.42 million. During the same quarter last year, the company earned $0.32 EPS. On average, analysts predict that Banc of California will post 0.61 EPS for the current year.

Banc of California Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th will be paid a dividend of $0.10 per share. The ex-dividend date is Monday, September 16th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.70%. Banc of California’s dividend payout ratio (DPR) is -12.01%.

Insider Buying and Selling

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 transaction of $1,050,000.00. Following the sale, the director now owns 719,826 shares in the company, valued at approximately $10,077,564. The sale was disclosed in a legal filing with the SEC, which is available through this link. 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 the company. Mendon Capital Advisors Corp purchased a new stake in Banc of California in the 2nd quarter worth approximately $102,000. Algert Global LLC purchased a new stake in shares of Banc of California in the second quarter valued at $182,000. The Manufacturers Life Insurance Company increased its stake in Banc of California by 2.6% in the second quarter. The Manufacturers Life Insurance Company now owns 77,384 shares of the bank’s stock valued at $989,000 after purchasing an additional 1,939 shares during the last quarter. Marshall Wace LLP purchased a new position in Banc of California during the second quarter worth about $166,000. Finally, Public Sector Pension Investment Board boosted its stake in Banc of California by 7.5% in the 2nd quarter. Public Sector Pension Investment Board now owns 305,456 shares of the bank’s stock worth $3,904,000 after buying an additional 21,365 shares during the last quarter. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

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.