Banc of California (NYSE:BANC) Hits New 52-Week High - Still a Buy?

Banc of California, Inc. (NYSE:BANC - Get Free Report)'s share price reached a new 52-week high during trading on Tuesday . The stock traded as high as $15.86 and last traded at $15.81, with a volume of 178729 shares. The stock had previously closed at $15.84.

Analyst Ratings Changes

Several equities analysts recently commented on BANC shares. Stephens boosted their price target on Banc of California from $15.00 to $16.00 and gave the stock an "equal weight" rating in a research report on Thursday, October 24th. Keefe, Bruyette & Woods cut their target price on Banc of California from $18.00 to $17.00 and set an "outperform" rating on the stock in a research report on Tuesday, July 9th. Wedbush upped their target price on Banc of California from $18.00 to $19.00 and gave the company an "outperform" rating in a research report on Wednesday, October 23rd. Citigroup began coverage on Banc of California in a research report on Thursday, October 10th. They issued a "neutral" rating and a $15.00 target price on the stock. Finally, Raymond James upped their target price on Banc of California from $16.00 to $17.00 and gave the company an "outperform" rating in a research report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Banc of California currently has an average rating of "Hold" and an average target price of $17.20.

Banc of California Stock Down 0.5 %

The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.83 and a current ratio of 0.89. The firm has a market capitalization of $2.48 billion, a P/E ratio of -4.73 and a beta of 1.14. The stock has a fifty day moving average price of $14.50 and a two-hundred day moving average price of $13.91.

Banc of California (NYSE:BANC - Get Free Report) last issued its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share for the quarter, beating analysts' consensus estimates of $0.14 by $0.11. The business 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 period in the previous year, the business earned $0.30 EPS. Research analysts forecast that Banc of California, Inc. will post 0.61 EPS for the current year.

Banc of California Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 16th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.40 dividend on an annualized basis and a yield of 2.54%. Banc of California's payout ratio is currently -12.01%.

Insider Buying and Selling

In related news, Director Richard J. Lashley sold 75,000 shares of the company's stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $14.00, for a total transaction of $1,050,000.00. Following the completion of the transaction, the director now directly owns 719,826 shares in the company, valued at $10,077,564. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 7.37% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of BANC. Fifth Third Bancorp increased its holdings in shares of Banc of California by 146.3% during the second quarter. Fifth Third Bancorp now owns 2,143 shares of the bank's stock valued at $27,000 after purchasing an additional 1,273 shares during the period. Future Financial Wealth Managment LLC acquired a new position in shares of Banc of California during the third quarter valued at $29,000. GAMMA Investing LLC increased its holdings in shares of Banc of California by 32.3% during the third quarter. GAMMA Investing LLC now owns 3,005 shares of the bank's stock valued at $44,000 after purchasing an additional 734 shares during the period. Mendon Capital Advisors Corp bought a new position in Banc of California during the second quarter valued at about $102,000. Finally, Simplicity Wealth LLC bought a new position in Banc of California during the second quarter valued at about $132,000. 86.88% of the stock is owned by institutional investors and hedge funds.

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.