Banc of California, Inc. (NYSE:BANC) Receives $15.69 Average Price Target from Analysts

Shares of Banc of California, Inc. (NYSE:BANC) have earned a consensus recommendation of “Hold” from the eight brokerages that are presently covering the company, MarketBeat.com reports. Five equities research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $15.69.

Several equities analysts have recently weighed in on BANC shares. Barclays cut their price objective on Banc of California from $15.00 to $14.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 24th. Keefe, Bruyette & Woods cut their price objective on Banc of California from $18.00 to $17.00 and set an “outperform” rating on the stock in a report on Tuesday, July 9th. Wedbush reissued a “neutral” rating and issued a $14.00 target price on shares of Banc of California in a research report on Wednesday, July 24th. Stephens reaffirmed an “equal weight” rating and set a $14.00 price target on shares of Banc of California in a research report on Wednesday, September 4th. Finally, Wells Fargo & Company lowered their price target on Banc of California from $16.00 to $15.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 9th.

Banc of California Trading Up 0.2 %

NYSE:BANC opened at $14.24 on Thursday. Banc of California has a fifty-two week low of $9.96 and a fifty-two week high of $15.54. 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 stock has a market capitalization of $2.24 billion, a PE ratio of -4.28 and a beta of 1.13. The business’s 50-day simple moving average is $13.79 and its 200-day simple moving average is $13.89.

Banc of California (NYSE:BANC) last released its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.09). Banc of California had a negative net margin of 21.99% and a positive return on equity of 2.12%. The business had revenue of $492.38 million for the quarter, compared to the consensus estimate of $271.42 million. During the same quarter last year, the firm earned $0.32 EPS. Sell-side analysts expect that Banc of California will post 0.61 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 16th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.81%. The ex-dividend date is Monday, September 16th. Banc of California’s payout ratio is presently -12.01%.

Insider Buying and Selling

In related news, Director Richard J. Lashley sold 75,000 shares of the business’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 completion of the sale, the director now directly owns 719,826 shares in the company, valued at approximately $10,077,564. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 7.37% of the stock is owned by insiders.

Institutional Trading of Banc of California

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in shares of Banc of California by 17.6% in the first quarter. Vanguard Group Inc. now owns 10,597,751 shares of the bank’s stock valued at $161,192,000 after buying an additional 1,582,941 shares during the period. Basswood Capital Management L.L.C. acquired a new stake in shares of Banc of California in the fourth quarter valued at about $3,374,000. Carmignac Gestion acquired a new stake in shares of Banc of California in the fourth quarter valued at about $2,152,000. Sei Investments Co. increased its stake in shares of Banc of California by 86.0% in the first quarter. Sei Investments Co. now owns 506,202 shares of the bank’s stock valued at $7,699,000 after buying an additional 234,021 shares during the period. Finally, Swiss National Bank increased its stake in shares of Banc of California by 156.8% in the fourth quarter. Swiss National Bank now owns 295,114 shares of the bank’s stock valued at $3,963,000 after buying an additional 180,214 shares during the period. 86.88% of the stock is currently owned by 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.