DA Davidson Raises Banc of California (NYSE:BANC) Price Target to $19.00

Banc of California (NYSE:BANC - Free Report) had its price objective upped by DA Davidson from $16.50 to $19.00 in a research report report published on Wednesday morning, Benzinga reports. They currently have a buy rating on the bank's stock.

Other equities analysts have also issued reports about the stock. Barclays boosted their target price on shares of Banc of California from $16.00 to $17.00 and gave the company an "equal weight" rating in a report on Wednesday. Keefe, Bruyette & Woods decreased their price objective on shares of Banc of California from $18.00 to $17.00 and set an "outperform" rating on the stock in a report on Tuesday, July 9th. Raymond James upped their price objective on shares of Banc of California from $16.00 to $17.00 and gave the stock an "outperform" rating in a report on Wednesday. Stephens restated an "equal weight" rating and issued a $14.00 price objective on shares of Banc of California in a report on Wednesday, September 4th. Finally, Wedbush upped their price objective on shares of Banc of California from $18.00 to $19.00 and gave the stock an "outperform" rating in a report on Wednesday. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Banc of California currently has an average rating of "Hold" and a consensus target price of $17.00.

Banc of California Price Performance

Shares of BANC stock traded down $0.13 on Wednesday, reaching $15.29. 2,990,644 shares of the company were exchanged, compared to its average volume of 2,329,758. The company has a market cap of $2.40 billion, a price-to-earnings ratio of -4.63 and a beta of 1.14. The business has a 50-day moving average price of $14.35 and a 200 day moving average price of $13.88. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.83 and a current ratio of 0.89. Banc of California has a 1 year low of $9.96 and a 1 year high of $15.69.

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 (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.11. Banc of California had a negative net margin of 21.99% and a positive return on equity of 2.12%. The company had revenue of $431.44 million during the quarter, compared to analysts' expectations of $229.46 million. During the same quarter in the prior year, the company earned $0.30 EPS. Equities research analysts forecast that Banc of California will post 0.61 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The firm also recently announced 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. This represents a $0.40 annualized dividend and a yield of 2.62%. The ex-dividend date was Monday, September 16th. Banc of California's payout ratio is currently -12.01%.

Insider Buying and Selling

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of the stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total value of $1,050,000.00. Following the sale, the director now directly owns 719,826 shares of the company's stock, valued at approximately $10,077,564. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 7.37% of the stock is owned by insiders.

Institutional Investors Weigh In On Banc of California

A number of large investors have recently modified their holdings of BANC. Vanguard Group Inc. increased its position in shares of Banc of California by 143.4% in the 4th quarter. Vanguard Group Inc. now owns 9,014,810 shares of the bank's stock valued at $121,069,000 after purchasing an additional 5,311,842 shares during the last quarter. PNC Financial Services Group Inc. grew its position in shares of Banc of California by 54.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 15,346 shares of the bank's stock valued at $206,000 after buying an additional 5,412 shares during the last quarter. Global Assets Advisory LLC purchased a new position in shares of Banc of California in the 1st quarter valued at $741,000. Riverview Trust Co purchased a new position in shares of Banc of California in the 1st quarter valued at $29,000. Finally, Future Financial Wealth Managment LLC purchased a new position in shares of Banc of California in the 1st quarter valued at $30,000. 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.