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

Shares of Banc of California, Inc. (NYSE:BANC) have received an average recommendation of “Moderate Buy” from the eleven ratings firms that are presently covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $19.25.

BANC has been the subject of several research analyst reports. JPMorgan Chase & Co. upped their price target on shares of Banc of California from $20.00 to $21.00 and gave the company an “overweight” rating in a report on Friday, October 24th. Wells Fargo & Company boosted their target price on shares of Banc of California from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Monday, September 29th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $18.00 price objective (up from $17.00) on shares of Banc of California in a research report on Friday, July 25th. Weiss Ratings restated a “hold (c)” rating on shares of Banc of California in a research report on Wednesday, October 8th. Finally, Wall Street Zen raised Banc of California from a “sell” rating to a “hold” rating in a report on Saturday, October 25th.

Banc of California Stock Performance

NYSE BANC opened at $16.19 on Tuesday. The company has a 50 day moving average of $16.88 and a 200-day moving average of $15.47. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. Banc of California has a 1-year low of $11.52 and a 1-year high of $18.24. The firm has a market cap of $2.39 billion, a price-to-earnings ratio of 15.56 and a beta of 0.75.

Banc of California (NYSE:BANC) last posted its quarterly earnings data on Monday, May 13th. The bank reported $1.03 earnings per share (EPS) for the quarter. The firm had revenue of $315.66 million for the quarter. Banc of California had a return on equity of 8.00% and a net margin of 11.49%. On average, equities analysts forecast that Banc of California will post 1.31 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Monday, December 15th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend is Monday, December 15th. Banc of California’s payout ratio is 38.46%.

Insider Buying and Selling

In other Banc of California news, insider Hamid Hussain sold 20,000 shares of the company’s stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $16.59, for a total transaction of $331,800.00. Following the completion of the sale, the insider directly owned 66,444 shares in the company, valued at $1,102,305.96. This represents a 23.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.69% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Triumph Capital Management acquired a new stake in Banc of California during the third quarter worth approximately $25,000. GAMMA Investing LLC increased its position in shares of Banc of California by 22.2% during the second quarter. GAMMA Investing LLC now owns 4,201 shares of the bank’s stock worth $59,000 after acquiring an additional 762 shares in the last quarter. Aster Capital Management DIFC Ltd raised its stake in shares of Banc of California by 145.1% in the third quarter. Aster Capital Management DIFC Ltd now owns 4,181 shares of the bank’s stock worth $69,000 after purchasing an additional 2,475 shares during the last quarter. Osaic Holdings Inc. raised its stake in shares of Banc of California by 210.8% in the second quarter. Osaic Holdings Inc. now owns 5,809 shares of the bank’s stock worth $82,000 after purchasing an additional 3,940 shares during the last quarter. Finally, CWM LLC lifted its holdings in shares of Banc of California by 41.7% in the first quarter. CWM LLC now owns 8,049 shares of the bank’s stock valued at $114,000 after purchasing an additional 2,367 shares in the last quarter. 86.88% of the stock is owned by institutional investors and hedge funds.

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.