Banc of California (NYSE:BANC) Lifted to Outperform at Raymond James

Raymond James upgraded shares of Banc of California (NYSE:BANC) from a market perform rating to an outperform rating in a report issued on Tuesday morning, Marketbeat.com reports. The firm currently has $16.00 price objective on the bank’s stock.

Other equities research analysts have also recently issued reports about the company. Wells Fargo & Company decreased their price target on Banc of California from $16.00 to $15.00 and set an equal weight rating on the stock in a report on Tuesday, July 9th. Truist Financial lifted their target price on Banc of California from $13.00 to $15.00 and gave the company a hold rating in a research note on Wednesday, July 24th. Wedbush restated a neutral rating and issued a $14.00 price target on shares of Banc of California in a research note on Wednesday, July 24th. Stephens reiterated an equal weight rating and set a $14.00 price objective on shares of Banc of California in a research report on Wednesday, September 4th. Finally, Keefe, Bruyette & Woods lowered their target price on shares of Banc of California from $18.00 to $17.00 and set an outperform rating on the stock in a report on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Banc of California currently has a consensus rating of Hold and a consensus target price of $15.72.

Banc of California Stock Up 4.5 %

BANC stock opened at $15.38 on Tuesday. The business’s 50-day moving average price is $13.87 and its 200-day moving average price is $13.90. The stock has a market cap of $2.42 billion, a P/E ratio of -4.62 and a beta of 1.13. The company has a quick ratio of 0.83, a current ratio of 0.89 and a debt-to-equity ratio of 0.32. Banc of California has a twelve month low of $9.96 and a twelve month high of $15.54.

Banc of California (NYSE:BANC) last posted its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.09). The firm had revenue of $492.38 million during the quarter, compared to the consensus estimate of $271.42 million. Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. During the same quarter in the previous year, the company earned $0.32 earnings per share. On average, equities research analysts forecast that Banc of California will post 0.61 EPS for the current year.

Banc of California Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th will be given a dividend of $0.10 per share. The ex-dividend date is Monday, September 16th. This represents a $0.40 annualized dividend and a yield of 2.60%. Banc of California’s dividend payout ratio (DPR) is currently -12.01%.

Insiders Place Their Bets

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $14.00, for a total transaction of $1,050,000.00. Following the sale, the director now directly owns 719,826 shares in the company, valued at $10,077,564. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 7.37% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Mendon Capital Advisors Corp bought a new position in Banc of California during the 2nd quarter valued at about $102,000. Algert Global LLC bought a new position in shares of Banc of California during the second quarter valued at approximately $182,000. The Manufacturers Life Insurance Company raised its holdings in shares of Banc of California by 2.6% in the second quarter. The Manufacturers Life Insurance Company now owns 77,384 shares of the bank’s stock worth $989,000 after buying an additional 1,939 shares during the period. Marshall Wace LLP bought a new stake in shares of Banc of California during the 2nd quarter worth approximately $166,000. Finally, Public Sector Pension Investment Board boosted its holdings in Banc of California by 7.5% during the 2nd quarter. Public Sector Pension Investment Board now owns 305,456 shares of the bank’s stock valued at $3,904,000 after acquiring an additional 21,365 shares during the period. Institutional investors own 86.88% of the company’s stock.

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.