Analysts Set Banc of California, Inc. (NYSE:BANC) Target Price at $20.86

Banc of California, Inc. (NYSE:BANC) has earned an average recommendation of “Moderate Buy” from the twelve brokerages that are presently covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $20.8636.

BANC has been the topic of a number of recent research reports. Piper Sandler upped their target price on Banc of California from $24.00 to $25.00 and gave the company an “overweight” rating in a research report on Monday, January 26th. Keefe, Bruyette & Woods raised their price target on shares of Banc of California from $22.00 to $23.00 and gave the stock an “outperform” rating in a research report on Friday, January 23rd. Wall Street Zen upgraded shares of Banc of California from a “sell” rating to a “hold” rating in a research note on Saturday, January 10th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Banc of California in a report on Wednesday, January 21st. Finally, Barclays raised their target price on shares of Banc of California from $21.00 to $25.00 and gave the stock an “overweight” rating in a report on Friday, December 19th.

Banc of California Stock Performance

Shares of BANC opened at $16.81 on Monday. The stock has a 50-day moving average of $19.28 and a two-hundred day moving average of $18.35. Banc of California has a one year low of $11.52 and a one year high of $21.61. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.90. The stock has a market cap of $2.54 billion, a P/E ratio of 14.24 and a beta of 0.72.

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

Banc of California Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Monday, March 16th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Monday, March 16th. This represents a $0.48 annualized dividend and a yield of 2.9%. This is an increase from Banc of California’s previous quarterly dividend of $0.10. Banc of California’s payout ratio is 40.68%.

Hedge Funds Weigh In On Banc of California

Several institutional investors and hedge funds have recently modified their holdings of BANC. Navalign LLC acquired a new stake in Banc of California during the fourth quarter worth about $27,000. Triumph Capital Management purchased a new position in Banc of California during the third quarter valued at approximately $25,000. Orion Capital Management LLC acquired a new position in Banc of California in the fourth quarter valued at approximately $35,000. EverSource Wealth Advisors LLC boosted its position in Banc of California by 38.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank’s stock worth $39,000 after purchasing an additional 564 shares in the last quarter. Finally, Hantz Financial Services Inc. boosted its position in Banc of California by 199.0% in the 4th quarter. Hantz Financial Services Inc. now owns 2,159 shares of the bank’s stock worth $42,000 after purchasing an additional 1,437 shares in the last quarter. Institutional investors and hedge funds own 86.88% of the company’s stock.

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.