Banc of California, Inc. (NYSE:BANC) Stock Has Average Target Price of $20.78 According to Brokerages

Shares of Banc of California, Inc. (NYSE:BANC) have been assigned an average recommendation of “Moderate Buy” from the eleven ratings firms that are currently covering the stock, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $20.78.

Several brokerages have commented on BANC. JPMorgan Chase & Co. lifted their target price on Banc of California from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Wednesday, July 1st. Wall Street Zen raised Banc of California from a “strong sell” rating to a “sell” rating in a research report on Sunday, September 27th. Citigroup cut their price target on Banc of California from $23.50 to $22.00 and set a “buy” rating on the stock in a report on Friday, July 31st. Wells Fargo & Company cut their target price on shares of Banc of California from $23.00 to $22.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 30th. Finally, Barclays set a $10.00 price target on shares of Banc of California in a report on Tuesday, September 15th.

Insider Buying and Selling at Banc of California

In related news, General Counsel Ido Dotan sold 10,541 shares of the stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $18.30, for a total value of $192,900.30. Following the completion of the sale, the general counsel directly owned 45,702 shares of the company’s stock, valued at approximately $836,346.60. This represents a 18.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Olivia Lindsay sold 6,000 shares of the firm’s stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $19.50, for a total value of $117,000.00. Following the transaction, the insider owned 32,842 shares in the company, valued at approximately $640,419. This trade represents a 15.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 2.78% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. BlackRock Inc. bought a new stake in Banc of California in the 2nd quarter worth about $462,252,000. Wellington Management Group LLP increased its stake in Banc of California by 147.2% in the 2nd quarter. Wellington Management Group LLP now owns 6,121,876 shares of the bank’s stock valued at $125,070,000 after buying an additional 3,645,579 shares during the last quarter. William Blair Investment Management LLC bought a new position in shares of Banc of California during the 2nd quarter worth approximately $25,521,000. Bank of America Corp DE purchased a new stake in Banc of California during the second quarter worth about $22,404,000. Finally, Bank of New York Mellon Corp purchased a new position in Banc of California in the second quarter valued at about $22,019,000. 86.88% of the stock is owned by institutional investors.

Banc of California Stock Up 0.1%

NYSE BANC opened at $17.76 on Friday. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.89 and a quick ratio of 0.86. The stock has a market capitalization of $2.81 billion, a PE ratio of -42.29 and a beta of 0.77. Banc of California has a fifty-two week low of $15.33 and a fifty-two week high of $21.93. The business has a fifty day moving average price of $18.72 and a two-hundred day moving average price of $19.01.

Banc of California (NYSE:BANC) last issued its quarterly earnings data on Wednesday, July 29th. The bank reported ($1.61) earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $16.41 million for the quarter, compared to the consensus estimate of $295.32 million. During the same quarter in the prior year, the firm earned $0.31 EPS. The company’s revenue was down 94.0% on a year-over-year basis. Equities analysts expect that Banc of California will post 1.7 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Tuesday, September 15th were given a $0.12 dividend. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $0.48 annualized dividend and a yield of 2.7%. Banc of California’s dividend payout ratio (DPR) is presently -114.29%.

Banc of California Company Profile

Banc of California, Inc is a bank holding company whose principal subsidiary, Banc of California, N.A., provides banking and financial services to businesses, professionals and individuals. The bank serves customers primarily through branches and digital banking channels in California and selected markets.

Its products and services include commercial and consumer lending, commercial real estate financing, residential mortgage lending, deposit accounts, treasury management, cash management and online banking.