Banc of California (NYSE:BANC) PT Raised to $19.00

Banc of California (NYSE:BANC) had its price target raised by Wedbush from $18.00 to $19.00 in a research report report published on Wednesday, Benzinga reports. Wedbush currently has an outperform rating on the bank’s stock. Wedbush also issued estimates for Banc of California’s Q1 2025 earnings at $0.28 EPS, Q4 2025 earnings at $0.39 EPS and FY2026 earnings at $1.60 EPS.

A number of other equities research analysts have also issued reports on BANC. Stephens reiterated an “equal weight” rating and issued a $14.00 price target on shares of Banc of California in a research note on Wednesday, September 4th. Wells Fargo & Company increased their price target on Banc of California from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Citigroup assumed coverage on Banc of California in a research note on Thursday, October 10th. They issued a “neutral” rating and a $15.00 price target for the company. Raymond James increased their price target on Banc of California from $16.00 to $17.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, Barclays raised their price objective on Banc of California from $16.00 to $17.00 and gave the company an “equal weight” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Banc of California currently has a consensus rating of “Hold” and a consensus target price of $17.20.

Banc of California Price Performance

Shares of Banc of California stock opened at $15.22 on Wednesday. Banc of California has a one year low of $10.53 and a one year high of $15.69. The stock’s fifty day moving average is $14.47 and its 200 day moving average is $13.90. The stock has a market cap of $2.42 billion, a P/E ratio of -3.56 and a beta of 1.14. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.83 and a current ratio of 0.89.

Banc of California (NYSE:BANC) last issued its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.11. Banc of California had a positive return on equity of 2.93% and a negative net margin of 20.75%. The business had revenue of $431.44 million during the quarter, compared to analyst estimates of $229.46 million. During the same quarter in the prior year, the business posted $0.30 EPS. Sell-side analysts anticipate that Banc of California will post 0.61 earnings per share for the current year.

Banc of California Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 16th were given a $0.10 dividend. The ex-dividend date was Monday, September 16th. This represents a $0.40 annualized dividend and a yield of 2.63%. Banc of California’s dividend payout ratio is currently -9.37%.

Insider Buying and Selling

In related news, Director Richard J. Lashley sold 75,000 shares of Banc of California stock in a transaction dated 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 transaction, the director now owns 719,826 shares in the company, 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 legal filing with the SEC, which is accessible through this hyperlink. 7.37% of the stock is currently owned by company insiders.

Institutional Trading of Banc of California

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Banc of California by 17.6% in the first quarter. Vanguard Group Inc. now owns 10,597,751 shares of the bank’s stock worth $161,192,000 after purchasing an additional 1,582,941 shares during the last quarter. Sei Investments Co. raised its stake in shares of Banc of California by 86.0% during the first quarter. Sei Investments Co. now owns 506,202 shares of the bank’s stock valued at $7,699,000 after acquiring an additional 234,021 shares in the last quarter. Empowered Funds LLC raised its stake in shares of Banc of California by 55.5% during the first quarter. Empowered Funds LLC now owns 185,329 shares of the bank’s stock valued at $2,819,000 after acquiring an additional 66,183 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Banc of California by 394.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 331,076 shares of the bank’s stock valued at $5,037,000 after acquiring an additional 264,070 shares in the last quarter. Finally, Redwood Investment Management LLC bought a new stake in shares of Banc of California during the first quarter valued at approximately $630,000. 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.