Banc of California, Inc. (NYSE:BANC) Given Consensus Rating of "Moderate Buy" by Brokerages

Shares of Banc of California, Inc. (NYSE:BANC - Get Free Report) have been given an average recommendation of "Moderate Buy" by the ten research firms that are covering the firm, MarketBeat Ratings reports. Four investment analysts have rated the stock with a hold rating and six have given 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 $17.80.

BANC has been the topic of several recent research reports. Raymond James increased their price target on Banc of California from $16.00 to $17.00 and gave the stock an "outperform" rating in a report on Wednesday, October 23rd. Truist Financial lifted their price target on shares of Banc of California from $15.00 to $16.00 and gave the company a "hold" rating in a research report on Friday, September 20th. Stephens upped their price objective on shares of Banc of California from $15.00 to $16.00 and gave the stock an "equal weight" rating in a report on Thursday, October 24th. DA Davidson raised their price objective on shares of Banc of California from $16.50 to $19.00 and gave the company a "buy" rating in a research note on Wednesday, October 23rd. Finally, Wedbush boosted their target price on shares of Banc of California from $18.00 to $19.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 23rd.

Institutional Investors Weigh In On Banc of California

Several large investors have recently made changes to their positions in the business. World Investment Advisors LLC grew 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 acquiring an additional 779 shares during the period. Sanctuary Advisors LLC bought a new position in Banc of California during the third quarter valued at $167,000. First Dallas Securities Inc. increased its position in Banc of California by 15.4% in the third quarter. First Dallas Securities Inc. now owns 61,975 shares of the bank's stock worth $913,000 after buying an additional 8,250 shares during the last quarter. Barclays PLC raised its stake in shares of Banc of California by 4.4% in the third quarter. Barclays PLC now owns 425,634 shares of the bank's stock valued at $6,270,000 after buying an additional 17,876 shares during the period. Finally, Hodges Capital Management Inc. raised its stake in shares of Banc of California by 3.7% in the third quarter. Hodges Capital Management Inc. now owns 2,060,285 shares of the bank's stock valued at $30,348,000 after buying an additional 74,039 shares during the period. 86.88% of the stock is owned by hedge funds and other institutional investors.

Banc of California Stock Up 0.4 %

Shares of Banc of California stock traded up $0.06 during trading on Friday, reaching $15.42. 4,271,632 shares of the company traded hands, compared to its average volume of 2,325,746. The firm has a market capitalization of $2.45 billion, a PE ratio of -3.61 and a beta of 1.14. Banc of California has a 1-year low of $11.88 and a 1-year high of $18.08. The company has a 50 day moving average price of $16.15 and a 200-day moving average price of $14.53. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89.

Banc of California (NYSE:BANC - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $431.44 million for the quarter, compared to analyst estimates 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 prior year, the business earned $0.30 earnings per share. As a group, equities research analysts expect that Banc of California will post 0.7 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.59%. The ex-dividend date is Monday, December 16th. Banc of California's dividend payout ratio is presently -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.