Banc of California (NYSE:BANC) Given New $17.00 Price Target at Raymond James

Banc of California (NYSE:BANC) had its price objective hoisted by Raymond James from $16.00 to $17.00 in a research note published on Wednesday morning, Benzinga reports. The brokerage currently has an outperform rating on the bank’s stock.

Other equities research analysts have also issued research reports about the company. Barclays upped their price objective on Banc of California from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Wells Fargo & Company increased their price target on shares of Banc of California from $15.00 to $16.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 1st. Truist Financial lifted their price objective 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 upgraded Banc of California from a “neutral” rating to an “outperform” rating and raised their target price for the company from $14.00 to $18.00 in a research report on Tuesday, September 24th. Finally, Citigroup initiated coverage on Banc of California in a report on Thursday, October 10th. They issued a “neutral” rating and a $15.00 price target for the company. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Banc of California currently has a consensus rating of “Hold” and an average target price of $17.00.

Banc of California Trading Down 0.8 %

NYSE BANC opened at $15.29 on Wednesday. Banc of California has a 1 year low of $9.96 and a 1 year high of $15.69. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.83. The company has a market capitalization of $2.40 billion, a PE ratio of -4.59 and a beta of 1.14. The company has a fifty day moving average of $14.40 and a 200 day moving average of $13.89.

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, beating analysts’ consensus estimates of $0.14 by $0.11. Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. The business had revenue of $431.44 million during the quarter, compared to analyst estimates of $229.46 million. During the same quarter last year, the business posted $0.30 EPS. Research analysts forecast that Banc of California will post 0.61 earnings per share for the current year.

Banc of California Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 16th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.62%. The ex-dividend date of this dividend was Monday, September 16th. Banc of California’s dividend payout ratio is currently -12.01%.

Insiders Place Their Bets

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

Institutional Trading of Banc of California

Several large investors have recently bought and sold shares of BANC. Riverview Trust Co acquired a new position in shares of Banc of California during the 1st quarter worth approximately $29,000. Future Financial Wealth Managment LLC purchased a new position in Banc of California during the first quarter worth approximately $30,000. Fifth Third Bancorp lifted its position in Banc of California by 146.3% during the second quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock worth $27,000 after buying an additional 1,273 shares in the last quarter. GAMMA Investing LLC boosted its stake in Banc of California by 32.3% during the third quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock worth $44,000 after buying an additional 734 shares during the last quarter. Finally, Mendon Capital Advisors Corp purchased a new stake in Banc of California in the 2nd quarter valued at $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.