Banc of California, Inc. (NYSE:BANC) Receives Average Recommendation of "Moderate Buy" from Analysts

Banc of California, Inc. (NYSE:BANC - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the ten analysts that are presently covering the company, Marketbeat.com reports. Three analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $18.10.

BANC has been the subject of a number of recent analyst reports. Barclays increased their price target on Banc of California from $18.00 to $20.00 and gave the company an "overweight" rating in a research report on Thursday, December 5th. Stephens raised their target price 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. Keefe, Bruyette & Woods boosted their price target on shares of Banc of California from $17.50 to $20.00 and gave the company an "outperform" rating in a report on Wednesday, December 4th. Truist Financial upped 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. Finally, Raymond James lifted their price objective on shares of Banc of California from $16.00 to $17.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 23rd.

Banc of California Price Performance

BANC stock traded up $0.29 on Wednesday, hitting $16.05. 1,818,052 shares of the company's stock traded hands, compared to its average volume of 1,862,717. The stock has a market cap of $2.55 billion, a price-to-earnings ratio of -3.76 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 current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. The stock has a fifty day moving average of $16.23 and a 200-day moving average of $14.88.

Banc of California (NYSE:BANC - Get Free Report) last announced its quarterly earnings data 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 the consensus estimate 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 quarter in the prior year, the firm earned $0.30 EPS. On average, analysts forecast that Banc of California will post 0.7 EPS for the current fiscal year.

Banc of California Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.49%. The ex-dividend date of this dividend was Monday, December 16th. Banc of California's dividend payout ratio is currently -9.37%.

Institutional Trading of Banc of California

Several hedge funds and other institutional investors have recently modified their holdings of the company. Oliver Luxxe Assets LLC purchased a new position in Banc of California in the fourth quarter valued at about $1,323,000. World Investment Advisors LLC grew its stake in shares of Banc of California by 4.5% in 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. Sanctuary Advisors LLC bought a new stake in shares of Banc of California in the 3rd quarter valued at approximately $167,000. First Dallas Securities Inc. increased its holdings 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. Finally, Barclays PLC raised its position in Banc of California by 4.4% during the third quarter. Barclays PLC now owns 425,634 shares of the bank's stock valued at $6,270,000 after acquiring an additional 17,876 shares in the last quarter. 86.88% of the stock is currently 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.