Brokerages Set Banc of California, Inc. (NYSE:BANC) Price Target at $17.80

Banc of California, Inc. (NYSE:BANC) has been assigned a consensus rating of “Moderate Buy” from the ten ratings firms that are currently covering the firm, Marketbeat.com reports. Four analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $17.80.

Several research firms have weighed in on BANC. Wells Fargo & Company boosted their target price on shares of Banc of California from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 23rd. Truist Financial upped their target price on Banc of California from $15.00 to $16.00 and gave the company a “hold” rating in a research report on Friday, September 20th. DA Davidson lifted their price target on Banc of California from $16.50 to $19.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Barclays increased their price objective on Banc of California from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Finally, Wedbush lifted their target price on Banc of California from $18.00 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd.

Banc of California Stock Up 0.1 %

Banc of California stock opened at $15.56 on Friday. Banc of California has a 1-year low of $11.88 and a 1-year high of $18.08. The business has a fifty day moving average price of $16.19 and a 200-day moving average price of $14.60. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89. The stock has a market capitalization of $2.47 billion, a price-to-earnings ratio of -3.64 and a beta of 1.14.

Banc of California (NYSE:BANC) last issued its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.11. Banc of California had a positive return on equity of 2.93% and a negative net margin of 20.75%. The business had revenue of $431.44 million during the quarter, compared to the consensus estimate of $229.46 million. During the same quarter last year, the company earned $0.30 earnings per share. Equities research analysts forecast that Banc of California will post 0.7 EPS for the current fiscal year.

Banc of California Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be given a $0.10 dividend. The ex-dividend date of this dividend is Monday, December 16th. This represents a $0.40 annualized dividend and a yield of 2.57%. Banc of California’s dividend payout ratio is presently -9.37%.

Hedge Funds Weigh In On Banc of California

Several institutional investors have recently made changes to their positions in BANC. GAMMA Investing LLC increased its stake 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 purchasing an additional 734 shares in the last quarter. Crescent Grove Advisors LLC raised its stake in shares of Banc of California by 0.8% during the 3rd quarter. Crescent Grove Advisors LLC now owns 98,420 shares of the bank’s stock worth $1,460,000 after buying an additional 772 shares during the period. World Investment Advisors LLC lifted its position in shares of Banc of California by 4.5% during the 3rd quarter. World Investment Advisors LLC now owns 18,082 shares of the bank’s stock valued at $266,000 after buying an additional 779 shares in the last quarter. FMR LLC lifted its position in shares of Banc of California by 5.8% during the 3rd quarter. FMR LLC now owns 20,659 shares of the bank’s stock valued at $304,000 after buying an additional 1,126 shares in the last quarter. Finally, Louisiana State Employees Retirement System grew its stake in Banc of California by 1.7% in the 2nd quarter. Louisiana State Employees Retirement System now owns 69,800 shares of the bank’s stock valued at $892,000 after acquiring an additional 1,200 shares during the period. 86.88% of the stock is owned by hedge funds and other institutional investors.

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.