Barclays Raises Banc of California (NYSE:BANC) Price Target to $16.00

Banc of California (NYSE:BANC) had its price target lifted by Barclays from $14.00 to $16.00 in a research note released on Friday morning, Benzinga reports. They currently have an equal weight rating on the bank’s stock.

A number of other equities research analysts have also recently issued reports on BANC. Truist Financial upped their price target on shares of Banc of California from $15.00 to $16.00 and gave the company a hold rating in a report on Friday, September 20th. Stephens restated an equal weight rating and set a $14.00 target price on shares of Banc of California in a research note on Wednesday, September 4th. Wells Fargo & Company dropped their price target on Banc of California from $16.00 to $15.00 and set an equal weight rating on the stock in a research report on Tuesday, July 9th. Raymond James raised Banc of California from a market perform rating to an outperform rating and set a $16.00 price objective for the company in a research report on Tuesday, September 17th. Finally, Wedbush raised shares of Banc of California from a neutral rating to an outperform rating and boosted their target price for the stock from $14.00 to $18.00 in a research report on Tuesday, September 24th. One analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of Hold and an average target price of $16.50.

Banc of California Stock Down 0.2 %

Shares of BANC stock opened at $14.79 on Friday. The stock’s 50 day simple moving average is $13.99 and its 200 day simple moving average is $13.90. Banc of California has a twelve month low of $9.96 and a twelve month high of $15.54. 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 company has a market capitalization of $2.33 billion, a price-to-earnings ratio of -4.44 and a beta of 1.13.

Banc of California (NYSE:BANC) last released its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.10 EPS 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 negative net margin of 21.99% and a positive return on equity of 2.12%. During the same period in the prior year, the business earned $0.32 EPS. As a group, research analysts predict that Banc of California will post 0.59 EPS for the current year.

Banc of California Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.70%. The ex-dividend date is Monday, September 16th. Banc of California’s dividend payout ratio (DPR) is presently -12.01%.

Insider Activity

In related news, Director Richard J. Lashley sold 75,000 shares of the company’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 sale, the director now owns 719,826 shares of the company’s stock, valued at $10,077,564. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 7.37% of the company’s stock.

Institutional Trading of Banc of California

Several institutional investors have recently bought and sold shares of BANC. Fifth Third Bancorp boosted its position in Banc of California by 146.3% in 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 in the last quarter. Riverview Trust Co acquired a new position in shares of Banc of California in the 1st quarter worth approximately $29,000. Future Financial Wealth Managment LLC bought a new stake in Banc of California during the 1st quarter worth approximately $30,000. LifeSteps Financial Inc. bought a new stake in Banc of California during the 1st quarter worth approximately $60,000. Finally, Mendon Capital Advisors Corp acquired a new stake in Banc of California during the 2nd quarter valued at $102,000. Institutional investors and hedge funds 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.