Analysts Set Banc of California, Inc. (NYSE:BANC) Target Price at $16.61

Shares of Banc of California, Inc. (NYSE:BANC) have received an average recommendation of “Moderate Buy” from the ten brokerages that are covering the stock, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $16.45.

BANC has been the subject of a number of recent research reports. Stephens restated an “equal weight” rating and issued a $14.00 target price on shares of Banc of California in a research report on Wednesday, September 4th. Truist Financial upped their price objective on shares of Banc of California from $15.00 to $16.00 and gave the company a “hold” rating in a research note on Friday, September 20th. Raymond James upgraded 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 research report on Tuesday, September 17th. Keefe, Bruyette & Woods cut their price target on shares of Banc of California from $18.00 to $17.00 and set an “outperform” rating for the company in a research report on Tuesday, July 9th. Finally, Barclays raised their price objective on Banc of California from $14.00 to $16.00 and gave the company an “equal weight” rating in a research note on Friday, September 27th.

Insider Transactions at Banc of California

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of Banc of California 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 completion of the transaction, the director now owns 719,826 shares in the company, valued at approximately $10,077,564. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 7.37% of the company’s stock.

Institutional Trading of Banc of California

Several institutional investors have recently bought and sold shares of BANC. Seven Eight Capital LP bought a new position in Banc of California in the 4th quarter valued at approximately $557,000. Quadrature Capital Ltd raised its position in Banc of California by 84.1% in the 4th quarter. Quadrature Capital Ltd now owns 72,073 shares of the bank’s stock worth $968,000 after buying an additional 32,921 shares during the last quarter. Basswood Capital Management L.L.C. bought a new position in Banc of California during the 4th quarter valued at about $3,374,000. Hotchkis & Wiley Capital Management LLC purchased a new stake in shares of Banc of California during the 4th quarter valued at about $12,185,000. Finally, Black Maple Capital Management LP grew its stake in shares of Banc of California by 595.5% in the fourth quarter. Black Maple Capital Management LP now owns 156,477 shares of the bank’s stock worth $2,101,000 after acquiring an additional 133,977 shares during the period. 86.88% of the stock is owned by hedge funds and other institutional investors.

Banc of California Stock Up 3.4 %

BANC stock opened at $14.49 on Monday. The stock has a 50-day simple moving average of $14.05 and a two-hundred day simple moving average of $13.87. Banc of California has a twelve month low of $9.96 and a twelve month high of $15.54. The firm has a market capitalization of $2.28 billion, a PE ratio of -4.35 and a beta of 1.14. The company has a quick ratio of 0.83, a current ratio of 0.89 and a debt-to-equity ratio of 0.32.

Banc of California (NYSE:BANC) last issued its quarterly earnings data 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 negative net margin of 21.99% and a positive return on equity of 2.12%. The firm had revenue of $492.38 million for the quarter, compared to analysts’ expectations of $271.42 million. During the same period in the prior year, the firm posted $0.32 EPS. On average, equities analysts predict that Banc of California will post 0.61 EPS for the current fiscal year.

Banc of California Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th were given a $0.10 dividend. The ex-dividend date was Monday, September 16th. This represents a $0.40 annualized dividend and a dividend yield of 2.76%. Banc of California’s dividend payout ratio is -12.01%.

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.