Banc of California (NYSE:BANC) Raised to Overweight at Barclays

Barclays upgraded shares of Banc of California (NYSE:BANC) from an equal weight rating to an overweight rating in a research note released on Thursday, Marketbeat.com reports. The brokerage currently has $18.00 price target on the bank’s stock, up from their prior price target of $17.00.

A number of other equities research analysts have also commented on the company. Truist Financial raised their price target on Banc of California from $15.00 to $16.00 and gave the stock a “hold” rating in a research report on Friday, September 20th. Stephens raised their target price on shares of Banc of California from $15.00 to $16.00 and gave the stock an “equal weight” rating in a report on Thursday, October 24th. Wedbush upped their price target on shares of Banc of California from $18.00 to $19.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Citigroup started coverage on shares of Banc of California in a research report on Thursday, October 10th. They set a “neutral” rating and a $15.00 price objective for the company. Finally, Wells Fargo & Company boosted 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, October 23rd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Banc of California has a consensus rating of “Hold” and a consensus price target of $17.30.

Banc of California Stock Down 0.4 %

Shares of NYSE BANC opened at $15.30 on Thursday. Banc of California has a 52-week low of $11.10 and a 52-week high of $16.01. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.89. The stock has a market cap of $2.43 billion, a P/E ratio of -3.58 and a beta of 1.13. The firm has a 50 day moving average price of $14.61 and a 200 day moving average price of $13.95.

Banc of California (NYSE:BANC) last announced its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.11. The company had revenue of $431.44 million during the quarter, compared to analyst estimates of $229.46 million. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%. During the same quarter in the previous year, the business earned $0.30 EPS. Analysts expect that Banc of California will post 0.7 EPS for the current year.

Banc of California Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 16th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.61%. The ex-dividend date was Monday, September 16th. Banc of California’s dividend payout ratio is currently -9.37%.

Insider Buying and Selling

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of the firm’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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 7.37% of the stock is currently owned by corporate insiders.

Institutional Trading of Banc of California

A number of large investors have recently added to or reduced their stakes in BANC. Hollencrest Capital Management raised its holdings in shares of Banc of California by 4.6% in the 3rd quarter. Hollencrest Capital Management now owns 112,780 shares of the bank’s stock valued at $1,661,000 after purchasing an additional 4,938 shares during the period. Crescent Grove Advisors LLC increased its position in Banc of California by 0.8% during the third quarter. Crescent Grove Advisors LLC now owns 98,420 shares of the bank’s stock worth $1,460,000 after buying an additional 772 shares during the last quarter. Sippican Capital Advisors raised its stake in Banc of California by 7.5% in the third quarter. Sippican Capital Advisors now owns 121,610 shares of the bank’s stock valued at $1,791,000 after buying an additional 8,475 shares during the period. Tectonic Advisors LLC raised its stake in Banc of California by 2.6% in the third quarter. Tectonic Advisors LLC now owns 120,574 shares of the bank’s stock valued at $1,776,000 after buying an additional 3,059 shares during the period. Finally, Assenagon Asset Management S.A. lifted its position in shares of Banc of California by 461.6% in the third quarter. Assenagon Asset Management S.A. now owns 651,695 shares of the bank’s stock valued at $9,599,000 after buying an additional 535,654 shares during the last quarter. 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.