Banc of California, Inc. (NYSE:BANC) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Banc of California, Inc. (NYSE:BANC) have been given a consensus rating of “Moderate Buy” by the eleven analysts that are currently covering the firm, Marketbeat reports. Four investment analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $18.18.

Several analysts have recently issued reports on BANC shares. Barclays decreased their price target on Banc of California from $20.00 to $19.00 and set an “overweight” rating for the company in a research note on Friday, January 24th. Raymond James increased their price target on Banc of California from $17.00 to $18.00 and gave the company an “outperform” rating in a report on Friday, January 24th. Keefe, Bruyette & Woods boosted their price objective on shares of Banc of California from $17.50 to $20.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Stephens lowered their target price on shares of Banc of California from $18.00 to $17.00 and set an “equal weight” rating on the stock in a research note on Monday, January 27th. Finally, Wells Fargo & Company raised shares of Banc of California from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $17.00 to $20.00 in a research report on Monday, January 6th.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Wellington Management Group LLP raised its stake in shares of Banc of California by 274.6% in the 4th quarter. Wellington Management Group LLP now owns 5,393,076 shares of the bank’s stock valued at $83,377,000 after buying an additional 3,953,380 shares in the last quarter. Wealth Enhancement Advisory Services LLC acquired a new position in Banc of California in the fourth quarter worth about $210,000. Tiptree Advisors LLC bought a new position in Banc of California during the fourth quarter worth about $3,664,000. Mackenzie Financial Corp acquired a new stake in Banc of California during the fourth quarter valued at approximately $455,000. Finally, Public Employees Retirement System of Ohio bought a new stake in shares of Banc of California in the 4th quarter valued at approximately $1,066,000. 86.88% of the stock is currently owned by institutional investors and hedge funds.

Banc of California Price Performance

NYSE BANC opened at $14.15 on Monday. The company has a 50 day moving average price of $15.09 and a two-hundred day moving average price of $15.43. Banc of California has a 12-month low of $11.88 and a 12-month high of $18.08. The stock has a market capitalization of $2.25 billion, a PE ratio of 25.26 and a beta of 1.18. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.31.

Banc of California (NYSE:BANC) last released its quarterly earnings data on Thursday, January 23rd. The bank reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.05. Banc of California had a net margin of 7.06% and a return on equity of 6.20%. As a group, equities analysts predict that Banc of California will post 1.31 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be given a $0.10 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.83%. Banc of California’s dividend payout ratio is currently 71.43%.

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.