Banc of California, Inc. (NYSE:BANC) Receives $22.62 Consensus PT from Brokerages

Shares of Banc of California, Inc. (NYSE:BANC) have been assigned a consensus rating of “Buy” from the ten analysts that are covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $22.6250.

Several equities research analysts have issued reports on BANC shares. JPMorgan Chase & Co. lifted their target price on shares of Banc of California from $22.00 to $24.00 and gave the company an “overweight” rating in a research report on Wednesday, July 1st. Wells Fargo & Company started coverage on shares of Banc of California in a research note on Monday, August 10th. They issued an “overweight” rating and a $23.00 target price on the stock. Wall Street Zen downgraded shares of Banc of California from a “hold” rating to a “sell” rating in a research note on Saturday, August 15th. Weiss Ratings cut Banc of California from a “hold (c+)” rating to a “hold (c-)” rating in a report on Friday, August 21st. Finally, Brean Capital cut shares of Banc of California from a “buy” rating to a “neutral” rating in a research report on Thursday, July 30th.

Banc of California Price Performance

Shares of NYSE:BANC opened at $18.41 on Monday. The company has a 50 day moving average of $19.68 and a 200 day moving average of $19.02. The company has a current ratio of 0.89, a quick ratio of 0.86 and a debt-to-equity ratio of 0.20. The stock has a market cap of $2.92 billion, a P/E ratio of -43.82 and a beta of 0.73. Banc of California has a 12 month low of $15.33 and a 12 month high of $21.93.

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

Banc of California Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be given a $0.12 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.6%. Banc of California’s dividend payout ratio is currently -114.29%.

Insider Buying and Selling

In other Banc of California news, insider Olivia Lindsay sold 6,000 shares of the company’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $19.50, for a total value of $117,000.00. Following the sale, the insider owned 32,842 shares in the company, valued at approximately $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 can be accessed through this link. 2.78% of the stock is owned by insiders.

Hedge Funds Weigh In On Banc of California

Several institutional investors and hedge funds have recently modified their holdings of the stock. Triumph Capital Management purchased a new position in Banc of California in the 3rd quarter worth about $25,000. Navalign LLC purchased a new position in shares of Banc of California in the 4th quarter worth $27,000. Western Wealth Management LLC purchased a new position in Banc of California in the first quarter worth about $29,000. Advisory Services Network LLC purchased a new position in shares of Banc of California in the third quarter worth approximately $36,000. Finally, Orion Capital Management LLC bought a new stake in shares of Banc of California during the 2nd quarter valued at $37,000. 86.88% of the stock is currently owned by institutional investors.

About Banc of California

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.