Banc of California, Inc. (NYSE:BANC) Receives $20.86 Average Price Target from Analysts

Banc of California, Inc. (NYSE:BANC) has received a consensus rating of “Moderate Buy” from the twelve ratings firms that are currently covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a hold recommendation, nine have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $20.8636.

Several equities analysts recently commented on BANC shares. Barclays increased their price objective on shares of Banc of California from $21.00 to $25.00 and gave the company an “overweight” rating in a research note on Friday, December 19th. Piper Sandler increased their price target on Banc of California from $24.00 to $25.00 and gave the company an “overweight” rating in a research note on Monday, January 26th. Citigroup upgraded Banc of California from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $18.00 to $21.50 in a research report on Monday, October 27th. Keefe, Bruyette & Woods upped their target price on Banc of California from $22.00 to $23.00 and gave the stock an “outperform” rating in a report on Friday, January 23rd. Finally, Wall Street Zen raised Banc of California from a “sell” rating to a “hold” rating in a research note on Saturday, January 10th.

Hedge Funds Weigh In On Banc of California

Several large investors have recently modified their holdings of the business. Triumph Capital Management bought a new stake in shares of Banc of California in the third quarter worth $25,000. Navalign LLC acquired a new position in Banc of California during the 4th quarter worth about $27,000. Orion Capital Management LLC bought a new stake in shares of Banc of California in the 4th quarter valued at about $35,000. Advisory Services Network LLC acquired a new stake in shares of Banc of California in the third quarter valued at about $36,000. Finally, EverSource Wealth Advisors LLC raised its position in shares of Banc of California by 38.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank’s stock worth $39,000 after acquiring an additional 564 shares during the last quarter. Institutional investors own 86.88% of the company’s stock.

Banc of California Stock Performance

NYSE:BANC opened at $20.06 on Thursday. Banc of California has a twelve month low of $11.52 and a twelve month high of $21.61. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.31. The stock’s 50-day simple moving average is $20.08 and its 200 day simple moving average is $18.07. The firm has a market capitalization of $3.03 billion, a PE ratio of 17.00 and a beta of 0.72.

Banc of California (NYSE:BANC) last posted its earnings results on Wednesday, January 21st. The bank reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.05. Banc of California had a net margin of 12.59% and a return on equity of 8.66%. The firm had revenue of $292.93 million during the quarter, compared to analysts’ expectations of $288.41 million. During the same quarter in the prior year, the business earned $0.28 earnings per share. On average, analysts anticipate that Banc of California will post 1.31 EPS for the current fiscal year.

Banc of California Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Monday, March 16th will be given a dividend of $0.12 per share. The ex-dividend date is Monday, March 16th. This represents a $0.48 annualized dividend and a yield of 2.4%. This is a boost from Banc of California’s previous quarterly dividend of $0.10. Banc of California’s dividend payout ratio is 33.90%.

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.