Banc of California (NYSE:BANC) Reaches New 52-Week High – Time to Buy?

Banc of California, Inc. (NYSE:BANC)’s stock price reached a new 52-week high on Wednesday . The stock traded as high as $20.18 and last traded at $20.2650, with a volume of 526640 shares. The stock had previously closed at $20.12.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on BANC shares. Wall Street Zen downgraded Banc of California from a “hold” rating to a “sell” rating in a report on Saturday, December 20th. Barclays upped their price target on shares of Banc of California from $21.00 to $25.00 and gave the stock an “overweight” rating in a research report on Friday, December 19th. JPMorgan Chase & Co. lifted their price objective on shares of Banc of California from $21.00 to $24.00 and gave the company an “overweight” rating in a research report on Tuesday, December 16th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Banc of California in a report on Wednesday, October 8th. Finally, Citigroup upgraded shares of Banc of California from a “neutral” rating to a “buy” rating and raised their target price for the company from $18.00 to $21.50 in a research note on Monday, October 27th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $19.95.

Banc of California Stock Down 2.0%

The firm has a market cap of $3.03 billion, a P/E ratio of 19.28 and a beta of 0.69. The firm’s fifty day moving average is $18.63 and its 200 day moving average is $16.82. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.89.

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

Banc of California Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 2nd. Shareholders of record on Monday, December 15th were issued a $0.10 dividend. The ex-dividend date of this dividend was Monday, December 15th. This represents a $0.40 dividend on an annualized basis and a yield of 2.0%. Banc of California’s payout ratio is currently 38.46%.

Institutional Investors Weigh In On Banc of California

A number of hedge funds and other institutional investors have recently made changes to their positions in BANC. Invesco Ltd. grew its holdings in shares of Banc of California by 7.7% during the 3rd quarter. Invesco Ltd. now owns 5,829,231 shares of the bank’s stock worth $96,474,000 after purchasing an additional 418,293 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Banc of California by 45.4% during the third quarter. Dimensional Fund Advisors LP now owns 5,053,402 shares of the bank’s stock worth $83,635,000 after buying an additional 1,576,914 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in Banc of California by 8.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,796,996 shares of the bank’s stock valued at $53,879,000 after buying an additional 297,680 shares during the period. Bank of America Corp DE increased its holdings in Banc of California by 243.9% in the 3rd quarter. Bank of America Corp DE now owns 3,430,938 shares of the bank’s stock valued at $56,782,000 after buying an additional 2,433,394 shares during the period. Finally, American Century Companies Inc. raised its position in shares of Banc of California by 67.9% in the 3rd quarter. American Century Companies Inc. now owns 2,001,716 shares of the bank’s stock valued at $33,128,000 after buying an additional 809,831 shares in the last quarter. 86.88% of the stock is currently owned by institutional investors and hedge funds.

About Banc of California

Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.

Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.