Banc of California (NYSE:BANC) Price Target Raised to $21.00

Banc of California (NYSE:BANC) had its price objective hoisted by JPMorgan Chase & Co. from $20.00 to $21.00 in a report issued on Friday,Benzinga reports. They currently have an overweight rating on the bank’s stock.

Several other equities research analysts have also recently issued reports on the company. Wells Fargo & Company boosted their price target on Banc of California from $18.00 to $20.00 and gave the company an “overweight” rating in a research note on Monday, September 29th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $18.00 price target (up from $17.00) on shares of Banc of California in a research note on Friday, July 25th. Raymond James Financial raised Banc of California from an “outperform” rating to a “strong-buy” rating in a research report on Tuesday, October 7th. Barclays lifted their target price on shares of Banc of California from $19.00 to $21.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 8th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Banc of California in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Banc of California presently has a consensus rating of “Moderate Buy” and an average target price of $19.00.

Banc of California Stock Performance

Shares of Banc of California stock opened at $16.98 on Friday. The firm has a fifty day moving average of $16.69 and a two-hundred day moving average of $15.01. The stock has a market capitalization of $2.51 billion, a price-to-earnings ratio of 16.32 and a beta of 0.68. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.89. Banc of California has a 52 week low of $11.52 and a 52 week high of $18.24.

Banc of California (NYSE:BANC) last issued its quarterly earnings results on Monday, May 13th. The bank reported $1.03 earnings per share for the quarter. The company had revenue of $315.66 million during the quarter. Banc of California had a net margin of 11.49% and a return on equity of 8.00%. As a group, equities research analysts predict that Banc of California will post 1.31 EPS for the current year.

Banc of California Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th were paid a $0.10 dividend. The ex-dividend date was Monday, September 15th. This represents a $0.40 annualized dividend and a yield of 2.4%. Banc of California’s dividend payout ratio (DPR) is currently 38.46%.

Insider Transactions at Banc of California

In related news, insider Hamid Hussain sold 20,000 shares of the stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $16.59, for a total transaction of $331,800.00. Following the transaction, the insider owned 66,444 shares of the company’s stock, valued at approximately $1,102,305.96. This trade represents a 23.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.69% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Banc of California

Hedge funds and other institutional investors have recently modified their holdings of the company. GAMMA Investing LLC raised its position in Banc of California by 22.2% during the 2nd quarter. GAMMA Investing LLC now owns 4,201 shares of the bank’s stock valued at $59,000 after purchasing an additional 762 shares during the last quarter. Osaic Holdings Inc. grew its position in Banc of California by 210.8% during the second quarter. Osaic Holdings Inc. now owns 5,809 shares of the bank’s stock valued at $82,000 after buying an additional 3,940 shares during the period. CWM LLC grew its position in Banc of California by 41.7% during the first quarter. CWM LLC now owns 8,049 shares of the bank’s stock valued at $114,000 after buying an additional 2,367 shares during the period. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Banc of California during the 1st quarter valued at $123,000. Finally, Xponance Inc. bought a new stake in shares of Banc of California during the 1st quarter valued at $148,000. 86.88% of the stock is owned by institutional investors.

Banc of California Company Profile

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.