Banc of California, Inc. (NYSE:BANC) Given Consensus Rating of “Buy” by Analysts

Banc of California, Inc. (NYSE:BANC) has been assigned a consensus recommendation of “Buy” from the ten analysts that are currently covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation, six have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $22.6250.

Several equities research analysts recently issued reports on the company. Brean Capital downgraded Banc of California from a “buy” rating to a “neutral” rating in a research note on Thursday, July 30th. Citigroup lowered their target price on Banc of California from $23.50 to $22.00 and set a “buy” rating on the stock in a research note on Friday, July 31st. JPMorgan Chase & Co. upped their target price on Banc of California from $22.00 to $24.00 and gave the company an “overweight” rating in a report on Wednesday, July 1st. Wall Street Zen lowered shares of Banc of California from a “hold” rating to a “sell” rating in a research report on Saturday. Finally, Wells Fargo & Company began coverage on shares of Banc of California in a report on Monday, August 10th. They set an “overweight” rating and a $23.00 price target for the company.

Insider Transactions at Banc of California

In other Banc of California news, insider Olivia I. Lindsay sold 6,000 shares of Banc of California stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $19.50, for a total transaction of $117,000.00. Following the completion of the sale, the insider owned 32,842 shares of the company’s stock, valued at $640,419. This trade represents a 15.45% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 2.78% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Banc of California

Hedge funds have recently modified their holdings of the stock. Triumph Capital Management raised its holdings in shares of Banc of California by 32.8% during the fourth quarter. Triumph Capital Management now owns 2,025 shares of the bank’s stock worth $39,000 after acquiring an additional 500 shares in the last quarter. Crescent Grove Advisors LLC grew its stake in Banc of California by 0.5% in the first quarter. Crescent Grove Advisors LLC now owns 102,275 shares of the bank’s stock valued at $1,810,000 after purchasing an additional 525 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in Banc of California by 38.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank’s stock valued at $39,000 after purchasing an additional 564 shares in the last quarter. CIBC Asset Management Inc increased its position in Banc of California by 4.5% in the 4th quarter. CIBC Asset Management Inc now owns 14,652 shares of the bank’s stock worth $283,000 after purchasing an additional 637 shares during the last quarter. Finally, Maryland State Retirement & Pension System increased its position in Banc of California by 4.2% in the 4th quarter. Maryland State Retirement & Pension System now owns 19,630 shares of the bank’s stock worth $379,000 after purchasing an additional 783 shares during the last quarter. 86.88% of the stock is owned by institutional investors and hedge funds.

Banc of California Price Performance

BANC opened at $19.66 on Thursday. The stock has a fifty day moving average of $20.18 and a 200-day moving average of $19.19. The firm has a market capitalization of $3.11 billion, a P/E ratio of -46.81 and a beta of 0.74. Banc of California has a 12-month low of $15.33 and a 12-month high of $21.93. The company has a quick ratio of 0.86, a current ratio of 0.89 and a debt-to-equity ratio of 0.20.

Banc of California (NYSE:BANC) last issued its earnings results on Wednesday, July 29th. The bank reported ($1.61) EPS for the quarter, missing the consensus estimate of $0.40 by ($2.01). Banc of California had a positive return on equity of 7.98% and a negative net margin of 1.44%.The business had revenue of $16.41 million during the quarter, compared to analyst estimates of $295.32 million. During the same period last year, the business earned $0.31 EPS. The business’s quarterly revenue was down 94.0% on a year-over-year basis. Equities analysts forecast that Banc of California will post 1.68 EPS for the current fiscal year.

Banc of California Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be given a $0.12 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $0.48 dividend on an annualized basis and a yield of 2.4%. Banc of California’s dividend payout ratio is presently -114.29%.

About Banc of California

Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.

Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.