Banc of California (NYSE:BANC) Upgraded at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Banc of California (NYSE:BANC) from an equal weight rating to an overweight rating in a research report released on Monday, Marketbeat.com reports. Wells Fargo & Company currently has $20.00 price target on the bank’s stock, up from their previous price target of $17.00.

A number of other equities analysts have also recently commented on BANC. 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 report on Wednesday, October 23rd. Truist Financial lifted their target price on shares of Banc of California from $15.00 to $16.00 and gave the company a “hold” rating in a report on Friday, September 20th. Wedbush lifted their target price on shares of Banc of California from $18.00 to $19.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Keefe, Bruyette & Woods lifted their target price on shares of Banc of California from $17.50 to $20.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Finally, Stephens lifted their target price on shares of Banc of California from $15.00 to $16.00 and gave the company an “equal weight” rating in a report on Thursday, October 24th. One analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Banc of California currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.10.

Banc of California Stock Down 0.9 %

BANC stock opened at $15.55 on Monday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. Banc of California has a twelve month low of $11.88 and a twelve month high of $18.08. The company’s 50 day moving average is $16.23 and its two-hundred day moving average is $14.78. The stock has a market cap of $2.47 billion, a P/E ratio of -3.64 and a beta of 1.14.

Banc of California (NYSE:BANC) last released its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.25 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.11. The company had revenue of $431.44 million for the quarter, compared to analysts’ expectations of $229.46 million. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%. During the same quarter last year, the company earned $0.30 earnings per share. Research analysts expect that Banc of California will post 0.7 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, December 16th. This represents a $0.40 annualized dividend and a dividend yield of 2.57%. Banc of California’s payout ratio is currently -9.37%.

Institutional Investors Weigh In On Banc of California

Institutional investors have recently made changes to their positions in the stock. Seven Eight Capital LP purchased a new stake in shares of Banc of California during the 2nd quarter worth $549,000. Hollencrest Capital Management boosted its position in shares of Banc of California by 71.4% during the 2nd quarter. Hollencrest Capital Management now owns 107,842 shares of the bank’s stock worth $1,378,000 after purchasing an additional 44,920 shares in the last quarter. BNP Paribas Financial Markets boosted its position in shares of Banc of California by 34.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 242,534 shares of the bank’s stock worth $3,573,000 after buying an additional 62,014 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in shares of Banc of California by 461.6% in the 3rd quarter. Assenagon Asset Management S.A. now owns 651,695 shares of the bank’s stock worth $9,599,000 after buying an additional 535,654 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Banc of California by 3.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,233,452 shares of the bank’s stock worth $18,169,000 after buying an additional 44,951 shares in the last quarter. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

Banc of California Company Profile

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.