Banc of California (NYSE:BANC) Price Target Increased to $16.00 by Analysts at Stephens

Banc of California (NYSE:BANC) had its price target upped by Stephens from $15.00 to $16.00 in a research note published on Thursday morning, Benzinga reports. They currently have an equal weight rating on the bank’s stock.

BANC has been the topic of several other research reports. Wedbush lifted their price target on shares of Banc of California from $18.00 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday. Raymond James lifted their target price on Banc of California from $16.00 to $17.00 and gave the stock an “outperform” rating in a report on Wednesday. Truist Financial upped their target price on Banc of California from $15.00 to $16.00 and gave the company a “hold” rating in a report on Friday, September 20th. Barclays raised their price objective on shares of Banc of California from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Finally, DA Davidson lifted their target price on shares of Banc of California from $16.50 to $19.00 and gave the company a “buy” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Banc of California presently has a consensus rating of “Hold” and a consensus price target of $17.20.

Banc of California Price Performance

NYSE:BANC opened at $15.45 on Thursday. The company has a quick ratio of 0.83, a current ratio of 0.89 and a debt-to-equity ratio of 0.32. The business’s 50-day moving average price is $14.44 and its 200 day moving average price is $13.91. Banc of California has a 52-week low of $10.03 and a 52-week high of $15.69. The firm has a market cap of $2.43 billion, a P/E ratio of -4.64 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 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $229.46 million. During the same quarter in the previous year, the company posted $0.30 EPS. As a group, sell-side analysts predict that Banc of California will post 0.61 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.59%. The ex-dividend date was Monday, September 16th. Banc of California’s dividend payout ratio is -12.01%.

Insider Buying and Selling

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total transaction of $1,050,000.00. Following the completion of 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 7.37% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in Banc of California by 17.6% during the first quarter. Vanguard Group Inc. now owns 10,597,751 shares of the bank’s stock valued at $161,192,000 after acquiring an additional 1,582,941 shares during the period. Sei Investments Co. lifted its position in Banc of California by 86.0% in the first quarter. Sei Investments Co. now owns 506,202 shares of the bank’s stock worth $7,699,000 after purchasing an additional 234,021 shares during the period. Empowered Funds LLC boosted its stake in Banc of California by 55.5% during the first quarter. Empowered Funds LLC now owns 185,329 shares of the bank’s stock worth $2,819,000 after buying an additional 66,183 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Banc of California by 394.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 331,076 shares of the bank’s stock valued at $5,037,000 after buying an additional 264,070 shares during the period. Finally, Redwood Investment Management LLC acquired a new position in shares of Banc of California in the 1st quarter valued at $630,000. Institutional investors and hedge funds 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.