Banc of California (NYSE:BANC) Price Target Lowered to $22.00 at Piper Sandler

Banc of California (NYSE:BANC) had its price target decreased by Piper Sandler from $25.00 to $22.00 in a research note released on Thursday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the bank’s stock.

A number of other analysts also recently commented on BANC. Wells Fargo & Company raised their price objective on Banc of California from $20.00 to $22.00 and gave the stock an “overweight” rating in a research report on Monday. Barclays boosted their price objective on Banc of California from $21.00 to $25.00 and gave the company an “overweight” rating in a research report on Friday, December 19th. JPMorgan Chase & Co. reduced their target price on Banc of California from $25.00 to $20.50 and set an “overweight” rating for the company in a research report on Wednesday. Weiss Ratings reiterated a “hold (c)” rating on shares of Banc of California in a research note on Wednesday, January 21st. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Banc of California from $22.00 to $23.00 and gave the company an “outperform” rating in a report on Friday, January 23rd. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $20.45.

Banc of California Stock Down 0.6%

Shares of BANC opened at $17.61 on Thursday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.90. The company has a 50-day simple moving average of $18.69 and a 200-day simple moving average of $18.36. Banc of California has a 52 week low of $11.52 and a 52 week high of $21.61. The firm has a market capitalization of $2.64 billion, a P/E ratio of 14.92 and a beta of 0.74.

Banc of California (NYSE:BANC) last released its earnings results on Wednesday, January 21st. The bank reported $0.42 earnings per share 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 business had revenue of $292.93 million for the quarter, compared to the consensus estimate of $288.41 million. During the same period last year, the business earned $0.28 earnings per share. On average, equities research analysts expect that Banc of California will post 1.31 earnings per share for the current year.

Banc of California Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 1st. Stockholders of record on Monday, March 16th were paid a $0.12 dividend. The ex-dividend date was Monday, March 16th. This represents a $0.48 annualized dividend and a dividend yield of 2.7%. This is an increase from Banc of California’s previous quarterly dividend of $0.10. Banc of California’s dividend payout ratio is currently 40.68%.

Hedge Funds Weigh In On Banc of California

Hedge funds and other institutional investors have recently modified their holdings of the stock. Triumph Capital Management acquired a new stake in Banc of California in the 3rd quarter valued at $25,000. Navalign LLC acquired a new position in Banc of California during the fourth quarter worth $27,000. Orion Capital Management LLC bought a new position in shares of Banc of California during the fourth quarter valued at $35,000. Advisory Services Network LLC bought a new position in shares of Banc of California during the third quarter valued at $36,000. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of Banc of California by 38.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank’s stock valued at $39,000 after purchasing an additional 564 shares in the last quarter. Institutional investors own 86.88% of the company’s stock.

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.