Banc of California, Inc. (NYSE:BANC) Receives $18.10 Consensus Target Price from Analysts

Banc of California, Inc. (NYSE:BANC) has been assigned a consensus recommendation of “Moderate Buy” from the ten ratings firms that are covering the company, Marketbeat.com reports. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $18.10.

A number of research analysts recently weighed in on BANC shares. Raymond James lifted their price objective 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. Barclays boosted their price target on shares of Banc of California from $18.00 to $20.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Truist Financial increased 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. Citigroup assumed coverage on Banc of California in a report on Thursday, October 10th. They issued a “neutral” rating and a $15.00 target price for the company. Finally, Keefe, Bruyette & Woods upped their price target on Banc of California from $17.50 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th.

Institutional Investors Weigh In On Banc of California

Several institutional investors have recently added to or reduced their stakes in the business. Future Financial Wealth Managment LLC purchased a new position in Banc of California in the third quarter valued at approximately $29,000. GAMMA Investing LLC boosted its holdings in shares of Banc of California by 32.3% in the 3rd quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock valued at $44,000 after buying an additional 734 shares in the last quarter. Mendon Capital Advisors Corp purchased a new position in shares of Banc of California in the 2nd quarter valued at $102,000. Paloma Partners Management Co acquired a new stake in Banc of California during the 3rd quarter worth $158,000. Finally, Marshall Wace LLP purchased a new stake in Banc of California in the second quarter valued at $166,000. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Banc of California Trading Up 1.9 %

BANC opened at $16.17 on Wednesday. Banc of California has a 52 week low of $11.88 and a 52 week 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. The business has a fifty day simple moving average of $16.21 and a 200-day simple moving average of $14.92. The firm has a market cap of $2.57 billion, a P/E ratio of -3.79 and a beta of 1.14.

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 company 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 2.93% and a negative net margin of 20.75%. During the same period last year, the business posted $0.30 EPS. On average, equities analysts expect that Banc of California will post 0.7 earnings per share for the current year.

Banc of California Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th were issued a $0.10 dividend. The ex-dividend date of this dividend was Monday, December 16th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.47%. Banc of California’s payout ratio is currently -9.37%.

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.