Banc of California (NYSE:BANC) Given New $19.00 Price Target at Barclays

Banc of California (NYSE:BANC) had its price objective reduced by Barclays from $20.00 to $19.00 in a report published on Friday morning,Benzinga reports. They currently have an overweight rating on the bank’s stock.

Other equities analysts have also recently issued reports about the company. Raymond James boosted their target price on Banc of California from $16.00 to $17.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Citigroup assumed coverage on Banc of California in a research report on Thursday, October 10th. They set a “neutral” rating and a $15.00 price target on the stock. Wells Fargo & Company upgraded Banc of California from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $17.00 to $20.00 in a research report on Monday, January 6th. Keefe, Bruyette & Woods lifted their price target on Banc of California from $17.50 to $20.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Finally, Stephens lifted their price target on 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. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Banc of California has an average rating of “Moderate Buy” and an average target price of $18.10.

Banc of California Price Performance

Shares of Banc of California stock opened at $16.00 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89. The business’s 50 day simple moving average is $16.17 and its two-hundred day simple moving average is $15.02. The stock has a market capitalization of $2.54 billion, a P/E ratio of -3.75 and a beta of 1.14. Banc of California has a one year low of $11.88 and a one year high of $18.08.

Banc of California (NYSE:BANC) last announced its quarterly earnings results on Thursday, January 23rd. The bank reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.05. Banc of California had a positive return on equity of 2.93% and a negative net margin of 20.75%. Analysts forecast that Banc of California will post 0.71 EPS for the current year.

Banc of California Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.50%. The ex-dividend date was Monday, December 16th. Banc of California’s dividend payout ratio (DPR) is 71.43%.

Institutional Investors Weigh In On Banc of California

Several hedge funds have recently added to or reduced their stakes in BANC. Future Financial Wealth Managment LLC bought a new position in shares of Banc of California during the third quarter valued at $29,000. GAMMA Investing LLC increased its position in Banc of California by 32.3% in the third quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock worth $44,000 after buying an additional 734 shares in the last quarter. Mendon Capital Advisors Corp purchased a new stake in shares of Banc of California during the second quarter worth about $102,000. KBC Group NV grew its position in shares of Banc of California by 71.0% during the fourth quarter. KBC Group NV now owns 7,286 shares of the bank’s stock worth $113,000 after purchasing an additional 3,026 shares in the last quarter. Finally, Paloma Partners Management Co purchased a new stake in shares of Banc of California during the third quarter worth about $158,000. 86.88% of the stock is owned by institutional investors.

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.