Analysts Set Banc of California, Inc. (NYSE:BANC) Target Price at $17.07

Shares of Banc of California, Inc. (NYSE:BANC) have received a consensus rating of “Hold” from the five ratings firms that are currently covering the firm, MarketBeat reports. Four investment analysts have rated the stock with a hold recommendation and one has assigned a buy recommendation to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $17.07.

Several research firms recently commented on BANC. StockNews.com began coverage on Banc of California in a research report on Monday, January 29th. They set a “hold” rating for the company. Wedbush lifted their target price on Banc of California from $14.00 to $16.00 and gave the stock a “neutral” rating in a report on Friday, January 26th. Truist Financial restated a “hold” rating and issued a $16.00 price target on shares of Banc of California in a report on Monday, April 1st. Wells Fargo & Company lifted their target price on Banc of California from $14.00 to $16.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 10th. Finally, Keefe, Bruyette & Woods raised Banc of California from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $16.00 to $18.00 in a research report on Friday, March 22nd.

Insider Activity

In related news, Director Richard J. Lashley purchased 10,000 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The stock was acquired at an average cost of $21.40 per share, for a total transaction of $214,000.00. Following the completion of the purchase, the director now owns 10,000 shares in the company, valued at approximately $214,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 7.37% of the stock is owned by company insiders.

Institutional Investors Weigh In On Banc of California

Institutional investors have recently made changes to their positions in the stock. Versant Capital Management Inc boosted its stake in shares of Banc of California by 2,466.2% in the fourth quarter. Versant Capital Management Inc now owns 1,899 shares of the bank’s stock valued at $26,000 after buying an additional 1,825 shares during the period. Riverview Trust Co bought a new stake in Banc of California during the first quarter worth $29,000. Future Financial Wealth Managment LLC bought a new stake in Banc of California during the first quarter worth $30,000. Lee Financial Co bought a new stake in Banc of California during the fourth quarter worth $40,000. Finally, Longfellow Investment Management Co. LLC bought a new stake in Banc of California during the fourth quarter worth $41,000. 86.88% of the stock is currently owned by institutional investors.

Banc of California Price Performance

Shares of NYSE:BANC opened at $13.86 on Monday. The business has a 50 day moving average price of $14.47 and a 200 day moving average price of $13.27. Banc of California has a twelve month low of $9.72 and a twelve month high of $16.08. The company has a market cap of $2.18 billion, a price-to-earnings ratio of -4.39 and a beta of 1.15. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.32.

Banc of California (NYSE:BANC) last announced its earnings results on Thursday, January 25th. The bank reported ($4.55) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($4.27). Banc of California had a negative net margin of 44.04% and a positive return on equity of 1.14%. The business had revenue of $193.06 million for the quarter, compared to the consensus estimate of $163.11 million. During the same quarter in the previous year, the company earned $0.45 EPS. Research analysts predict that Banc of California will post 1.5 earnings per share for the current year.

Banc of California Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.89%. The ex-dividend date was Thursday, March 14th. Banc of California’s payout ratio is -12.66%.

About Banc of California

Banc of California, Inc operates as the bank holding company for Banc of California that provides various banking products and services in California. The company offers deposit products, such as checking, savings, money market, demand, and time deposits; certificates of deposit; retirement accounts; and safe deposit boxes.