Banc of California (NYSE:BANC) Price Target Raised to $22.00 at Wells Fargo & Company

Banc of California (NYSE:BANC) had its target price hoisted by Wells Fargo & Company from $20.00 to $22.00 in a research report report published on Monday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the bank’s stock.

A number of other research analysts also recently commented on BANC. Barclays increased their price target on shares of Banc of California from $21.00 to $25.00 and gave the company an “overweight” rating in a report on Friday, December 19th. Piper Sandler boosted their price objective on Banc of California from $24.00 to $25.00 and gave the stock an “overweight” rating in a research note on Monday, January 26th. Weiss Ratings restated a “hold (c)” rating on shares of Banc of California in a research report on Wednesday, January 21st. Wall Street Zen raised Banc of California from a “sell” rating to a “hold” rating in a research note on Saturday, January 10th. Finally, JPMorgan Chase & Co. boosted their target price on Banc of California from $21.00 to $24.00 and gave the company an “overweight” rating in a research report on Tuesday, December 16th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $21.05.

Banc of California Price Performance

Banc of California stock opened at $16.97 on Monday. Banc of California has a 52-week low of $11.52 and a 52-week 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 firm’s fifty day moving average is $18.88 and its 200 day moving average is $18.36. The company has a market cap of $2.55 billion, a price-to-earnings ratio of 14.38 and a beta of 0.73.

Banc of California (NYSE:BANC) last issued its quarterly earnings data 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 business had revenue of $292.93 million during the quarter, compared to analysts’ expectations of $288.41 million. During the same period last year, the company posted $0.28 EPS. Sell-side analysts forecast 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. Stockholders of record on Monday, March 16th will be paid a dividend of $0.12 per share. This is a positive change from Banc of California’s previous quarterly dividend of $0.10. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Monday, March 16th. Banc of California’s payout ratio is currently 40.68%.

Institutional Investors Weigh In On Banc of California

A number of institutional investors and hedge funds have recently modified their holdings of BANC. Triumph Capital Management bought a new position in Banc of California in the 3rd quarter valued at $25,000. Navalign LLC bought a new stake in shares of Banc of California during the fourth quarter worth $27,000. Orion Capital Management LLC purchased a new stake in shares of Banc of California during the fourth quarter valued at $35,000. Advisory Services Network LLC purchased a new stake in shares of Banc of California during the third quarter valued at $36,000. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Banc of California by 38.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank’s stock worth $39,000 after purchasing an additional 564 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.