Banc of California, Inc. (NYSE:BANC) Receives $18.18 Average PT from Analysts

Shares of Banc of California, Inc. (NYSE:BANC) have earned a consensus recommendation of “Moderate Buy” from the eleven research firms that are covering the company, Marketbeat.com reports. Four analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $18.18.

A number of equities research analysts recently weighed in on BANC shares. JPMorgan Chase & Co. started coverage on Banc of California in a research report on Friday, February 7th. They set a “neutral” rating and a $18.00 price objective on the stock. Stephens dropped their price objective on Banc of California from $18.00 to $17.00 and set an “equal weight” rating on the stock in a research report on Monday, January 27th. 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 research note on Friday, January 24th. DA Davidson increased their price target on Banc of California from $16.50 to $19.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Finally, Wells Fargo & Company upgraded Banc of California from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $17.00 to $20.00 in a research note on Monday, January 6th.

Banc of California Price Performance

BANC opened at $15.88 on Friday. Banc of California has a 12-month low of $11.88 and a 12-month high of $18.08. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. The business’s fifty day simple moving average is $15.95 and its 200-day simple moving average is $15.25. The company has a market capitalization of $2.52 billion, a price-to-earnings ratio of 28.36 and a beta of 1.14.

Banc of California (NYSE:BANC) last posted its quarterly earnings results on Thursday, January 23rd. The bank reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.05. Banc of California had a return on equity of 6.20% and a net margin of 7.06%. On average, equities research analysts anticipate that Banc of California will post 1.33 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. Stockholders of record on Friday, March 14th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.52%. The ex-dividend date is Friday, March 14th. Banc of California’s payout ratio is 71.43%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of BANC. Salzhauer Michael grew its holdings in Banc of California by 19.7% during the fourth quarter. Salzhauer Michael now owns 377,576 shares of the bank’s stock worth $5,837,000 after acquiring an additional 62,037 shares during the period. Marshall Wace LLP grew its holdings in Banc of California by 1,938.1% during the fourth quarter. Marshall Wace LLP now owns 236,420 shares of the bank’s stock worth $3,655,000 after acquiring an additional 224,820 shares during the period. Keeley Teton Advisors LLC grew its holdings in Banc of California by 8.2% during the fourth quarter. Keeley Teton Advisors LLC now owns 44,162 shares of the bank’s stock worth $683,000 after acquiring an additional 3,362 shares during the period. Jump Financial LLC grew its holdings in Banc of California by 30.6% during the fourth quarter. Jump Financial LLC now owns 215,690 shares of the bank’s stock worth $3,335,000 after acquiring an additional 50,479 shares during the period. Finally, Barclays PLC grew its holdings in Banc of California by 11.9% during the fourth quarter. Barclays PLC now owns 476,410 shares of the bank’s stock worth $7,366,000 after acquiring an additional 50,776 shares during the period. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

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.