Banc of California (NYSE:BANC) Price Target Cut to $23.00 by Analysts at Barclays

Banc of California (NYSE:BANC) had its price objective trimmed by Barclays from $25.00 to $23.00 in a research report report published on Tuesday morning,Benzinga reports. The firm currently has an overweight rating on the bank’s stock.

BANC has been the subject of several other reports. Keefe, Bruyette & Woods boosted 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. Wall Street Zen raised Banc of California from a “sell” rating to a “hold” rating in a research report on Saturday, January 10th. Piper Sandler reduced their price target on Banc of California from $25.00 to $22.00 and set an “overweight” rating for the company in a research report on Thursday, April 2nd. Wells Fargo & Company boosted their price target on Banc of California from $20.00 to $22.00 and gave the stock an “overweight” rating in a research report on Monday, March 30th. Finally, JPMorgan Chase & Co. reduced their price target on Banc of California from $25.00 to $20.50 and set an “overweight” rating for the company in a research report on Wednesday, April 1st. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Banc of California currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.27.

Banc of California Price Performance

Shares of BANC stock opened at $18.01 on Tuesday. The stock has a market capitalization of $2.70 billion, a price-to-earnings ratio of 15.26 and a beta of 0.74. 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 twelve month low of $11.52 and a twelve month high of $21.61. The stock has a fifty day simple moving average of $18.56 and a two-hundred day simple moving average of $18.41.

Banc of California (NYSE:BANC) last released its quarterly earnings results on Wednesday, January 21st. The bank reported $0.42 EPS for the quarter, topping the consensus estimate of $0.37 by $0.05. The firm had revenue of $292.93 million during the quarter, compared to analyst estimates of $288.41 million. Banc of California had a return on equity of 8.66% and a net margin of 12.59%.During the same period in the previous year, the company posted $0.28 EPS. On average, analysts predict that Banc of California will post 1.31 EPS for the current fiscal year.

Banc of California Increases Dividend

The business also recently announced 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 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 2.7%. Banc of California’s dividend payout ratio (DPR) is currently 40.68%.

Hedge Funds Weigh In On Banc of California

Hedge funds have recently bought and sold shares of the business. Polar Asset Management Partners Inc. purchased a new position in Banc of California during the third quarter worth approximately $2,054,000. Jupiter Asset Management Ltd. purchased a new position in Banc of California during the third quarter worth approximately $912,000. ARGA Investment Management LP acquired a new position in shares of Banc of California during the third quarter valued at approximately $1,730,000. Y Intercept Hong Kong Ltd raised its holdings in shares of Banc of California by 308.4% during the third quarter. Y Intercept Hong Kong Ltd now owns 70,856 shares of the bank’s stock valued at $1,173,000 after acquiring an additional 53,506 shares during the last quarter. Finally, Voya Investment Management LLC raised its holdings in shares of Banc of California by 338.7% during the third quarter. Voya Investment Management LLC now owns 166,298 shares of the bank’s stock valued at $2,752,000 after acquiring an additional 128,387 shares during the last quarter. Hedge funds and other 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.