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

Shares of Banc of California, Inc. (NYSE:BANC - Get Free Report) have earned a consensus recommendation of "Moderate Buy" from the ten ratings firms that are covering the stock, MarketBeat Ratings reports. Four investment analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 1 year target price among analysts that have covered the stock in the last year is $17.30.

A number of equities research analysts have recently issued reports on the stock. Truist Financial boosted 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 note on Friday, September 20th. Barclays upgraded shares of Banc of California from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $17.00 to $18.00 in a report on Thursday. Wells Fargo & Company boosted their target price on shares of Banc of California from $16.00 to $17.00 and gave the stock an "equal weight" rating in a research report on Wednesday, October 23rd. Raymond James lifted their price target on shares of Banc of California from $16.00 to $17.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 23rd. Finally, Stephens upped their price target on shares of 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.

Banc of California Stock Performance

NYSE:BANC traded down $0.05 during trading hours on Friday, reaching $15.31. The company had a trading volume of 1,511,799 shares, compared to its average volume of 2,325,216. The firm has a market cap of $2.43 billion, a price-to-earnings ratio of -3.58 and a beta of 1.14. 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 firm's 50 day moving average price is $14.61 and its 200-day moving average price is $13.95. Banc of California has a 52 week low of $11.10 and a 52 week high of $16.01.

Banc of California (NYSE:BANC - Get Free Report) last issued its earnings results on Tuesday, October 22nd. The bank reported $0.25 EPS for the quarter, topping analysts' consensus estimates of $0.14 by $0.11. The business had revenue of $431.44 million for the quarter, compared to the consensus estimate of $229.46 million. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%. During the same period 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 year.

Banc of California Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 16th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.61%. The ex-dividend date was Monday, September 16th. Banc of California's dividend payout ratio is presently -9.37%.

Insider Transactions at Banc of California

In related news, Director Richard J. Lashley sold 75,000 shares of the stock in a transaction that occurred 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 of the company's stock, valued at approximately $10,077,564. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 7.37% of the company's stock.

Hedge Funds Weigh In On Banc of California

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of Banc of California by 17.6% during the first 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 during the last quarter. PL Capital Advisors LLC raised its stake in shares of Banc of California by 0.7% in the 1st quarter. PL Capital Advisors LLC now owns 3,224,219 shares of the bank's stock valued at $49,040,000 after purchasing an additional 22,500 shares in the last quarter. American Century Companies Inc. raised its stake in Banc of California by 25.9% during the second quarter. American Century Companies Inc. now owns 3,222,376 shares of the bank's stock worth $41,182,000 after acquiring an additional 663,061 shares during the period. William Blair Investment Management LLC grew its position in Banc of California by 42.1% in the 1st quarter. William Blair Investment Management LLC now owns 2,575,930 shares of the bank's stock worth $39,180,000 after purchasing an additional 762,959 shares during the last quarter. Finally, Senator Investment Group LP boosted its holdings in shares of Banc of California by 13.8% in the first quarter. Senator Investment Group LP now owns 2,445,685 shares of the bank's stock valued at $37,199,000 after acquiring an additional 297,097 shares in the last quarter. Hedge funds and other institutional investors own 86.88% of the company's stock.

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.