Barclays Issues Positive Forecast for Banc of California (NYSE:BANC) Stock Price

Banc of California (NYSE:BANC) had its price objective hoisted by Barclays from $22.00 to $23.00 in a research report released on Monday,Benzinga reports. Barclays currently has an overweight rating on the bank’s stock.

A number of other equities analysts also recently commented on the stock. Citigroup reduced their price objective on shares of Banc of California from $23.50 to $22.00 and set a “buy” rating for the company in a research note on Friday, July 31st. UBS Group initiated coverage on Banc of California in a research report on Monday, September 14th. They issued a “neutral” rating and a $20.00 target price on the stock. Wall Street Zen upgraded Banc of California from a “strong sell” rating to a “sell” rating in a report on Sunday, September 27th. Brean Capital cut Banc of California from a “buy” rating to a “neutral” rating in a research report on Thursday, July 30th. Finally, Wells Fargo & Company decreased their price target on Banc of California from $23.00 to $22.00 and set an “overweight” rating for the company in a research note on Wednesday, September 30th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $22.22.

Banc of California Price Performance

NYSE BANC opened at $17.56 on Monday. The firm’s 50 day moving average is $18.66 and its 200-day moving average is $19.02. The company has a quick ratio of 0.86, a current ratio of 0.89 and a debt-to-equity ratio of 0.20. The company has a market capitalization of $2.78 billion, a PE ratio of -41.80 and a beta of 0.77. Banc of California has a 12-month low of $15.33 and a 12-month high of $21.93.

Banc of California (NYSE:BANC) last announced its earnings results on Wednesday, July 29th. The bank reported ($1.61) EPS for the quarter, missing the consensus estimate of $0.40 by ($2.01). The business had revenue of $16.41 million for the quarter, compared to analyst estimates of $295.32 million. Banc of California had a positive return on equity of 7.98% and a negative net margin of 1.44%.The business’s revenue for the quarter was down 94.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.31 EPS. Equities research analysts anticipate that Banc of California will post 1.7 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend was Tuesday, September 15th. Banc of California’s dividend payout ratio (DPR) is -114.29%.

Insider Activity

In related news, insider Olivia I. Lindsay sold 6,000 shares of Banc of California stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $19.50, for a total transaction of $117,000.00. Following the completion of the transaction, the insider owned 32,842 shares in the company, valued at approximately $640,419. This trade represents a 15.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel Ido Dotan sold 10,541 shares of the business’s stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $18.30, for a total value of $192,900.30. Following the transaction, the general counsel directly owned 45,702 shares in the company, valued at approximately $836,346.60. This trade represents a 18.74% decrease in their position. The SEC filing for this sale provides additional information. 2.78% of the stock is owned by insiders.

Institutional Trading of Banc of California

Several institutional investors and hedge funds have recently bought and sold shares of BANC. Western Wealth Management LLC bought a new position in shares of Banc of California during the 1st quarter worth approximately $29,000. Orion Capital Management LLC bought a new stake in Banc of California in the 2nd quarter valued at $37,000. Nykredit A S bought a new stake in Banc of California in the 2nd quarter valued at $61,000. Integrated Wealth Concepts LLC acquired a new stake in Banc of California during the 2nd quarter valued at $70,000. Finally, Danske Bank A S acquired a new stake in Banc of California during the 2nd quarter valued at $86,000. Institutional investors own 86.88% of the company’s stock.

About Banc of California

Banc of California, Inc is a bank holding company whose principal subsidiary, Banc of California, N.A., provides banking and financial services to businesses, professionals and individuals. The bank serves customers primarily through branches and digital banking channels in California and selected markets.

Its products and services include commercial and consumer lending, commercial real estate financing, residential mortgage lending, deposit accounts, treasury management, cash management and online banking.