Banc of California (NYSE:BANC) Sets New 1-Year High – Here’s Why

Banc of California, Inc. (NYSE:BANC)’s stock price hit a new 52-week high on Tuesday . The stock traded as high as $21.69 and last traded at $21.6160, with a volume of 2757262 shares changing hands. The stock had previously closed at $20.81.

Analyst Ratings Changes

Several research analysts have commented on BANC shares. Wells Fargo & Company upped their target price on shares of Banc of California from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Monday, July 6th. Piper Sandler lifted their target price on Banc of California from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Monday, April 27th. JPMorgan Chase & Co. increased their price target on Banc of California from $22.00 to $24.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 1st. DA Davidson reaffirmed a “buy” rating and issued a $24.00 price objective on shares of Banc of California in a report on Tuesday, April 28th. Finally, Barclays dropped their price target 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. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $22.69.

Banc of California Price Performance

The firm has a market capitalization of $3.28 billion, a P/E ratio of 16.24 and a beta of 0.73. The business’s fifty day moving average is $19.90 and its 200 day moving average is $19.28. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31.

Banc of California (NYSE:BANC) last issued its earnings results on Wednesday, April 22nd. The bank reported $0.39 earnings per share for the quarter, topping 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 net margin of 13.58% and a return on equity of 9.25%. The firm’s revenue for the quarter was up 7.9% compared to the same quarter last year. During the same period last year, the firm posted $0.26 earnings per share. As a group, analysts forecast that Banc of California, Inc. will post 1.71 EPS for the current year.

Banc of California Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.3%. Banc of California’s payout ratio is 36.64%.

Institutional Trading of Banc of California

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Banc of California by 4.6% during the 4th quarter. Vanguard Group Inc. now owns 9,951,795 shares of the bank’s stock valued at $191,970,000 after buying an additional 438,320 shares during the period. Bridgeway Capital Management LLC raised its holdings in shares of Banc of California by 11.8% during the fourth quarter. Bridgeway Capital Management LLC now owns 915,325 shares of the bank’s stock worth $17,657,000 after acquiring an additional 96,372 shares in the last quarter. UBS Group AG raised its holdings in shares of Banc of California by 28.4% during the fourth quarter. UBS Group AG now owns 598,427 shares of the bank’s stock worth $11,544,000 after acquiring an additional 132,328 shares in the last quarter. William Blair Investment Management LLC boosted its position in Banc of California by 8.8% during the fourth quarter. William Blair Investment Management LLC now owns 2,317,363 shares of the bank’s stock valued at $44,702,000 after purchasing an additional 187,999 shares during the last quarter. Finally, LSV Asset Management purchased a new position in Banc of California in the fourth quarter valued at about $3,740,000. 86.88% of the stock is owned by hedge funds and other institutional investors.

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.