Banc of California, Inc. (NYSE:BANC) Receives $20.86 Consensus Target Price from Analysts

Banc of California, Inc. (NYSE:BANC) has been given a consensus recommendation of “Moderate Buy” by the twelve ratings firms that are currently covering the stock, MarketBeat reports. Two investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $20.8636.

Several equities research analysts have recently commented on BANC shares. JPMorgan Chase & Co. boosted their price target on Banc of California from $21.00 to $24.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 16th. Keefe, Bruyette & Woods boosted their target price on Banc of California from $22.00 to $23.00 and gave the stock an “outperform” rating in a research report on Friday, January 23rd. Piper Sandler raised their price target 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. Wall Street Zen raised Banc of California from a “sell” rating to a “hold” rating in a research note on Saturday, January 10th. Finally, Barclays increased their price objective on shares of Banc of California from $21.00 to $25.00 and gave the company an “overweight” rating in a research note on Friday, December 19th.

Banc of California Stock Performance

Shares of BANC opened at $19.62 on Thursday. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.31. Banc of California has a 52-week low of $11.52 and a 52-week high of $21.61. The company has a 50-day simple moving average of $20.06 and a 200-day simple moving average of $18.17. The company has a market capitalization of $2.97 billion, a PE ratio of 16.63 and a beta of 0.72.

Banc of California (NYSE:BANC) last issued its earnings results on Wednesday, January 21st. The bank reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.05. Banc of California had a net margin of 12.59% and a return on equity of 8.66%. The company 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 business posted $0.28 earnings per share. Equities research analysts predict that Banc of California will post 1.31 earnings per share for the current fiscal year.

Banc of California Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Monday, March 16th will be given a $0.12 dividend. This is a boost from Banc of California’s previous quarterly dividend of $0.10. This represents a $0.48 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Monday, March 16th. Banc of California’s dividend payout ratio (DPR) is currently 33.90%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of BANC. Jupiter Asset Management Ltd. acquired a new position in shares of Banc of California in the third quarter worth $912,000. ARGA Investment Management LP purchased a new stake in Banc of California during the 3rd quarter worth about $1,730,000. Voya Investment Management LLC raised its stake in Banc of California by 338.7% in the 3rd quarter. Voya Investment Management LLC now owns 166,298 shares of the bank’s stock valued at $2,752,000 after purchasing an additional 128,387 shares during the last quarter. Y Intercept Hong Kong Ltd lifted its holdings in Banc of California by 308.4% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 70,856 shares of the bank’s stock valued at $1,173,000 after purchasing an additional 53,506 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in Banc of California by 63.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,797,082 shares of the bank’s stock valued at $25,249,000 after purchasing an additional 698,426 shares in the last quarter. 86.88% of the stock is currently owned by institutional investors and hedge funds.

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.