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

Shares of Banc of California, Inc. (NYSE:BANC) have earned an average recommendation of “Moderate Buy” from the twelve ratings firms that are covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold recommendation, nine have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $20.2727.

Several analysts recently issued reports on BANC shares. Wells Fargo & Company increased their price target on shares of Banc of California from $20.00 to $22.00 and gave the stock an “overweight” rating in a research report on Monday, March 30th. Keefe, Bruyette & Woods boosted their price objective on shares of Banc of California from $22.00 to $23.00 and gave the company an “outperform” rating in a research report on Friday, January 23rd. Piper Sandler cut their target price on Banc of California from $25.00 to $22.00 and set an “overweight” rating for the company in a research note on Thursday, April 2nd. JPMorgan Chase & Co. reduced their target price on Banc of California from $25.00 to $20.50 and set an “overweight” rating on the stock in a report on Wednesday, April 1st. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Banc of California in a research note on Wednesday, January 21st.

Banc of California Stock Down 0.6%

BANC stock opened at $18.47 on Friday. Banc of California has a 52 week low of $12.80 and a 52 week high of $21.61. The business has a 50-day simple moving average of $18.34 and a 200 day simple moving average of $18.48. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.31. The company has a market cap of $2.77 billion, a PE ratio of 15.65 and a beta of 0.74.

Banc of California (NYSE:BANC) last announced its quarterly earnings data on Wednesday, January 21st. The bank reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.05. Banc of California had a net margin of 12.59% and a return on equity of 8.66%. The firm had revenue of $292.93 million for the quarter, compared to the consensus estimate of $288.41 million. During the same period in the prior year, the company posted $0.28 earnings per share. Sell-side analysts anticipate that Banc of California will post 1.31 EPS for the current fiscal year.

Banc of California Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 1st. Shareholders of record on Monday, March 16th were given a $0.12 dividend. This is a boost from Banc of California’s previous quarterly dividend of $0.10. This represents a $0.48 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date was Monday, March 16th. Banc of California’s dividend payout ratio (DPR) is presently 40.68%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in BANC. Triumph Capital Management bought a new stake in shares of Banc of California during the 3rd quarter valued at approximately $25,000. Navalign LLC bought a new position in Banc of California in the 4th quarter valued at approximately $27,000. Orion Capital Management LLC bought a new position in Banc of California in the 4th quarter valued at approximately $35,000. Advisory Services Network LLC acquired a new stake in Banc of California in the third quarter valued at approximately $36,000. Finally, EverSource Wealth Advisors LLC boosted its position 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 buying an additional 564 shares in the last quarter. Institutional investors own 86.88% of the company’s stock.

Banc of California Company Profile

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.