Analysts Set Banc of California, Inc. (NYSE:BANC) Target Price at $22.69

Shares of Banc of California, Inc. (NYSE:BANC) have received a consensus recommendation of “Buy” from the nine ratings firms that are currently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $22.6875.

Several research analysts have weighed in on BANC shares. DA Davidson reiterated a “buy” rating and issued a $24.00 price target on shares of Banc of California in a research report on Tuesday, April 28th. Weiss Ratings cut Banc of California from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, June 4th. Wells Fargo & Company lifted their price target on shares of Banc of California from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Monday, July 6th. Barclays decreased their price target on shares of Banc of California from $25.00 to $23.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 7th. Finally, JPMorgan Chase & Co. raised their price target on Banc of California from $22.00 to $24.00 and gave the company an “overweight” rating in a report on Wednesday, July 1st.

Banc of California Price Performance

Shares of BANC opened at $21.35 on Friday. The firm has a market cap of $3.29 billion, a PE ratio of 16.30 and a beta of 0.73. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. The firm has a fifty day simple moving average of $19.95 and a two-hundred day simple moving average of $19.29. Banc of California has a 1-year low of $13.96 and a 1-year high of $21.93.

Banc of California (NYSE:BANC) last released its quarterly earnings results on Wednesday, April 22nd. The bank reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. Banc of California had a return on equity of 9.25% and a net margin of 13.58%.The firm had revenue of $286.95 million for the quarter, compared to the consensus estimate of $291.28 million. During the same period last year, the business posted $0.26 EPS. The company’s revenue for the quarter was up 7.9% on a year-over-year basis. On average, equities analysts anticipate that Banc of California will post 1.71 EPS for the current year.

Banc of California Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Monday, June 15th were given a $0.12 dividend. The ex-dividend date was Monday, June 15th. This represents a $0.48 annualized dividend and a yield of 2.2%. Banc of California’s dividend payout ratio (DPR) is currently 36.64%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Assenagon Asset Management S.A. bought a new position in Banc of California during the 2nd quarter valued at about $21,767,000. GAMMA Investing LLC lifted its holdings in Banc of California by 22.8% during the 2nd quarter. GAMMA Investing LLC now owns 6,576 shares of the bank’s stock valued at $134,000 after buying an additional 1,222 shares in the last quarter. PVG Asset Management Corp boosted its position in Banc of California by 512.6% in the 1st quarter. PVG Asset Management Corp now owns 77,175 shares of the bank’s stock valued at $1,357,000 after buying an additional 64,578 shares during the period. Glenmede Trust Co. NA purchased a new stake in Banc of California in the 1st quarter valued at about $246,000. Finally, Western Wealth Management LLC bought a new position in Banc of California in the 1st quarter worth about $29,000. 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.