Banc of California, Inc. (NYSE:BANC) Receives $17.07 Average Target Price from Brokerages

Banc of California, Inc. (NYSE:BANC) has received an average recommendation of “Hold” from the five analysts that are currently covering the company, Marketbeat.com reports. Four equities research analysts have rated the stock with a hold recommendation and one has given a buy recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $17.07.

A number of brokerages have recently commented on BANC. Keefe, Bruyette & Woods upgraded shares of Banc of California from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $16.00 to $18.00 in a report on Friday, March 22nd. Wells Fargo & Company boosted their target price on shares of Banc of California from $14.00 to $16.00 and gave the company an “equal weight” rating in a report on Wednesday, April 10th. Wedbush boosted their target price on shares of Banc of California from $14.00 to $16.00 and gave the company a “neutral” rating in a report on Friday, January 26th. Barclays started coverage on Banc of California in a research report on Friday, March 8th. They issued an “equal weight” rating and a $16.00 price target for the company. Finally, Truist Financial reaffirmed a “hold” rating and issued a $16.00 price target on shares of Banc of California in a research report on Monday, April 1st.

Insiders Place Their Bets

In other news, Director James Andrew Barker purchased 10,000 shares of the business’s stock in a transaction on Wednesday, February 14th. The stock was acquired at an average cost of $13.16 per share, for a total transaction of $131,600.00. Following the purchase, the director now directly owns 159,680 shares in the company, valued at approximately $2,101,388.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 2.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Banc of California

Large investors have recently made changes to their positions in the company. Warburg Pincus LLC bought a new position in shares of Banc of California during the 4th quarter valued at approximately $209,411,000. Vanguard Group Inc. grew its stake in shares of Banc of California by 143.4% during the 4th quarter. Vanguard Group Inc. now owns 9,014,810 shares of the bank’s stock valued at $121,069,000 after acquiring an additional 5,311,842 shares during the period. Bayview Asset Management LLC bought a new position in shares of Banc of California during the 4th quarter valued at approximately $27,297,000. Goldman Sachs Group Inc. grew its stake in shares of Banc of California by 148.6% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,997,802 shares of the bank’s stock valued at $40,260,000 after acquiring an additional 1,791,992 shares during the period. Finally, Massachusetts Financial Services Co. MA boosted its stake in Banc of California by 345.6% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,291,541 shares of the bank’s stock worth $30,775,000 after purchasing an additional 1,777,330 shares during the period. 86.88% of the stock is currently owned by institutional investors.

Banc of California Stock Performance

NYSE:BANC opened at $13.82 on Monday. The stock has a market cap of $2.17 billion, a P/E ratio of -4.37 and a beta of 1.15. The firm’s fifty day simple moving average is $14.44 and its 200 day simple moving average is $13.25. Banc of California has a twelve month low of $9.72 and a twelve month high of $16.08. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.32.

Banc of California (NYSE:BANC) last announced its earnings results on Thursday, January 25th. The bank reported ($4.55) EPS for the quarter, missing analysts’ consensus estimates of ($0.28) by ($4.27). Banc of California had a negative net margin of 44.04% and a positive return on equity of 1.14%. The business had revenue of $193.06 million for the quarter, compared to the consensus estimate of $163.11 million. During the same quarter last year, the firm posted $0.45 EPS. As a group, research analysts predict that Banc of California will post 1.5 EPS for the current year.

Banc of California Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date of this dividend was Thursday, March 14th. Banc of California’s dividend payout ratio (DPR) is -12.66%.

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.