Banc of California, Inc. (NYSE:BANC) Receives $20.27 Consensus Target Price from Analysts

Shares of Banc of California, Inc. (NYSE:BANC) have been assigned an average recommendation of “Moderate Buy” from the twelve research firms that are presently covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold recommendation, nine have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $20.2727.

A number of equities research analysts have recently commented on the stock. Barclays reduced their target price on shares of Banc of California from $25.00 to $23.00 and set an “overweight” rating for the company in a research report on Tuesday, April 7th. Piper Sandler reduced their target price on shares of Banc of California from $25.00 to $22.00 and set an “overweight” rating for the company in a research report on Thursday, April 2nd. Wall Street Zen upgraded shares of Banc of California from a “sell” rating to a “hold” rating in a research report on Saturday, January 10th. Wells Fargo & Company increased their target price on shares of Banc of California from $20.00 to $22.00 and gave the company an “overweight” rating in a research report on Monday, March 30th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Banc of California in a research report on Wednesday, January 21st.

Institutional Investors Weigh In On Banc of California

A number of hedge funds have recently modified their holdings of BANC. Navalign LLC purchased a new stake in shares of Banc of California in the fourth quarter valued at about $27,000. Triumph Capital Management purchased a new stake in shares of Banc of California in the third quarter valued at about $25,000. Orion Capital Management LLC purchased a new stake in shares of Banc of California in the fourth quarter valued at about $35,000. EverSource Wealth Advisors LLC grew its holdings in shares of Banc of California by 38.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank’s stock valued at $39,000 after purchasing an additional 564 shares during the period. Finally, Hantz Financial Services Inc. grew its holdings in shares of Banc of California by 199.0% in the fourth quarter. Hantz Financial Services Inc. now owns 2,159 shares of the bank’s stock valued at $42,000 after purchasing an additional 1,437 shares during the period. 86.88% of the stock is currently owned by institutional investors and hedge funds.

Banc of California Stock Performance

NYSE:BANC opened at $18.50 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.90. The company has a fifty day moving average of $18.40 and a two-hundred day moving average of $18.48. The stock has a market capitalization of $2.78 billion, a PE ratio of 15.68 and a beta of 0.74. Banc of California has a fifty-two week low of $12.65 and a fifty-two week high of $21.61.

Banc of California (NYSE:BANC) last posted its quarterly earnings data on Wednesday, January 21st. The bank reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.05. The company had revenue of $292.93 million during the quarter, compared to analysts’ expectations of $288.41 million. Banc of California had a net margin of 12.59% and a return on equity of 8.66%. During the same period in the prior year, the business posted $0.28 earnings per share. As a group, research analysts forecast that Banc of California will post 1.31 earnings per share for the current fiscal year.

Banc of California Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 1st. Stockholders of record on Monday, March 16th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.6%. This is a positive change from Banc of California’s previous quarterly dividend of $0.10. The ex-dividend date was Monday, March 16th. Banc of California’s dividend payout ratio (DPR) is currently 40.68%.

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.