Banc of California (NYSE:BANC) Price Target Raised to $19.00 at DA Davidson

Banc of California (NYSE:BANC) had its target price raised by DA Davidson from $16.50 to $19.00 in a research report report published on Wednesday, Benzinga reports. DA Davidson currently has a buy rating on the bank’s stock.

Several other brokerages also recently weighed in on BANC. Barclays lifted their price objective on shares of Banc of California from $16.00 to $17.00 and gave the company an “equal weight” rating in a research report on Wednesday. Keefe, Bruyette & Woods reduced their price objective on Banc of California from $18.00 to $17.00 and set an “outperform” rating for the company in a research report on Tuesday, July 9th. Wedbush boosted their price target on Banc of California from $18.00 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday. Truist Financial raised their price target 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, Wells Fargo & Company upped their price objective on shares of Banc of California from $16.00 to $17.00 and gave the stock an “equal weight” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $17.00.

Banc of California Stock Down 0.8 %

NYSE:BANC opened at $15.29 on Wednesday. The company has a current ratio of 0.89, a quick ratio of 0.83 and a debt-to-equity ratio of 0.32. The stock has a 50 day moving average of $14.40 and a 200-day moving average of $13.89. The firm has a market capitalization of $2.40 billion, a PE ratio of -4.59 and a beta of 1.14. Banc of California has a 52 week low of $9.96 and a 52 week high of $15.69.

Banc of California (NYSE:BANC) last issued its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.25 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.11. The firm had revenue of $431.44 million during the quarter, compared to the consensus estimate 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 earned $0.30 EPS. Analysts predict that Banc of California will post 0.61 EPS for the current year.

Banc of California Announces Dividend

The business 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 Banc of California news, Director Richard J. Lashley sold 75,000 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the director now directly owns 719,826 shares in the company, valued at $10,077,564. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 7.37% of the company’s stock.

Institutional Trading of Banc of California

Several hedge funds and other institutional investors have recently modified their holdings of the business. Fifth Third Bancorp raised its position in Banc of California by 146.3% during the second quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock valued at $27,000 after buying an additional 1,273 shares during the period. Riverview Trust Co acquired a new position in shares of Banc of California in the 1st quarter valued at about $29,000. Future Financial Wealth Managment LLC acquired a new position in shares of Banc of California in the 3rd quarter valued at about $29,000. GAMMA Investing LLC lifted its position in shares of Banc of California by 32.3% in the third quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock worth $44,000 after purchasing an additional 734 shares in the last quarter. Finally, Mendon Capital Advisors Corp acquired a new stake in shares of Banc of California during the second quarter worth approximately $102,000. 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.