Banc of California (NYSE:BANC) Upgraded by Wells Fargo & Company to “Overweight” Rating

Wells Fargo & Company upgraded shares of Banc of California (NYSE:BANC) from an equal weight rating to an overweight rating in a report released on Monday, Marketbeat Ratings reports. The firm currently has $20.00 price objective on the bank’s stock, up from their previous price objective of $17.00.

BANC has been the subject of a number of other reports. Stephens upped 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 research note on Thursday, October 24th. Citigroup began coverage on Banc of California in a research report on Thursday, October 10th. They issued a “neutral” rating and a $15.00 target price on the stock. Wedbush raised their price target on shares of Banc of California from $18.00 to $19.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Raymond James increased their target price on shares of Banc of California from $16.00 to $17.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Finally, DA Davidson lifted their price target on shares of Banc of California from $16.50 to $19.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $18.10.

Banc of California Stock Up 1.9 %

NYSE:BANC opened at $15.80 on Monday. The stock has a market cap of $2.51 billion, a price-to-earnings ratio of -3.70 and a beta of 1.14. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. The stock has a 50-day moving average price of $16.23 and a two-hundred day moving average price of $14.76. Banc of California has a 1 year low of $11.88 and a 1 year high of $18.08.

Banc of California (NYSE:BANC) last issued its quarterly earnings data 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. Banc of California had a positive return on equity of 2.93% and a negative net margin of 20.75%. The business had revenue of $431.44 million during the quarter, compared to analyst estimates of $229.46 million. During the same period in the previous year, the firm earned $0.30 EPS. As a group, equities analysts expect that Banc of California will post 0.7 earnings per share for the current year.

Banc of California Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, December 16th. This represents a $0.40 annualized dividend and a dividend yield of 2.53%. Banc of California’s dividend payout ratio is currently -9.37%.

Institutional Investors Weigh In On Banc of California

Several hedge funds have recently added to or reduced their stakes in the business. Future Financial Wealth Managment LLC bought a new position in shares of Banc of California in the third quarter valued at about $29,000. GAMMA Investing LLC boosted its holdings in shares of Banc of California by 32.3% during the third quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock worth $44,000 after acquiring an additional 734 shares during the period. Mendon Capital Advisors Corp bought a new position in shares of Banc of California during the second quarter worth approximately $102,000. Paloma Partners Management Co bought a new stake in Banc of California in the 3rd quarter valued at $158,000. Finally, Sanctuary Advisors LLC acquired a new position in Banc of California in the 3rd quarter valued at $167,000. 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.