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

Banc of California, Inc. (NYSE:BANC) has been assigned an average rating of “Moderate Buy” from the ten research firms that are presently covering the stock, MarketBeat Ratings reports. Four analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $17.30.

Several analysts recently weighed in on BANC shares. DA Davidson lifted their price target on shares of Banc of California from $16.50 to $19.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Wedbush lifted their price target on shares of Banc of California from $18.00 to $19.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Barclays upgraded shares of Banc of California from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $17.00 to $18.00 in a report on Thursday, October 31st. Raymond James boosted their target price on shares of Banc of California from $16.00 to $17.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Finally, Truist Financial boosted their target price on shares of Banc of California from $15.00 to $16.00 and gave the company a “hold” rating in a report on Friday, September 20th.

Insider Buying and Selling

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of the business’s stock in a transaction dated 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 completion of the transaction, the director now owns 719,826 shares of the company’s stock, valued at approximately $10,077,564. The trade was a 9.44 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 7.37% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Banc of California

Hedge funds have recently bought and sold shares of the business. Future Financial Wealth Managment LLC purchased a new position in Banc of California in the 3rd quarter worth about $29,000. Fifth Third Bancorp raised its position 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 buying an additional 1,273 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Banc of California by 32.3% during the 3rd quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock valued at $44,000 after purchasing an additional 734 shares during the last quarter. Mendon Capital Advisors Corp purchased a new stake in shares of Banc of California during the 2nd quarter valued at about $102,000. Finally, Simplicity Wealth LLC purchased a new stake in shares of Banc of California during the 2nd quarter valued at about $132,000. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Banc of California Stock Performance

NYSE:BANC opened at $17.77 on Tuesday. The stock has a market cap of $2.82 billion, a P/E ratio of -4.16 and a beta of 1.13. The firm’s fifty day simple moving average is $15.30 and its 200 day simple moving average is $14.18. Banc of California has a twelve month low of $11.36 and a twelve month high of $18.08. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31.

Banc of California (NYSE:BANC) last released its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.11. The business had revenue of $431.44 million for the quarter, compared to analysts’ expectations of $229.46 million. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%. During the same quarter in the previous year, the business posted $0.30 earnings per share. As a group, research analysts predict that Banc of California will post 0.7 EPS for the current year.

Banc of California Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 16th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date of this dividend is Monday, December 16th. Banc of California’s payout ratio is -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.