Barclays Increases Banc of California (NYSE:BANC) Price Target to $17.00

Banc of California (NYSE:BANC) had its target price hoisted by Barclays from $16.00 to $17.00 in a report issued on Wednesday morning, Benzinga reports. Barclays currently has an equal weight rating on the bank’s stock.

Other equities research analysts have also issued research reports about the company. Wells Fargo & Company lifted their price objective on Banc of California from $15.00 to $16.00 and gave the company an “equal weight” rating in a report on Tuesday, October 1st. Citigroup began coverage on Banc of California in a research report on Thursday, October 10th. They issued a “neutral” rating and a $15.00 price objective for the company. Raymond James upgraded shares of Banc of California from a “market perform” rating to an “outperform” rating and set a $16.00 price objective for the company in a research note on Tuesday, September 17th. Stephens restated an “equal weight” rating and set a $14.00 target price on shares of Banc of California in a research report on Wednesday, September 4th. Finally, Keefe, Bruyette & Woods reduced their price target on shares of Banc of California from $18.00 to $17.00 and set an “outperform” rating for the company in a research report on Tuesday, July 9th. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Banc of California has an average rating of “Hold” and a consensus target price of $17.00.

Banc of California Trading Down 0.8 %

NYSE:BANC opened at $15.29 on Wednesday. The company has a current ratio of 0.89, a quick ratio of 0.83 and a debt-to-equity ratio of 0.32. The stock’s 50 day simple moving average is $14.40 and its 200-day simple moving average is $13.89. Banc of California has a 12-month low of $9.96 and a 12-month high of $15.69. The firm has a market cap of $2.40 billion, a P/E ratio of -4.59 and a beta of 1.14.

Banc of California (NYSE:BANC) last announced its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.25 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.11. Banc of California had a negative net margin of 21.99% and a positive return on equity of 2.12%. The company had revenue of $431.44 million during the quarter, compared to the consensus estimate of $229.46 million. During the same quarter in the prior year, the firm earned $0.30 EPS. Equities analysts anticipate that Banc of California will post 0.61 EPS for the current year.

Banc of California Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.62%. The ex-dividend date was Monday, September 16th. Banc of California’s dividend payout ratio (DPR) is presently -12.01%.

Insiders Place Their Bets

In other news, Director Richard J. Lashley sold 75,000 shares of the company’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $14.00, for a total value of $1,050,000.00. Following the sale, the director now directly owns 719,826 shares in the company, valued at $10,077,564. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 7.37% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Banc of California

Several institutional investors and hedge funds have recently modified their holdings of BANC. Fifth Third Bancorp grew its stake in Banc of California by 146.3% in the 2nd quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock worth $27,000 after acquiring an additional 1,273 shares during the period. Riverview Trust Co purchased a new position in shares of Banc of California during the 1st quarter worth $29,000. Future Financial Wealth Managment LLC acquired a new stake in shares of Banc of California during the third quarter worth $29,000. GAMMA Investing LLC grew its position in shares of Banc of California by 32.3% in the third quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock valued at $44,000 after purchasing an additional 734 shares during the period. Finally, Mendon Capital Advisors Corp purchased a new position in Banc of California during the second quarter worth about $102,000. Hedge funds and other institutional investors own 86.88% of the company’s stock.

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.