Analysts Set Banc of California, Inc. (NYSE:BANC) PT at $17.80

Shares of Banc of California, Inc. (NYSE:BANC) have been assigned a consensus rating of “Moderate Buy” from the ten brokerages that are covering the stock, Marketbeat reports. Four analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 12-month target price among analysts that have covered the stock in the last year is $17.80.

Several analysts have recently weighed in on BANC shares. Wells Fargo & Company raised their price objective on shares of Banc of California from $16.00 to $17.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 23rd. Truist Financial lifted their price objective on Banc of California from $15.00 to $16.00 and gave the company a “hold” rating in a research report on Friday, September 20th. 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 report on Wednesday, October 23rd. Raymond James raised their target price on Banc of California from $16.00 to $17.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Finally, Wedbush upped their price target on shares of Banc of California from $18.00 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd.

Institutional Investors Weigh In On Banc of California

A number of hedge funds and other institutional investors have recently bought and sold shares of BANC. Basswood Capital Management L.L.C. raised its position in Banc of California by 589.8% during the 3rd quarter. Basswood Capital Management L.L.C. now owns 1,732,894 shares of the bank’s stock worth $25,526,000 after purchasing an additional 1,481,692 shares during the last quarter. Wellington Management Group LLP acquired a new stake in shares of Banc of California in the third quarter valued at about $21,207,000. Verition Fund Management LLC raised its position in shares of Banc of California by 93.2% during the third quarter. Verition Fund Management LLC now owns 2,476,387 shares of the bank’s stock worth $36,477,000 after acquiring an additional 1,194,839 shares during the last quarter. Azora Capital LP acquired a new position in shares of Banc of California in the third quarter worth approximately $12,494,000. Finally, American Century Companies Inc. boosted its holdings in Banc of California by 25.9% in the second quarter. American Century Companies Inc. now owns 3,222,376 shares of the bank’s stock valued at $41,182,000 after acquiring an additional 663,061 shares during the last quarter. Institutional investors own 86.88% of the company’s stock.

Banc of California Price Performance

Shares of Banc of California stock opened at $15.51 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89. The company has a market cap of $2.46 billion, a PE ratio of -3.63 and a beta of 1.14. The firm has a fifty day moving average price of $16.21 and a two-hundred day moving average price of $14.63. Banc of California has a fifty-two week low of $11.88 and a fifty-two week high of $18.08.

Banc of California (NYSE:BANC) last issued its earnings results on Tuesday, October 22nd. The bank reported $0.25 EPS for the quarter, beating 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 business had revenue of $431.44 million during the quarter, compared to analyst estimates of $229.46 million. During the same period in the prior year, the company posted $0.30 earnings per share. Analysts expect that Banc of California will post 0.7 EPS for the current year.

Banc of California Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 16th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.58%. The ex-dividend date is Monday, December 16th. Banc of California’s dividend payout ratio (DPR) is presently -9.37%.

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.