Wedbush Boosts Banc of California (NYSE:BANC) Price Target to $19.00

Banc of California (NYSE:BANC) had its price objective increased by Wedbush from $18.00 to $19.00 in a research report released on Wednesday, Benzinga reports. The brokerage currently has an outperform rating on the bank’s stock.

A number of other brokerages have also commented on BANC. Stephens reiterated an “equal weight” rating and set a $14.00 price target on shares of Banc of California in a report on Wednesday, September 4th. Keefe, Bruyette & Woods reduced their price target on Banc of California from $18.00 to $17.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 9th. Wells Fargo & Company raised their price objective on Banc of California from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Truist Financial upped their target price on Banc of California from $15.00 to $16.00 and gave the company a “hold” rating in a report on Friday, September 20th. Finally, Raymond James raised their price target on shares of Banc of California from $16.00 to $17.00 and gave the stock an “outperform” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Banc of California currently has a consensus rating of “Hold” and an average price target of $17.00.

Banc of California Stock Performance

NYSE BANC opened at $15.29 on Wednesday. Banc of California has a fifty-two week low of $9.96 and a fifty-two week high of $15.69. The stock has a market cap of $2.40 billion, a PE ratio of -4.59 and a beta of 1.14. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.83 and a current ratio of 0.89. The firm’s fifty day moving average price is $14.40 and its two-hundred day moving average price is $13.89.

Banc of California (NYSE:BANC) last issued its 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 2.12% and a negative net margin of 21.99%. The business had revenue of $431.44 million during the quarter, compared to analysts’ expectations of $229.46 million. During the same quarter in the prior year, the firm earned $0.30 EPS. On average, equities analysts expect that Banc of California will post 0.61 EPS for the current fiscal year.

Banc of California Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 16th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.62%. The ex-dividend date was Monday, September 16th. Banc of California’s dividend payout ratio is presently -12.01%.

Insiders Place Their Bets

In other news, Director Richard J. Lashley sold 75,000 shares of the stock in a transaction dated 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 transaction, the director now owns 719,826 shares of the company’s stock, valued at $10,077,564. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 7.37% of the company’s stock.

Hedge Funds Weigh In On Banc of California

Institutional investors have recently modified their holdings of the company. Tectonic Advisors LLC grew its position in Banc of California by 2.6% in the 3rd quarter. Tectonic Advisors LLC now owns 120,574 shares of the bank’s stock valued at $1,776,000 after purchasing an additional 3,059 shares during the period. Assenagon Asset Management S.A. raised its holdings in Banc of California by 461.6% during the third quarter. Assenagon Asset Management S.A. now owns 651,695 shares of the bank’s stock worth $9,599,000 after buying an additional 535,654 shares during the last quarter. Everence Capital Management Inc. lifted its stake in shares of Banc of California by 47.7% in the third quarter. Everence Capital Management Inc. now owns 19,671 shares of the bank’s stock valued at $290,000 after buying an additional 6,350 shares in the last quarter. Future Financial Wealth Managment LLC acquired a new position in shares of Banc of California during the third quarter valued at about $29,000. Finally, GAMMA Investing LLC increased its holdings in Banc of California by 32.3% during the 3rd quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock worth $44,000 after purchasing an additional 734 shares in the last quarter. 86.88% of the stock is owned by institutional investors and hedge funds.

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.