Banc of California, Inc. (NYSE:BANC) Receives $22.69 Average Price Target from Analysts

Banc of California, Inc. (NYSE:BANC) has earned a consensus recommendation of “Buy” from the nine research firms that are presently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating on the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $22.6875.

Several research analysts have commented on the company. Wells Fargo & Company lifted their price target on Banc of California from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Monday, July 6th. Weiss Ratings downgraded Banc of California from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, June 4th. Barclays lowered their target price on shares of Banc of California from $25.00 to $23.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 7th. DA Davidson reaffirmed a “buy” rating and issued a $24.00 target price on shares of Banc of California in a report on Tuesday, April 28th. Finally, Piper Sandler lifted their target price on shares of Banc of California from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Monday, April 27th.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Triumph Capital Management acquired a new stake in shares of Banc of California during the third quarter worth about $25,000. Navalign LLC purchased a new position in shares of Banc of California during the fourth quarter worth about $27,000. Western Wealth Management LLC acquired a new position in Banc of California in the 1st quarter valued at about $29,000. Orion Capital Management LLC acquired a new position in Banc of California in the 4th quarter valued at about $35,000. Finally, Advisory Services Network LLC acquired a new position in Banc of California in the 3rd quarter valued at about $36,000. 86.88% of the stock is currently owned by institutional investors and hedge funds.

Banc of California Stock Up 5.1%

BANC opened at $21.86 on Friday. Banc of California has a one year low of $13.96 and a one year high of $21.93. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.89. The stock has a market capitalization of $3.37 billion, a P/E ratio of 16.69 and a beta of 0.73. The business’s 50-day simple moving average is $19.84 and its 200-day simple moving average is $19.26.

Banc of California (NYSE:BANC) last announced its earnings results on Wednesday, April 22nd. The bank reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The firm had revenue of $286.95 million during the quarter, compared to analysts’ expectations of $291.28 million. Banc of California had a return on equity of 9.25% and a net margin of 13.58%.The business’s revenue was up 7.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.26 EPS. Analysts anticipate that Banc of California will post 1.71 EPS for the current year.

Banc of California Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend was Monday, June 15th. Banc of California’s dividend payout ratio (DPR) is presently 36.64%.

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.