Banc of California, Inc. (NYSE:BANC) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of Banc of California, Inc. (NYSE:BANCGet Free Report) have been assigned a consensus recommendation of “Moderate Buy” from the eleven brokerages that are presently covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $20.45.

Several research analysts recently weighed in on BANC shares. JPMorgan Chase & Co. increased their price objective on Banc of California from $21.00 to $24.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 16th. Barclays increased their price target on Banc of California from $21.00 to $25.00 and gave the stock an “overweight” rating in a report on Friday, December 19th. Weiss Ratings reissued a “hold (c)” rating on shares of Banc of California in a research report on Wednesday. Citigroup raised shares of Banc of California from a “neutral” rating to a “buy” rating and upped their target price for the company from $18.00 to $21.50 in a research report on Monday, October 27th. Finally, Wells Fargo & Company increased 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.

Check Out Our Latest Analysis on BANC

Key Stories Impacting Banc of California

Here are the key news stories impacting Banc of California this week:

Banc of California Trading Down 3.9%

Shares of BANC opened at $19.93 on Friday. Banc of California has a 12-month low of $11.52 and a 12-month high of $21.61. The firm has a market capitalization of $3.02 billion, a P/E ratio of 16.89 and a beta of 0.69. The firm has a 50-day moving average price of $19.37 and a 200 day moving average price of $17.31. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31.

Banc of California (NYSE:BANCGet Free Report) last posted its earnings results on Wednesday, January 21st. The bank reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.05. The company had revenue of $292.93 million for the quarter, compared to analyst estimates of $288.41 million. Banc of California had a net margin of 12.59% and a return on equity of 8.66%. During the same period in the previous year, the business posted $0.28 EPS. Sell-side analysts forecast that Banc of California will post 1.31 EPS for the current year.

Banc of California Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 2nd. Investors of record on Monday, December 15th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.0%. The ex-dividend date was Monday, December 15th. Banc of California’s dividend payout ratio (DPR) is 33.90%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in BANC. Bank of America Corp DE grew its stake in shares of Banc of California by 243.9% in the third quarter. Bank of America Corp DE now owns 3,430,938 shares of the bank’s stock valued at $56,782,000 after buying an additional 2,433,394 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Banc of California by 45.4% during the 3rd quarter. Dimensional Fund Advisors LP now owns 5,053,402 shares of the bank’s stock valued at $83,635,000 after acquiring an additional 1,576,914 shares during the period. Balyasny Asset Management L.P. acquired a new position in Banc of California in the 2nd quarter valued at about $17,400,000. FJ Capital Management LLC increased its stake in Banc of California by 265.8% during the second quarter. FJ Capital Management LLC now owns 1,365,440 shares of the bank’s stock worth $19,184,000 after purchasing an additional 992,154 shares during the period. Finally, Invesco Ltd. lifted its position in shares of Banc of California by 21.5% during the second quarter. Invesco Ltd. now owns 5,410,938 shares of the bank’s stock worth $76,024,000 after purchasing an additional 957,693 shares in the last quarter. 86.88% of the stock is currently owned by institutional investors and hedge funds.

Banc of California Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Banc of California (NYSE:BANC)

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