Banc of California (NYSE:BANC) Raised to Outperform at Raymond James

Raymond James upgraded shares of Banc of California (NYSE:BANC) from a market perform rating to an outperform rating in a research report sent to investors on Tuesday morning, Marketbeat Ratings reports. They currently have $16.00 price objective on the bank’s stock.

BANC has been the subject of a number of other reports. Stephens reiterated 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. Keefe, Bruyette & Woods reduced 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 note on Tuesday, July 9th. Barclays reduced their price target on shares of Banc of California from $15.00 to $14.00 and set an equal weight rating for the company in a research note on Wednesday, July 24th. Wedbush reiterated a neutral rating and issued a $14.00 price target on shares of Banc of California in a research note on Wednesday, July 24th. Finally, Wells Fargo & Company reduced their price target on shares of Banc of California from $16.00 to $15.00 and set an equal weight rating for the company in a research note on Tuesday, July 9th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of Hold and an average target price of $15.83.

Banc of California Stock Down 2.1 %

Shares of Banc of California stock opened at $15.05 on Tuesday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.83 and a current ratio of 0.89. The stock has a market capitalization of $2.37 billion, a PE ratio of -4.52 and a beta of 1.13. Banc of California has a 52-week low of $9.96 and a 52-week high of $15.54. The company has a 50-day simple moving average of $13.91 and a two-hundred day simple moving average of $13.91.

Banc of California (NYSE:BANC) last issued its earnings results on Tuesday, July 23rd. The bank reported $0.10 earnings per share (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 firm had revenue of $492.38 million during the quarter, compared to analysts’ expectations of $271.42 million. During the same period last year, the firm posted $0.32 earnings per share. On average, analysts anticipate that Banc of California will post 0.61 EPS for the current fiscal year.

Banc of California Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.66%. Banc of California’s payout ratio is currently -12.01%.

Insider Activity at Banc of California

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of the firm’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 sale, the director now owns 719,826 shares in the company, valued at approximately $10,077,564. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 7.37% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Banc of California

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Banc of California by 17.6% during the first quarter. Vanguard Group Inc. now owns 10,597,751 shares of the bank’s stock valued at $161,192,000 after acquiring an additional 1,582,941 shares during the period. Basswood Capital Management L.L.C. bought a new stake in Banc of California during the fourth quarter valued at about $3,374,000. Carmignac Gestion bought a new stake in Banc of California during the fourth quarter valued at about $2,152,000. Sei Investments Co. raised its holdings in Banc of California by 86.0% during the first quarter. Sei Investments Co. now owns 506,202 shares of the bank’s stock valued at $7,699,000 after acquiring an additional 234,021 shares during the period. Finally, Empowered Funds LLC raised its holdings in Banc of California by 55.5% during the first quarter. Empowered Funds LLC now owns 185,329 shares of the bank’s stock valued at $2,819,000 after acquiring an additional 66,183 shares during the period. 86.88% of the stock is owned by institutional investors.

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.