Banc of California (NYSE:BANC) Reaches New 1-Year High – Still a Buy?

Banc of California, Inc. (NYSE:BANC)’s stock price reached a new 52-week high on Thursday . The stock traded as high as $20.74 and last traded at $20.7810, with a volume of 375504 shares trading hands. The stock had previously closed at $20.31.

Analyst Ratings Changes

BANC has been the topic of several research analyst reports. Wall Street Zen raised shares of Banc of California from a “sell” rating to a “hold” rating in a research note on Saturday, January 10th. JPMorgan Chase & Co. upped their price objective on shares of Banc of California from $21.00 to $24.00 and gave the company an “overweight” rating in a report on Tuesday, December 16th. Weiss Ratings reissued a “hold (c)” rating on shares of Banc of California in a research report on Wednesday, October 8th. Raymond James Financial raised Banc of California from an “outperform” rating to a “strong-buy” rating in a research report on Tuesday, October 7th. Finally, DA Davidson upped their price target on Banc of California from $20.00 to $21.00 and gave the stock a “buy” rating in a research note on Friday, October 24th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, Banc of California currently has a consensus rating of “Moderate Buy” and an average price target of $19.95.

Banc of California Stock Up 2.5%

The company has a market cap of $3.15 billion, a price-to-earnings ratio of 20.02 and a beta of 0.69. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.89. The stock’s fifty day moving average is $18.89 and its two-hundred day moving average is $17.01.

Banc of California (NYSE:BANC) last released its quarterly earnings results on Wednesday, October 22nd. The bank reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.04. The business had revenue of $287.73 million during the quarter, compared to the consensus estimate of $283.91 million. Banc of California had a return on equity of 8.00% and a net margin of 11.49%.The company’s quarterly revenue was up 32.8% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.01) EPS. Sell-side analysts predict that Banc of California, Inc. will post 1.31 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, January 2nd. Investors of record on Monday, December 15th were issued a dividend of $0.10 per share. The ex-dividend date was Monday, December 15th. This represents a $0.40 annualized dividend and a yield of 1.9%. Banc of California’s dividend payout ratio is 38.46%.

Hedge Funds Weigh In On Banc of California

A number of hedge funds have recently bought and sold shares of BANC. Amalgamated Bank raised its holdings in shares of Banc of California by 1.6% in the third quarter. Amalgamated Bank now owns 37,460 shares of the bank’s stock valued at $620,000 after purchasing an additional 585 shares during the last quarter. Crescent Grove Advisors LLC increased its stake in Banc of California by 0.7% in the 2nd quarter. Crescent Grove Advisors LLC now owns 100,428 shares of the bank’s stock valued at $1,421,000 after buying an additional 706 shares during the last quarter. CWM LLC increased its stake in Banc of California by 9.1% in the 2nd quarter. CWM LLC now owns 8,783 shares of the bank’s stock valued at $123,000 after buying an additional 734 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Banc of California by 22.2% during the 2nd quarter. GAMMA Investing LLC now owns 4,201 shares of the bank’s stock worth $59,000 after buying an additional 762 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in shares of Banc of California by 7.7% in the 3rd quarter. PNC Financial Services Group Inc. now owns 10,804 shares of the bank’s stock worth $179,000 after buying an additional 777 shares during the last quarter. 86.88% of the stock is owned by hedge funds and other institutional investors.

Banc of California Company Profile

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.