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

Banc of California (NYSE:BANC) had its price objective upped by Barclays from $14.00 to $16.00 in a report released on Friday, Benzinga reports. The firm currently has an equal weight rating on the bank’s stock.

Several other equities research analysts also recently issued reports on BANC. Raymond James upgraded 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. Truist Financial increased their target price on Banc of California from $15.00 to $16.00 and gave the stock a hold rating in a research report on Friday, September 20th. Stephens reiterated an equal weight rating and issued a $14.00 price objective on shares of Banc of California in a research report on Wednesday, September 4th. Wedbush upgraded Banc of California from a neutral rating to an outperform rating and increased their price objective for the stock from $14.00 to $18.00 in a research report on Tuesday, September 24th. Finally, Keefe, Bruyette & Woods lowered their price objective on Banc of California from $18.00 to $17.00 and set an outperform rating on the stock in a research report on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Hold and an average price target of $16.50.

Banc of California Trading Down 0.4 %

NYSE:BANC opened at $14.73 on Friday. The company has a market cap of $2.32 billion, a P/E ratio of -4.42 and a beta of 1.13. The stock’s fifty day moving average price is $13.99 and its two-hundred day moving average price is $13.90. Banc of California has a 1 year low of $9.96 and a 1 year high of $15.54. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.83.

Banc of California (NYSE:BANC) last posted 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). The company had revenue of $492.38 million for the quarter, compared to analysts’ expectations of $271.42 million. Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. During the same quarter in the prior year, the company earned $0.32 EPS. As a group, analysts expect that Banc of California will post 0.59 EPS for the current year.

Banc of California Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 16th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.40 dividend on an annualized basis and a yield of 2.72%. Banc of California’s dividend payout ratio is presently -12.01%.

Insider Activity at Banc of California

In related 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 value of $1,050,000.00. Following the transaction, the director now owns 719,826 shares of the company’s stock, valued at $10,077,564. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 7.37% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of 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 buying an additional 1,582,941 shares during the last quarter. PL Capital Advisors LLC grew its stake in shares of Banc of California by 0.7% during the first quarter. PL Capital Advisors LLC now owns 3,224,219 shares of the bank’s stock valued at $49,040,000 after buying an additional 22,500 shares during the last quarter. American Century Companies Inc. grew its stake in shares of Banc of California by 25.9% during the second quarter. American Century Companies Inc. now owns 3,222,376 shares of the bank’s stock valued at $41,182,000 after buying an additional 663,061 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Banc of California by 148.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,997,802 shares of the bank’s stock valued at $40,260,000 after buying an additional 1,791,992 shares during the last quarter. Finally, William Blair Investment Management LLC grew its stake in shares of Banc of California by 42.1% during the first quarter. William Blair Investment Management LLC now owns 2,575,930 shares of the bank’s stock valued at $39,180,000 after buying an additional 762,959 shares during the last quarter. 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.