Banc of California (NYSE:BANC) Sets New 12-Month High on Better-Than-Expected Earnings

Banc of California, Inc. (NYSE:BANC)’s share price reached a new 52-week high on Wednesday following a stronger than expected earnings report. The stock traded as high as $21.08 and last traded at $21.0550, with a volume of 1431738 shares. The stock had previously closed at $20.22.

The bank reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.04. Banc of California had a return on equity of 8.00% and a net margin of 11.49%.

Banc of California Dividend Announcement

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

Analyst Upgrades and Downgrades

BANC has been the topic of a number of research reports. DA Davidson lifted their price target on shares of Banc of California from $20.00 to $21.00 and gave the stock a “buy” rating in a report on Friday, October 24th. Wells Fargo & Company raised their target price on Banc of California from $18.00 to $20.00 and gave the stock an “overweight” rating in a research report on Monday, September 29th. JPMorgan Chase & Co. upped their price target on Banc of California from $21.00 to $24.00 and gave the company an “overweight” rating in a research report on Tuesday, December 16th. Raymond James Financial raised Banc of California from an “outperform” rating to a “strong-buy” rating in a report on Tuesday, October 7th. Finally, Barclays boosted their price objective on Banc of California from $21.00 to $25.00 and gave the company an “overweight” rating in a research note on Friday, December 19th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.95.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in BANC. Bank of America Corp DE increased its holdings in shares of Banc of California by 243.9% in the third quarter. Bank of America Corp DE now owns 3,430,938 shares of the bank’s stock worth $56,782,000 after purchasing an additional 2,433,394 shares during the period. Dimensional Fund Advisors LP grew its position 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. Balyasny Asset Management L.P. bought a new position in Banc of California in the 2nd quarter worth about $17,400,000. FJ Capital Management LLC increased its stake in Banc of California by 265.8% in the 2nd quarter. FJ Capital Management LLC now owns 1,365,440 shares of the bank’s stock worth $19,184,000 after acquiring an additional 992,154 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in shares of Banc of California by 21.5% in the 2nd quarter. Invesco Ltd. now owns 5,410,938 shares of the bank’s stock valued at $76,024,000 after acquiring an additional 957,693 shares in the last quarter. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Banc of California Trading Up 4.1%

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 has a market cap of $3.19 billion, a P/E ratio of 20.25 and a beta of 0.69. The stock has a 50-day moving average price of $19.16 and a 200-day moving average price of $17.21.

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.