Barclays Lowers Banc of California (NYSE:BANC) Price Target to $19.00

Banc of California (NYSE:BANC) had its target price trimmed by Barclays from $20.00 to $19.00 in a research report report published on Friday morning,Benzinga reports. The firm currently has an overweight rating on the bank’s stock.

Other equities research analysts have also recently issued reports about the company. Wells Fargo & Company upgraded Banc of California from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $17.00 to $20.00 in a research report on Monday, January 6th. Stephens raised their price objective on Banc of California from $15.00 to $16.00 and gave the company an “equal weight” rating in a report on Thursday, October 24th. Citigroup assumed coverage on Banc of California in a research note on Thursday, October 10th. They set a “neutral” rating and a $15.00 target price for the company. 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 research note on Wednesday, October 23rd. Finally, DA Davidson upped their price objective on shares of Banc of California from $16.50 to $19.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $18.10.

Banc of California Trading Up 1.9 %

Shares of NYSE:BANC opened at $16.00 on Friday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. Banc of California has a 12-month low of $11.88 and a 12-month high of $18.08. The business has a 50 day moving average of $16.17 and a two-hundred day moving average of $15.06. The company has a market capitalization of $2.54 billion, a PE ratio of -3.75 and a beta of 1.14.

Banc of California (NYSE:BANC) last posted its earnings results on Thursday, January 23rd. The bank reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.05. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%. As a group, analysts forecast that Banc of California will post 0.71 EPS for the current year.

Banc of California Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.50%. The ex-dividend date of this dividend was Monday, December 16th. Banc of California’s dividend payout ratio (DPR) is -9.37%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Future Financial Wealth Managment LLC acquired a new position in shares of Banc of California during the 3rd quarter valued at about $29,000. GAMMA Investing LLC raised 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 period. Mendon Capital Advisors Corp acquired a new position in Banc of California in the 2nd quarter valued at about $102,000. KBC Group NV grew its stake in shares of Banc of California by 71.0% in the 4th quarter. KBC Group NV now owns 7,286 shares of the bank’s stock valued at $113,000 after buying an additional 3,026 shares during the period. Finally, Paloma Partners Management Co purchased a new stake in shares of Banc of California in the 3rd quarter valued at approximately $158,000. 86.88% of the stock is owned by hedge funds and other institutional investors.

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.