Banc of California, Inc. (NYSE:BANC) Receives $18.18 Average Price Target from Brokerages

Banc of California, Inc. (NYSE:BANC) has received a consensus recommendation of “Moderate Buy” from the eleven brokerages that are presently covering the firm, Marketbeat reports. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $18.18.

Several analysts recently commented on BANC shares. Barclays decreased their price target on shares of Banc of California from $20.00 to $19.00 and set an “overweight” rating for the company in a report on Friday, January 24th. JPMorgan Chase & Co. initiated coverage on shares of Banc of California in a report on Friday, February 7th. They set a “neutral” rating and a $18.00 price target on the stock. Stephens cut their price objective on Banc of California from $18.00 to $17.00 and set an “equal weight” rating for the company in a report on Monday, January 27th. Raymond James boosted their target price on Banc of California from $17.00 to $18.00 and gave the company an “outperform” rating in a research note on Friday, January 24th. Finally, Wells Fargo & Company raised Banc of California from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $17.00 to $20.00 in a research report on Monday, January 6th.

Institutional Trading of Banc of California

A number of institutional investors and hedge funds have recently modified their holdings of BANC. Picton Mahoney Asset Management acquired a new position in Banc of California in the 4th quarter valued at $30,000. SBI Securities Co. Ltd. bought a new stake in Banc of California during the fourth quarter valued at about $36,000. Jones Financial Companies Lllp increased its stake in shares of Banc of California by 35.1% in the fourth quarter. Jones Financial Companies Lllp now owns 3,574 shares of the bank’s stock worth $55,000 after purchasing an additional 928 shares during the period. Smartleaf Asset Management LLC lifted its position in shares of Banc of California by 205.8% during the 4th quarter. Smartleaf Asset Management LLC now owns 4,348 shares of the bank’s stock worth $68,000 after purchasing an additional 2,926 shares during the last quarter. Finally, Summit Securities Group LLC bought a new stake in Banc of California during the 4th quarter valued at approximately $97,000. 86.88% of the stock is currently owned by institutional investors and hedge funds.

Banc of California Trading Down 5.0 %

NYSE BANC opened at $12.32 on Monday. The firm’s 50 day moving average price is $14.84 and its two-hundred day moving average price is $15.39. The stock has a market cap of $1.96 billion, a price-to-earnings ratio of 21.99 and a beta of 1.18. Banc of California has a twelve month low of $11.88 and a twelve month high of $18.08. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.90.

Banc of California (NYSE:BANC) last posted its quarterly earnings results on Thursday, January 23rd. The bank reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.05. Banc of California had a return on equity of 6.20% and a net margin of 7.06%. Equities analysts anticipate that Banc of California will post 1.31 EPS for the current year.

Banc of California Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were issued a dividend of $0.10 per share. The ex-dividend date was Friday, March 14th. This represents a $0.40 annualized dividend and a yield of 3.25%. Banc of California’s dividend payout ratio (DPR) is presently 71.43%.

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.