Banc of California, Inc. (NYSE:BANC) Stock Has Consensus Price Target of $22.50

Banc of California, Inc. (NYSE:BANC) has received an average recommendation of “Moderate Buy” from the ten brokerages that are presently covering the stock, Marketbeat reports. Three investment analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $22.50.

BANC has been the topic of a number of analyst reports. Piper Sandler decreased their target price on shares of Banc of California from $23.00 to $22.00 and set an “overweight” rating on the stock in a research report on Thursday, October 1st. Brean Capital downgraded Banc of California from a “buy” rating to a “neutral” rating in a report on Thursday, July 30th. UBS Group initiated coverage on Banc of California in a report on Monday, September 14th. They set a “neutral” rating and a $20.00 price objective on the stock. Weiss Ratings lowered Banc of California from a “hold (c+)” rating to a “hold (c-)” rating in a research note on Friday, August 21st. Finally, Wells Fargo & Company decreased their price target on Banc of California from $23.00 to $22.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 30th.

Banc of California Price Performance

NYSE:BANC opened at $18.50 on Tuesday. Banc of California has a 12-month low of $16.12 and a 12-month high of $21.93. The firm has a market cap of $2.93 billion, a price-to-earnings ratio of -54.40 and a beta of 0.77. The company’s 50-day moving average is $18.01 and its two-hundred day moving average is $18.95. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.20.

Banc of California (NYSE:BANC) last posted its quarterly earnings data on Tuesday, October 27th. The bank reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.01. The business had revenue of $303.07 million during the quarter, compared to analyst estimates of $306.27 million. Banc of California had a negative net margin of 0.58% and a positive return on equity of 8.51%. The company’s revenue was up 5.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.38 earnings per share. Research analysts expect that Banc of California will post 1.70 EPS for the current year.

Banc of California Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend was Tuesday, September 15th. Banc of California’s payout ratio is -141.18%.

Insider Buying and Selling at Banc of California

In other news, General Counsel Ido Dotan sold 10,541 shares of the company’s stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $18.30, for a total value of $192,900.30. Following the completion of the transaction, the general counsel directly owned 45,702 shares in the company, valued at approximately $836,346.60. This represents a 18.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jared M. Wolff acquired 5,487 shares of the firm’s stock in a transaction on Friday, October 30th. The stock was purchased at an average cost of $18.18 per share, with a total value of $99,753.66. Following the completion of the transaction, the chief executive officer owned 333,456 shares in the company, valued at $6,062,230.08. The trade was a 1.67% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 2.78% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new position in shares of Banc of California in the 2nd quarter worth about $462,252,000. Wellington Management Group LLP boosted its holdings in shares of Banc of California by 147.2% in the 2nd quarter. Wellington Management Group LLP now owns 6,121,876 shares of the bank’s stock valued at $125,070,000 after buying an additional 3,645,579 shares during the period. William Blair Investment Management LLC bought a new stake in shares of Banc of California during the 2nd quarter valued at about $25,521,000. Bank of America Corp DE bought a new stake in shares of Banc of California during the 2nd quarter valued at about $22,404,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Banc of California during the 2nd quarter valued at about $22,019,000. 86.88% of the stock is currently owned by institutional investors.

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, nonprofit organizations and individuals. The bank operates as a full-service commercial bank, offering deposit accounts, commercial and consumer loans, home lending, treasury management, cash-management services and online and mobile banking.

The company primarily serves customers throughout California, with operations and relationships extending into select western markets.