Banc of California, Inc. (NYSE:BANC) Receives Consensus Rating of “Moderate Buy” from Brokerages

Banc of California, Inc. (NYSE:BANC) has received an average rating of “Moderate Buy” from the ten research firms that are currently covering the stock, MarketBeat reports. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $18.10.

BANC has been the subject of several research analyst reports. Barclays increased their price objective on Banc of California from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Citigroup initiated coverage on shares of Banc of California in a report on Thursday, October 10th. They issued a “neutral” rating and a $15.00 price target on the stock. Keefe, Bruyette & Woods upped their price objective on shares of Banc of California from $17.50 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Truist Financial lifted their target price on shares of Banc of California from $15.00 to $16.00 and gave the company a “hold” rating in a research note on Friday, September 20th. Finally, DA Davidson increased their price target on shares of Banc of California from $16.50 to $19.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd.

Banc of California Trading Up 6.1 %

NYSE:BANC opened at $15.73 on Wednesday. The firm has a market capitalization of $2.50 billion, a P/E ratio of -3.68 and a beta of 1.14. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31. The company has a fifty day moving average of $16.22 and a 200 day moving average of $14.86. Banc of California has a 52 week low of $11.88 and a 52 week high of $18.08.

Banc of California (NYSE:BANC) last issued its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.25 EPS for the quarter, beating the consensus estimate of $0.14 by $0.11. The firm had revenue of $431.44 million during the quarter, compared to the consensus estimate 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 period in the prior year, the firm posted $0.30 earnings per share. On average, research analysts predict that Banc of California will post 0.7 earnings per share for the current year.

Banc of California Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th were given a $0.10 dividend. The ex-dividend date of this dividend was Monday, December 16th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.54%. Banc of California’s dividend payout ratio is currently -9.37%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC boosted its holdings in Banc of California by 32.3% in 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 in the last quarter. Crescent Grove Advisors LLC raised its position in shares of Banc of California by 0.8% in the 3rd quarter. Crescent Grove Advisors LLC now owns 98,420 shares of the bank’s stock worth $1,460,000 after purchasing an additional 772 shares during the last quarter. World Investment Advisors LLC boosted its stake in Banc of California by 4.5% in the 3rd quarter. World Investment Advisors LLC now owns 18,082 shares of the bank’s stock worth $266,000 after purchasing an additional 779 shares in the last quarter. FMR LLC grew its position in Banc of California by 5.8% during the 3rd quarter. FMR LLC now owns 20,659 shares of the bank’s stock valued at $304,000 after purchasing an additional 1,126 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in Banc of California by 2.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 77,384 shares of the bank’s stock valued at $989,000 after purchasing an additional 1,939 shares in the last quarter. Institutional investors own 86.88% of the company’s stock.

About Banc of California

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.