Banc of California (NYSE:BANC) Price Target Increased to $17.00 by Analysts at Barclays

Banc of California (NYSE:BANC) had its price objective lifted by Barclays from $16.00 to $17.00 in a research report sent to investors on Wednesday morning, Benzinga reports. Barclays currently has an equal weight rating on the bank’s stock.

A number of other research firms have also issued reports on BANC. Raymond James raised shares of Banc of California from a “market perform” rating to an “outperform” rating and set a $16.00 target price for the company in a report on Tuesday, September 17th. Wedbush raised shares of Banc of California from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $14.00 to $18.00 in a research note on Tuesday, September 24th. Truist Financial raised their target price on shares of Banc of California from $15.00 to $16.00 and gave the stock a “hold” rating in a research note on Friday, September 20th. Citigroup initiated coverage on Banc of California in a report on Thursday, October 10th. They issued a “neutral” rating and a $15.00 price target for the company. Finally, Stephens reissued an “equal weight” rating and set a $14.00 price objective on shares of Banc of California in a research note on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $17.00.

Banc of California Stock Down 0.8 %

BANC opened at $15.29 on Wednesday. The company has a quick ratio of 0.83, a current ratio of 0.89 and a debt-to-equity ratio of 0.32. Banc of California has a twelve month low of $9.96 and a twelve month high of $15.69. The company has a market cap of $2.40 billion, a PE ratio of -4.59 and a beta of 1.14. The company has a 50-day moving average price of $14.40 and a 200 day moving average price of $13.89.

Banc of California (NYSE:BANC) last announced 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. The business had revenue of $431.44 million during the quarter, compared to analysts’ expectations of $229.46 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 firm earned $0.30 earnings per share. Sell-side analysts expect that Banc of California will post 0.61 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th were given a dividend of $0.10 per share. The ex-dividend date was Monday, September 16th. This represents a $0.40 annualized dividend and a dividend yield of 2.62%. Banc of California’s dividend payout ratio is currently -12.01%.

Insider Activity

In other news, Director Richard J. Lashley sold 75,000 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $10,077,564. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 7.37% of the company’s stock.

Institutional Trading of Banc of California

A number of large investors have recently modified their holdings of the stock. Fifth Third Bancorp raised its holdings in shares of Banc of California by 146.3% in the 2nd quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock valued at $27,000 after purchasing an additional 1,273 shares in the last quarter. Riverview Trust Co acquired a new position in shares of Banc of California during the 1st quarter worth about $29,000. Future Financial Wealth Managment LLC acquired a new stake in shares of Banc of California during the 3rd quarter worth about $29,000. GAMMA Investing LLC lifted its stake in Banc of California by 32.3% during the third quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock worth $44,000 after purchasing an additional 734 shares during the last quarter. Finally, Mendon Capital Advisors Corp acquired a new position in Banc of California in the second quarter valued at approximately $102,000. Hedge funds and other institutional investors own 86.88% of the company’s stock.

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.