Banc of California (NYSE:BANC) Reaches New 12-Month High – What’s Next?

Banc of California, Inc. (NYSE:BANC)’s share price reached a new 52-week high on Wednesday . The stock traded as high as $16.90 and last traded at $16.90, with a volume of 42659 shares. The stock had previously closed at $15.26.

Analyst Ratings Changes

BANC has been the subject of several recent analyst reports. Wells Fargo & Company raised their target price on shares of Banc of California from $16.00 to $17.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 23rd. Stephens lifted their target price on Banc of California from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 24th. Wedbush increased their price target on Banc of California from $18.00 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Truist Financial lifted their price objective on shares of Banc of California from $15.00 to $16.00 and gave the stock a “hold” rating in a research report on Friday, September 20th. Finally, DA Davidson increased their price objective on shares of Banc of California from $16.50 to $19.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Banc of California currently has an average rating of “Hold” and a consensus target price of $17.30.

Banc of California Price Performance

The firm has a market cap of $2.62 billion, a price-to-earnings ratio of -3.57 and a beta of 1.13. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. The company’s 50-day moving average is $14.63 and its 200-day moving average is $13.97.

Banc of California (NYSE:BANC) last posted its quarterly earnings results 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. The company had revenue of $431.44 million for the quarter, compared to the consensus estimate 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 period last year, the company posted $0.30 EPS. Equities research analysts predict that Banc of California, Inc. will post 0.7 earnings per share for the current year.

Banc of California Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 16th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.40 dividend on an annualized basis and a yield of 2.43%. Banc of California’s dividend payout ratio is currently -9.37%.

Insiders Place Their Bets

In related news, Director Richard J. Lashley sold 75,000 shares of Banc of California stock in a transaction that occurred on 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 sale, the director now directly owns 719,826 shares in the company, valued at $10,077,564. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On Banc of California

A number of hedge funds have recently made changes to their positions in BANC. Fifth Third Bancorp raised its holdings in Banc of California by 146.3% during the 2nd quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock worth $27,000 after purchasing an additional 1,273 shares during the last quarter. Future Financial Wealth Managment LLC bought a new position in Banc of California during the third quarter worth $29,000. GAMMA Investing LLC lifted its holdings in Banc of California by 32.3% in the third quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock valued at $44,000 after buying an additional 734 shares during the period. Mendon Capital Advisors Corp bought a new stake in Banc of California during the second quarter valued at $102,000. Finally, Simplicity Wealth LLC acquired a new stake in Banc of California during the 2nd quarter worth about $132,000. 86.88% of the stock is currently owned by institutional investors.

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.