Banc of California (NYSE:BANC) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Banc of California (NYSE:BANC) from a sell rating to a hold rating in a research report sent to investors on Saturday.

BANC has been the topic of a number of other reports. JPMorgan Chase & Co. raised their price target on shares of Banc of California from $21.00 to $24.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 16th. Citigroup raised Banc of California from a “neutral” rating to a “buy” rating and raised their target price for the stock from $18.00 to $21.50 in a research note on Monday, October 27th. Barclays increased their price objective on Banc of California from $21.00 to $25.00 and gave the stock an “overweight” rating in a research note on Friday, December 19th. Wells Fargo & Company lifted their target price on shares of Banc of California from $18.00 to $20.00 and gave the stock an “overweight” rating in a research note on Monday, September 29th. Finally, DA Davidson upped their price objective on Banc of California from $20.00 to $21.00 and gave the stock a “buy” rating in a report on Friday, October 24th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $19.95.

Banc of California Stock Performance

Shares of BANC stock opened at $20.22 on Friday. Banc of California has a one year low of $11.52 and a one year high of $20.68. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.89. The stock has a market cap of $3.06 billion, a P/E ratio of 19.44 and a beta of 0.69. The company has a fifty day moving average price of $18.75 and a two-hundred day moving average price of $16.95.

Banc of California (NYSE:BANC) last released its quarterly earnings data on Monday, May 13th. The bank reported $1.03 earnings per share (EPS) for the quarter. Banc of California had a return on equity of 8.00% and a net margin of 11.49%.The firm had revenue of $315.66 million for the quarter. As a group, equities analysts predict that Banc of California will post 1.31 EPS for the current year.

Banc of California Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 2nd. Investors of record on Monday, December 15th were given a dividend of $0.10 per share. The ex-dividend date was Monday, December 15th. This represents a $0.40 dividend on an annualized basis and a yield of 2.0%. Banc of California’s dividend payout ratio is 38.46%.

Institutional Investors Weigh In On Banc of California

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Triumph Capital Management purchased a new position in shares of Banc of California during the 3rd quarter valued at $25,000. Advisory Services Network LLC bought a new stake in shares of Banc of California in the 3rd quarter valued at approximately $36,000. GAMMA Investing LLC boosted its holdings in shares of Banc of California by 22.2% in the 2nd quarter. GAMMA Investing LLC now owns 4,201 shares of the bank’s stock worth $59,000 after purchasing an additional 762 shares during the period. Aster Capital Management DIFC Ltd boosted its holdings in shares of Banc of California by 145.1% in the 3rd quarter. Aster Capital Management DIFC Ltd now owns 4,181 shares of the bank’s stock worth $69,000 after purchasing an additional 2,475 shares during the period. Finally, Danske Bank A S bought a new position in shares of Banc of California during the 3rd quarter valued at approximately $70,000. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

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.