Banc of California, Inc. (NYSE:BANC) Receives $19.25 Consensus PT from Analysts

Banc of California, Inc. (NYSE:BANC) has been assigned a consensus rating of “Moderate Buy” from the eleven ratings firms that are covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $19.25.

A number of equities analysts recently weighed in on BANC shares. Raymond James Financial raised Banc of California from an “outperform” rating to a “strong-buy” rating in a report on Tuesday, October 7th. Citigroup raised Banc of California from a “neutral” rating to a “buy” rating and upped their target price for the stock from $18.00 to $21.50 in a research note on Monday, October 27th. Wall Street Zen raised shares of Banc of California from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. Wells Fargo & Company boosted their price target on shares of Banc of California from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Monday, September 29th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Banc of California from $20.00 to $21.00 and gave the company an “overweight” rating in a report on Friday, October 24th.

Insider Transactions at Banc of California

In other Banc of California news, insider Hamid Hussain sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $16.59, for a total transaction of $331,800.00. Following the completion of the sale, the insider directly owned 66,444 shares in the company, valued at approximately $1,102,305.96. The trade was a 23.14% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.69% of the company’s stock.

Institutional Trading of Banc of California

Several large investors have recently made changes to their positions in the company. GAMMA Investing LLC lifted its holdings in Banc of California by 22.2% in the 2nd quarter. GAMMA Investing LLC now owns 4,201 shares of the bank’s stock valued at $59,000 after purchasing an additional 762 shares in the last quarter. Aster Capital Management DIFC Ltd increased its position in Banc of California by 145.1% during the third quarter. Aster Capital Management DIFC Ltd now owns 4,181 shares of the bank’s stock worth $69,000 after purchasing an additional 2,475 shares during the last quarter. Osaic Holdings Inc. increased its position in Banc of California by 210.8% during the second quarter. Osaic Holdings Inc. now owns 5,809 shares of the bank’s stock worth $82,000 after purchasing an additional 3,940 shares during the last quarter. CWM LLC raised its stake in Banc of California by 41.7% during the first quarter. CWM LLC now owns 8,049 shares of the bank’s stock worth $114,000 after purchasing an additional 2,367 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new position in Banc of California in the 1st quarter valued at about $123,000. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

Banc of California Price Performance

NYSE:BANC opened at $16.99 on Tuesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.89. The company has a 50 day moving average price of $16.89 and a 200-day moving average price of $15.39. Banc of California has a 1-year low of $11.52 and a 1-year high of $18.24. The firm has a market cap of $2.51 billion, a price-to-earnings ratio of 16.34 and a beta of 0.75.

Banc of California (NYSE:BANC) last announced its quarterly earnings results on Monday, May 13th. The bank reported $1.03 earnings per share (EPS) for the quarter. Banc of California had a net margin of 11.49% and a return on equity of 8.00%. The firm had revenue of $315.66 million for the quarter. Equities research analysts forecast that Banc of California will post 1.31 EPS for the current year.

Banc of California Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Monday, December 15th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Monday, December 15th. This represents a $0.40 dividend on an annualized basis and a yield of 2.4%. Banc of California’s dividend payout ratio (DPR) is currently 38.46%.

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.