Analysts Set Banc of California, Inc. (NYSE:BANC) Target Price at $17.30

Banc of California, Inc. (NYSE:BANC) has received an average recommendation of “Moderate Buy” from the ten brokerages that are currently covering the stock, Marketbeat reports. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $17.30.

A number of research firms have recently commented on BANC. DA Davidson increased their target price on Banc of California from $16.50 to $19.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Wedbush upped their target price on shares of Banc of California from $18.00 to $19.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Wells Fargo & Company increased their price target on shares of Banc of California from $16.00 to $17.00 and gave the company an “equal weight” rating in a report on Wednesday, October 23rd. Citigroup began coverage on shares of Banc of California in a report on Thursday, October 10th. They issued a “neutral” rating and a $15.00 price objective for the company. Finally, Truist Financial lifted their target price on Banc of California from $15.00 to $16.00 and gave the stock a “hold” rating in a report on Friday, September 20th.

Banc of California Trading Down 1.3 %

NYSE:BANC opened at $17.00 on Tuesday. The firm has a market capitalization of $2.70 billion, a P/E ratio of -3.98 and a beta of 1.13. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89. Banc of California has a one year low of $11.88 and a one year high of $18.08. The company’s 50-day simple moving average is $15.49 and its 200 day simple moving average is $14.27.

Banc of California (NYSE:BANC) last issued its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.25 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.11. Banc of California had a positive return on equity of 2.93% and a negative net margin of 20.75%. The firm had revenue of $431.44 million for the quarter, compared to analysts’ expectations of $229.46 million. During the same period in the previous year, the firm posted $0.30 EPS. As a group, analysts forecast that Banc of California will post 0.7 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, January 2nd. Investors of record on Monday, December 16th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.35%. The ex-dividend date of this dividend is Monday, December 16th. Banc of California’s payout ratio is currently -9.37%.

Insider Buying and Selling at Banc of California

In related news, Director Richard J. Lashley sold 75,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total transaction of $1,050,000.00. Following the completion of the sale, the director now directly owns 719,826 shares in the company, valued at approximately $10,077,564. The trade was a 9.44 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 7.37% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. World Investment Advisors LLC increased its stake in shares of Banc of California by 4.5% in the 3rd quarter. World Investment Advisors LLC now owns 18,082 shares of the bank’s stock worth $266,000 after purchasing an additional 779 shares in the last quarter. Sanctuary Advisors LLC purchased a new stake in Banc of California in the third quarter worth about $167,000. First Dallas Securities Inc. raised its stake in shares of Banc of California by 15.4% in the third quarter. First Dallas Securities Inc. now owns 61,975 shares of the bank’s stock worth $913,000 after buying an additional 8,250 shares during the period. Barclays PLC lifted its position in shares of Banc of California by 4.4% during the 3rd quarter. Barclays PLC now owns 425,634 shares of the bank’s stock valued at $6,270,000 after buying an additional 17,876 shares in the last quarter. Finally, Hodges Capital Management Inc. lifted its position in shares of Banc of California by 3.7% during the 3rd quarter. Hodges Capital Management Inc. now owns 2,060,285 shares of the bank’s stock valued at $30,348,000 after buying an additional 74,039 shares in the last quarter. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Banc of California Company Profile

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.