Banc of California, Inc. (NYSE:BANC) Receives $22.62 Average Price Target from Analysts

Banc of California, Inc. (NYSE:BANC) has received a consensus recommendation of “Buy” from the ten analysts that are presently covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating on the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $22.6250.

BANC has been the topic of a number of research analyst reports. DA Davidson reissued a “buy” rating and issued a $24.00 target price on shares of Banc of California in a research report on Tuesday, April 28th. Piper Sandler raised their price target on Banc of California from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Monday, April 27th. Wells Fargo & Company assumed coverage on Banc of California in a research note on Monday, August 10th. They issued an “overweight” rating and a $23.00 price objective for the company. Barclays cut their price objective on Banc of California from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Monday, August 3rd. Finally, Brean Capital lowered Banc of California from a “buy” rating to a “neutral” rating in a research note on Thursday, July 30th.

Banc of California Price Performance

Shares of BANC opened at $19.68 on Thursday. The firm has a 50-day simple moving average of $20.17 and a two-hundred day simple moving average of $19.21. The stock has a market cap of $3.12 billion, a PE ratio of -46.85 and a beta of 0.74. Banc of California has a 1-year low of $15.33 and a 1-year high of $21.93. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.89 and a quick ratio of 0.86.

Banc of California (NYSE:BANC) last issued its quarterly earnings data on Wednesday, July 29th. The bank reported ($1.61) EPS for the quarter, missing the consensus estimate of $0.40 by ($2.01). The company had revenue of $16.41 million during the quarter, compared to analyst estimates of $295.32 million. Banc of California had a positive return on equity of 7.98% and a negative net margin of 1.44%.The business’s revenue was down 94.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.31 earnings per share. As a group, analysts forecast that Banc of California will post 1.68 EPS for the current year.

Banc of California Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend is Tuesday, September 15th. Banc of California’s payout ratio is currently -114.29%.

Insider Transactions at Banc of California

In other Banc of California news, insider Olivia I. Lindsay sold 6,000 shares of the business’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $19.50, for a total transaction of $117,000.00. Following the sale, the insider directly owned 32,842 shares in the company, valued at $640,419. This represents a 15.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.78% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Royal Bank of Canada grew its holdings in shares of Banc of California by 9.4% in the first quarter. Royal Bank of Canada now owns 74,043 shares of the bank’s stock valued at $1,050,000 after purchasing an additional 6,364 shares in the last quarter. AQR Capital Management LLC lifted its holdings in Banc of California by 209.4% during the 1st quarter. AQR Capital Management LLC now owns 103,044 shares of the bank’s stock worth $1,462,000 after buying an additional 69,739 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Banc of California by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 82,689 shares of the bank’s stock worth $1,173,000 after buying an additional 3,611 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in Banc of California by 8.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,796,996 shares of the bank’s stock valued at $53,879,000 after buying an additional 297,680 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Banc of California by 1.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 441,856 shares of the bank’s stock valued at $6,270,000 after buying an additional 4,263 shares during the period. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Banc of California Company Profile

Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.

Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.