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

Shares of Banc of California, Inc. (NYSE:BANC) have been assigned a consensus rating of “Moderate Buy” from the eleven ratings firms that are currently covering the stock, Marketbeat.com reports. Four investment analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $18.18.

BANC has been the subject of several analyst reports. JPMorgan Chase & Co. initiated coverage on Banc of California in a research note on Friday, February 7th. They issued a “neutral” rating and a $18.00 target price for the company. Keefe, Bruyette & Woods raised their target price on Banc of California from $17.50 to $20.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Barclays lowered their price target on Banc of California from $20.00 to $19.00 and set an “overweight” rating on the stock in a report on Friday, January 24th. StockNews.com raised Banc of California from a “sell” rating to a “hold” rating in a report on Friday, January 24th. Finally, Stephens lowered their price target on Banc of California from $18.00 to $17.00 and set an “equal weight” rating on the stock in a report on Monday, January 27th.

Banc of California Stock Up 3.2 %

Shares of NYSE BANC opened at $13.73 on Thursday. Banc of California has a 52 week low of $11.88 and a 52 week high of $18.08. The business has a 50-day simple moving average of $15.41 and a two-hundred day simple moving average of $15.41. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.31. The company has a market cap of $2.18 billion, a P/E ratio of 24.51 and a beta of 1.18.

Banc of California (NYSE:BANC) last issued its earnings results on Thursday, January 23rd. The bank reported $0.28 EPS for the quarter, topping 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%. Research analysts anticipate that Banc of California will post 1.31 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.91%. Banc of California’s dividend payout ratio is 71.43%.

Hedge Funds Weigh In On Banc of California

A number of large investors have recently modified their holdings of the company. Tiptree Advisors LLC purchased a new position in shares of Banc of California during the 4th quarter valued at about $3,664,000. Mackenzie Financial Corp purchased a new position in shares of Banc of California during the 4th quarter valued at about $455,000. Public Employees Retirement System of Ohio purchased a new position in shares of Banc of California during the 4th quarter valued at about $1,066,000. GTS Securities LLC purchased a new position in shares of Banc of California during the 4th quarter valued at about $266,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Banc of California by 26.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 437,593 shares of the bank’s stock valued at $6,765,000 after buying an additional 91,225 shares in the last quarter. 86.88% of the stock is owned by hedge funds and other institutional investors.

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.