Banc of California, Inc. (NYSE:BANC) Stock Now Rated “Moderate Buy” by Sell-Side Analysts

Shares of Banc of California, Inc. (NYSE:BANC) have received an average recommendation of “Moderate Buy” from the ten analysts that are presently covering the stock, MarketBeat reports. Three analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $22.50.

Several equities analysts have recently commented on the stock. Wells Fargo & Company decreased their price objective on shares of Banc of California from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Wednesday, September 30th. Barclays boosted their target price on Banc of California from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Monday. Weiss Ratings cut Banc of California from a “hold (c+)” rating to a “hold (c-)” rating in a research note on Friday, August 21st. Citigroup dropped their price objective on Banc of California from $23.50 to $22.00 and set a “buy” rating for the company in a research note on Friday, July 31st. Finally, Wall Street Zen upgraded Banc of California from a “strong sell” rating to a “sell” rating in a report on Sunday, September 27th.

Insider Activity

In related news, insider Olivia I. Lindsay sold 6,000 shares of the company’s stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $19.50, for a total value of $117,000.00. Following the completion of the sale, the insider owned 32,842 shares in the company, valued at $640,419. This represents a 15.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Ido Dotan sold 10,541 shares of the stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $18.30, for a total value of $192,900.30. Following the sale, the general counsel directly owned 45,702 shares of the company’s stock, valued at $836,346.60. The trade was a 18.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 2.78% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Western Wealth Management LLC purchased a new position in shares of Banc of California during the 1st quarter worth approximately $29,000. Orion Capital Management LLC purchased a new stake in shares of Banc of California in the second quarter valued at approximately $37,000. EverSource Wealth Advisors LLC boosted its stake in shares of 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. Hantz Financial Services Inc. grew its holdings in Banc of California by 199.0% during the fourth quarter. Hantz Financial Services Inc. now owns 2,159 shares of the bank’s stock worth $42,000 after acquiring an additional 1,437 shares during the period. Finally, Nykredit A S acquired a new position in Banc of California during the second quarter worth $61,000. 86.88% of the stock is currently owned by institutional investors and hedge funds.

Banc of California Price Performance

BANC stock opened at $17.39 on Friday. Banc of California has a 52-week low of $15.33 and a 52-week high of $21.93. The company has a quick ratio of 0.86, a current ratio of 0.89 and a debt-to-equity ratio of 0.20. The stock has a market cap of $2.76 billion, a price-to-earnings ratio of -41.41 and a beta of 0.77. The business has a fifty day moving average of $18.53 and a two-hundred day moving average of $19.03.

Banc of California (NYSE:BANC) last announced its quarterly earnings results on Wednesday, July 29th. The bank reported ($1.61) EPS for the quarter, missing the consensus estimate of $0.40 by ($2.01). The business had revenue of $16.41 million during the quarter, compared to analyst estimates of $295.32 million. Banc of California had a negative net margin of 1.44% and a positive return on equity of 7.98%. The business’s revenue for the quarter was down 94.0% on a year-over-year basis. During the same period last year, the company earned $0.31 EPS. As a group, research analysts anticipate that Banc of California will post 1.72 earnings per share for the current year.

Banc of California Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date was Tuesday, September 15th. Banc of California’s dividend payout ratio (DPR) is presently -114.29%.

About Banc of California

Banc of California, Inc is a bank holding company whose principal subsidiary, Banc of California, N.A., provides banking and financial services to businesses, professionals and individuals. The bank serves customers primarily through branches and digital banking channels in California and selected markets.

Its products and services include commercial and consumer lending, commercial real estate financing, residential mortgage lending, deposit accounts, treasury management, cash management and online banking.