Raymond James Raises Banc of California (NYSE:BANC) Price Target to $17.00

Banc of California (NYSE:BANC) had its price objective raised by Raymond James from $16.00 to $17.00 in a report published on Wednesday morning, Benzinga reports. Raymond James currently has an outperform rating on the bank’s stock.

BANC has been the topic of several other reports. Citigroup began coverage on shares of Banc of California in a report on Thursday, October 10th. They issued a “neutral” rating and a $15.00 price objective on the stock. Wedbush upgraded Banc of California from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $14.00 to $18.00 in a research note on Tuesday, September 24th. Barclays lifted their price objective on Banc of California from $16.00 to $17.00 and gave the company an “equal weight” rating in a research note on Wednesday. Truist Financial boosted their price objective on Banc of California from $15.00 to $16.00 and gave the company a “hold” rating in a report on Friday, September 20th. Finally, Keefe, Bruyette & Woods lowered their target price on Banc of California from $18.00 to $17.00 and set an “outperform” rating for the company in a report on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $17.00.

Banc of California Trading Down 0.8 %

Shares of Banc of California stock opened at $15.29 on Wednesday. The stock has a 50 day moving average of $14.40 and a 200 day moving average of $13.89. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.83 and a current ratio of 0.89. The firm has a market capitalization of $2.40 billion, a price-to-earnings ratio of -4.59 and a beta of 1.14. Banc of California has a fifty-two week low of $9.96 and a fifty-two week high of $15.69.

Banc of California (NYSE:BANC) last released its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.11. The business had revenue of $431.44 million during the quarter, compared to analysts’ expectations of $229.46 million. Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. During the same period in the prior year, the business posted $0.30 EPS. As a group, research analysts predict that Banc of California will post 0.61 earnings per share for the current year.

Banc of California Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 16th were paid a $0.10 dividend. The ex-dividend date was Monday, September 16th. This represents a $0.40 dividend on an annualized basis and a yield of 2.62%. Banc of California’s dividend payout ratio is currently -12.01%.

Insiders Place Their Bets

In other news, Director Richard J. Lashley sold 75,000 shares of the firm’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total value of $1,050,000.00. Following the sale, the director now directly owns 719,826 shares in the company, valued at approximately $10,077,564. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 7.37% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Banc of California

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in Banc of California by 17.6% in the first quarter. Vanguard Group Inc. now owns 10,597,751 shares of the bank’s stock valued at $161,192,000 after purchasing an additional 1,582,941 shares during the last quarter. Sei Investments Co. grew its position in shares of Banc of California by 86.0% in the 1st quarter. Sei Investments Co. now owns 506,202 shares of the bank’s stock valued at $7,699,000 after buying an additional 234,021 shares during the last quarter. Empowered Funds LLC raised its stake in Banc of California by 55.5% during the 1st quarter. Empowered Funds LLC now owns 185,329 shares of the bank’s stock worth $2,819,000 after acquiring an additional 66,183 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Banc of California by 394.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 331,076 shares of the bank’s stock valued at $5,037,000 after acquiring an additional 264,070 shares during the last quarter. Finally, Redwood Investment Management LLC acquired a new position in Banc of California in the first quarter valued at $630,000. Institutional investors and hedge funds own 86.88% of the company’s stock.

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.