Raymond James Forecasts Strong Price Appreciation for Banc of California (NYSE:BANC) Stock

Banc of California (NYSE:BANC - Free Report) had its price target upped by Raymond James from $17.00 to $18.00 in a research note published on Friday morning,Benzinga reports. They currently have an outperform rating on the bank's stock.

A number of other analysts also recently commented on the company. Stephens boosted their price objective on Banc of California from $15.00 to $16.00 and gave the stock an "equal weight" rating in a research note on Thursday, October 24th. Keefe, Bruyette & Woods upped their target price on Banc of California from $17.50 to $20.00 and gave the company an "outperform" rating in a report on Wednesday, December 4th. DA Davidson upped their target price on Banc of California from $16.50 to $19.00 and gave the company a "buy" rating in a report on Wednesday, October 23rd. Citigroup initiated coverage on Banc of California in a report on Thursday, October 10th. They set a "neutral" rating and a $15.00 target price for the company. Finally, Wells Fargo & Company raised Banc of California from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $17.00 to $20.00 in a report on Monday, January 6th. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Banc of California presently has an average rating of "Moderate Buy" and an average target price of $18.10.

Banc of California Price Performance

Shares of BANC traded up $0.30 during midday trading on Friday, reaching $16.00. The stock had a trading volume of 2,693,996 shares, compared to its average volume of 1,460,071. Banc of California has a 52 week low of $11.88 and a 52 week high of $18.08. 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 firm's 50 day moving average price is $16.17 and its 200-day moving average price is $15.04. The company has a market capitalization of $2.54 billion, a P/E ratio of -3.75 and a beta of 1.14.

Banc of California (NYSE:BANC - Get Free Report) last posted its quarterly earnings data on Thursday, January 23rd. The bank reported $0.28 EPS for the quarter, topping analysts' consensus estimates of $0.23 by $0.05. Banc of California had a positive return on equity of 2.93% and a negative net margin of 20.75%. On average, analysts forecast that Banc of California will post 0.71 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Monday, December 16th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.50%. The ex-dividend date was Monday, December 16th. Banc of California's dividend payout ratio is currently -9.37%.

Institutional Investors Weigh In On Banc of California

Several hedge funds have recently bought and sold shares of BANC. First Dallas Securities Inc. increased its position in Banc of California by 25.8% in the 4th quarter. First Dallas Securities Inc. now owns 77,975 shares of the bank's stock worth $1,205,000 after purchasing an additional 16,000 shares during the last quarter. Hodges Capital Management Inc. increased its position in Banc of California by 10.7% in the 4th quarter. Hodges Capital Management Inc. now owns 2,281,410 shares of the bank's stock worth $35,270,000 after purchasing an additional 221,125 shares during the last quarter. EMC Capital Management increased its position in Banc of California by 4,319.8% in the 4th quarter. EMC Capital Management now owns 15,425 shares of the bank's stock worth $238,000 after purchasing an additional 15,076 shares during the last quarter. Sippican Capital Advisors increased its position in Banc of California by 1.7% in the 4th quarter. Sippican Capital Advisors now owns 123,667 shares of the bank's stock worth $1,912,000 after purchasing an additional 2,057 shares during the last quarter. Finally, KBC Group NV increased its position in Banc of California by 71.0% in the 4th quarter. KBC Group NV now owns 7,286 shares of the bank's stock worth $113,000 after purchasing an additional 3,026 shares during the last quarter. 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.