Banc of California, Inc. (NYSE:BANC) Receives $16.43 Consensus PT from Brokerages

Banc of California, Inc. (NYSE:BANCGet Free Report) has earned a consensus rating of “Hold” from the five analysts that are presently covering the company, Marketbeat Ratings reports. Four analysts have rated the stock with a hold rating and one has issued a buy rating on the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $16.71.

BANC has been the subject of several recent analyst reports. Wedbush raised their target price on Banc of California from $14.00 to $16.00 and gave the stock a “neutral” rating in a research note on Friday, January 26th. Keefe, Bruyette & Woods raised Banc of California from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $16.00 to $18.00 in a research note on Friday. Barclays initiated coverage on Banc of California in a research note on Friday, March 8th. They set an “equal weight” rating and a $16.00 target price for the company. StockNews.com initiated coverage on Banc of California in a research note on Monday, January 29th. They set a “hold” rating for the company. Finally, Truist Financial raised their target price on Banc of California from $13.00 to $16.00 and gave the stock a “hold” rating in a research note on Tuesday, January 30th.

Get Our Latest Research Report on BANC

Banc of California Price Performance

NYSE:BANC opened at $14.72 on Thursday. Banc of California has a one year low of $9.72 and a one year high of $16.08. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.90. The stock has a market cap of $2.32 billion, a PE ratio of -4.66 and a beta of 1.14. The stock has a 50 day moving average price of $14.00 and a 200 day moving average price of $12.98.

Banc of California (NYSE:BANCGet Free Report) last posted its quarterly earnings results on Thursday, January 25th. The bank reported ($4.55) EPS for the quarter, missing the consensus estimate of ($0.28) by ($4.27). Banc of California had a negative net margin of 44.04% and a positive return on equity of 1.14%. The company had revenue of $193.06 million during the quarter, compared to analyst estimates of $163.11 million. During the same period in the prior year, the business posted $0.45 EPS. Equities research analysts expect that Banc of California will post 1.66 EPS for the current fiscal year.

Banc of California Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Friday, March 15th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $0.40 annualized dividend and a dividend yield of 2.72%. Banc of California’s dividend payout ratio is currently -12.66%.

Insider Activity at Banc of California

In related news, Director Richard J. Lashley bought 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The stock was purchased at an average cost of $21.40 per share, for a total transaction of $214,000.00. Following the completion of the acquisition, the director now owns 10,000 shares in the company, valued at approximately $214,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 7.37% of the stock is currently owned by company insiders.

Institutional Trading of Banc of California

Institutional investors have recently bought and sold shares of the business. Versant Capital Management Inc lifted its holdings in Banc of California by 2,466.2% during the 4th quarter. Versant Capital Management Inc now owns 1,899 shares of the bank’s stock worth $26,000 after buying an additional 1,825 shares during the last quarter. Lee Financial Co purchased a new stake in Banc of California during the 4th quarter worth about $40,000. Longfellow Investment Management Co. LLC purchased a new stake in Banc of California during the 4th quarter worth about $41,000. Anchor Investment Management LLC purchased a new stake in Banc of California during the 4th quarter worth about $44,000. Finally, Avior Wealth Management LLC purchased a new stake in Banc of California during the 4th quarter worth about $44,000. 88.55% of the stock is owned by hedge funds and other institutional investors.

Banc of California Company Profile

(Get Free Report

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.

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Analyst Recommendations for Banc of California (NYSE:BANC)

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