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

Shares of Banc of California, Inc. (NYSE:BANC) have been given a consensus rating of “Moderate Buy” by the twelve ratings firms that are covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a hold recommendation, nine have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $20.8636.

Several research analysts have recently weighed in on BANC shares. Wall Street Zen raised Banc of California from a “sell” rating to a “hold” rating in a research report on Saturday, January 10th. Barclays boosted their target price on Banc of California from $21.00 to $25.00 and gave the company an “overweight” rating in a research note on Friday, December 19th. Keefe, Bruyette & Woods upped their price target on Banc of California from $22.00 to $23.00 and gave the stock an “outperform” rating in a research report on Friday, January 23rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Banc of California in a research note on Wednesday, January 21st. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Banc of California from $21.00 to $24.00 and gave the company an “overweight” rating in a report on Tuesday, December 16th.

Banc of California Trading Down 0.1%

BANC opened at $16.78 on Monday. The stock has a market capitalization of $2.54 billion, a P/E ratio of 14.22 and a beta of 0.73. 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 has a 12 month low of $11.52 and a 12 month high of $21.61. The firm’s fifty day simple moving average is $19.60 and its 200 day simple moving average is $18.35.

Banc of California (NYSE:BANC) last released its earnings results on Wednesday, January 21st. The bank reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.05. Banc of California had a return on equity of 8.66% and a net margin of 12.59%.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 company earned $0.28 EPS. As a group, research 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 $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 2.9%. This is an increase from Banc of California’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend is Monday, March 16th. Banc of California’s payout ratio is 33.90%.

Institutional Investors Weigh In On Banc of California

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Royal Bank of Canada boosted its stake in shares of Banc of California by 9.4% during the 1st quarter. Royal Bank of Canada now owns 74,043 shares of the bank’s stock worth $1,050,000 after buying an additional 6,364 shares during the last quarter. AQR Capital Management LLC increased its position in shares of Banc of California by 209.4% in the first quarter. AQR Capital Management LLC now owns 103,044 shares of the bank’s stock valued at $1,462,000 after acquiring an additional 69,739 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Banc of California by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 82,689 shares of the bank’s stock worth $1,173,000 after acquiring an additional 3,611 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in Banc of California by 8.5% during the first quarter. Goldman Sachs Group Inc. now owns 3,796,996 shares of the bank’s stock worth $53,879,000 after acquiring an additional 297,680 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Banc of California by 1.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 441,856 shares of the bank’s stock valued at $6,270,000 after purchasing an additional 4,263 shares during the last quarter. 86.88% of the stock is owned by 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.