Banc of California, Inc. (NYSE:BANC) Given Average Rating of “Moderate Buy” by Analysts

Shares of Banc of California, Inc. (NYSE:BANC) have been given a consensus rating of “Moderate Buy” by the ten analysts that are covering the company, MarketBeat.com reports. Four 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 brokers that have issued a report on the stock in the last year is $17.30.

BANC has been the subject of a number of recent analyst reports. Citigroup initiated coverage on Banc of California in a research note on Thursday, October 10th. They issued a “neutral” rating and a $15.00 price objective for the company. Wedbush upped their price objective on Banc of California from $18.00 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Truist Financial upped their price objective on Banc of California from $15.00 to $16.00 and gave the company a “hold” rating in a research note on Friday, September 20th. Stephens upped their price target on Banc of California from $15.00 to $16.00 and gave the company an “equal weight” rating in a research report on Thursday, October 24th. Finally, DA Davidson upped their price target on Banc of California from $16.50 to $19.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd.

Banc of California Trading Down 3.8 %

NYSE:BANC opened at $16.14 on Friday. The firm has a 50-day moving average price of $14.72 and a two-hundred day moving average price of $14.01. The firm has a market cap of $2.56 billion, a price-to-earnings ratio of -3.78 and a beta of 1.13. Banc of California has a 52 week low of $11.10 and a 52 week high of $16.92. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.89.

Banc of California (NYSE:BANC) last announced its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.11. The firm had revenue of $431.44 million during the quarter, compared to the consensus estimate of $229.46 million. Banc of California had a positive return on equity of 2.93% and a negative net margin of 20.75%. During the same quarter in the prior year, the company earned $0.30 EPS. On average, equities analysts expect that Banc of California will post 0.7 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 16th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.40 dividend on an annualized basis and a yield of 2.48%. Banc of California’s dividend payout ratio (DPR) is -9.37%.

Insider Buying and Selling

In related news, Director Richard J. Lashley sold 75,000 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $10,077,564. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Banc of California

A number of institutional investors have recently added to or reduced their stakes in BANC. Fifth Third Bancorp increased its stake in Banc of California by 146.3% in the 2nd quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock worth $27,000 after acquiring an additional 1,273 shares during the last quarter. Future Financial Wealth Managment LLC bought a new position in Banc of California in the 3rd quarter worth about $29,000. GAMMA Investing LLC increased its stake in Banc of California by 32.3% in the 3rd quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock worth $44,000 after acquiring an additional 734 shares during the last quarter. Mendon Capital Advisors Corp bought a new position in Banc of California in the 2nd quarter worth about $102,000. Finally, Simplicity Wealth LLC bought a new position in Banc of California in the 2nd quarter worth about $132,000. 86.88% of the stock is currently owned by 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.