Barclays Forecasts Strong Price Appreciation for Banc of California (NYSE:BANC) Stock

Banc of California (NYSE:BANC) had its price objective raised by Barclays from $18.00 to $20.00 in a report issued on Thursday morning,Benzinga reports. The firm currently has an overweight rating on the bank’s stock.

Several other equities analysts have also recently weighed in on the stock. Stephens raised their price target on shares of Banc of California from $15.00 to $16.00 and gave the company an “equal weight” rating in a research report on Thursday, October 24th. DA Davidson increased their price objective on Banc of California from $16.50 to $19.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Truist Financial lifted their target price on Banc of California from $15.00 to $16.00 and gave the company a “hold” rating in a research report on Friday, September 20th. Wedbush upped their price target on Banc of California from $18.00 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Finally, Keefe, Bruyette & Woods raised their price objective on Banc of California from $17.50 to $20.00 and gave the company an “outperform” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $17.80.

Banc of California Trading Up 0.8 %

NYSE BANC opened at $17.06 on Thursday. Banc of California has a 52 week low of $11.88 and a 52 week high of $18.08. The business has a 50 day moving average price of $15.71 and a 200-day moving average price of $14.36. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31. The company has a market cap of $2.71 billion, a price-to-earnings ratio of -4.00 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 the consensus estimate of $0.14 by $0.11. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%. The firm had revenue of $431.44 million for the quarter, compared to the consensus estimate of $229.46 million. During the same quarter in the prior year, the company posted $0.30 earnings per share. As a group, equities 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 declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 16th will be given a dividend of $0.10 per share. The ex-dividend date is Monday, December 16th. This represents a $0.40 annualized dividend and a yield of 2.34%. Banc of California’s payout ratio is currently -9.37%.

Institutional Trading of Banc of California

Several hedge funds have recently added to or reduced their stakes in BANC. Simplicity Wealth LLC purchased a new stake in shares of Banc of California during the 2nd quarter worth approximately $132,000. SG Americas Securities LLC increased its position in Banc of California by 380.1% in the second quarter. SG Americas Securities LLC now owns 48,650 shares of the bank’s stock worth $622,000 after buying an additional 38,516 shares during the last quarter. Assenagon Asset Management S.A. raised its stake in shares of Banc of California by 36.8% in the second quarter. Assenagon Asset Management S.A. now owns 116,041 shares of the bank’s stock valued at $1,483,000 after buying an additional 31,246 shares during the period. Neo Ivy Capital Management purchased a new position in shares of Banc of California during the 2nd quarter valued at $2,953,000. Finally, Fifth Third Bancorp grew its stake in shares of 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 acquiring an additional 1,273 shares during the period. 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.