Stephens Boosts Banc of California (NYSE:BANC) Price Target to $16.00

Banc of California (NYSE:BANC - Free Report) had its price target increased by Stephens from $15.00 to $16.00 in a report published on Thursday, Benzinga reports. Stephens currently has an equal weight rating on the bank's stock.

Several other research analysts have also recently issued reports on the stock. Raymond James increased their price objective on shares of Banc of California from $16.00 to $17.00 and gave the company an "outperform" rating in a report on Wednesday. Citigroup started coverage on shares of Banc of California in a report on Thursday, October 10th. They issued a "neutral" rating and a $15.00 price objective for the company. Wedbush increased their price objective on shares of Banc of California from $18.00 to $19.00 and gave the company an "outperform" rating in a report on Wednesday. Barclays increased their price objective 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. Finally, Truist Financial increased their price objective on shares of Banc of California from $15.00 to $16.00 and gave the company a "hold" rating in a report on Friday, September 20th. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Banc of California presently has an average rating of "Hold" and a consensus price target of $17.20.

Banc of California Stock Performance

Shares of NYSE:BANC traded up $0.16 during trading hours on Thursday, hitting $15.45. The stock had a trading volume of 2,569,815 shares, compared to its average volume of 2,333,365. The stock's fifty day simple moving average is $14.40 and its 200 day simple moving average is $13.89. Banc of California has a 1-year low of $10.03 and a 1-year high of $15.69. The firm has a market capitalization of $2.43 billion, a price-to-earnings ratio of -4.61 and a beta of 1.14. 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 (NYSE:BANC - Get Free Report) last announced its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.25 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 for the quarter, compared to analyst estimates of $229.46 million. During the same quarter last year, the business earned $0.30 earnings per share. Sell-side analysts anticipate that Banc of California will post 0.61 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 16th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date of this dividend was Monday, September 16th. Banc of California's dividend payout ratio is -12.01%.

Insider Buying and Selling

In related news, Director Richard J. Lashley sold 75,000 shares of the firm's 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 completion of the transaction, the director now owns 719,826 shares of the company's stock, valued at approximately $10,077,564. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 7.37% of the company's stock.

Institutional Investors Weigh In On Banc of California

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in Banc of California by 17.6% in the 1st quarter. Vanguard Group Inc. now owns 10,597,751 shares of the bank's stock worth $161,192,000 after buying an additional 1,582,941 shares in the last quarter. Sei Investments Co. lifted its position in Banc of California by 86.0% in the 1st quarter. Sei Investments Co. now owns 506,202 shares of the bank's stock worth $7,699,000 after buying an additional 234,021 shares in the last quarter. Empowered Funds LLC lifted its position in Banc of California by 55.5% in the 1st quarter. Empowered Funds LLC now owns 185,329 shares of the bank's stock worth $2,819,000 after buying an additional 66,183 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Banc of California by 394.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 331,076 shares of the bank's stock worth $5,037,000 after buying an additional 264,070 shares in the last quarter. Finally, Redwood Investment Management LLC purchased a new stake in Banc of California in the 1st quarter worth approximately $630,000. Hedge funds and other institutional investors own 86.88% of the company's stock.

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.