Banc of California, Inc. (NYSE:BANC) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• Analyst consensus: Twelve brokers give Banc of California an average rating of "Moderate Buy" (9 buys, 2 holds, 1 strong buy) with a 12‑month average target of $20.27 and recent analyst targets around $22–$23.
• Quarterly results beat estimates: The bank reported $0.42 EPS vs. $0.37 expected and revenue of $292.9M vs. $288.4M, with analysts projecting $1.31 EPS for the current year.
• Dividend increase and heavy institutional ownership: Banc raised its quarterly dividend to $0.12 (annualized $0.48, 2.6% yield) and roughly 86.9% of shares are held by institutional investors, with a payout ratio near 40.7%.

Banc of California, Inc. (NYSE:BANC - Get Free Report) has received an average rating of "Moderate Buy" from the twelve research firms that are covering the firm, MarketBeat.com reports. Two research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $20.2727.

A number of equities research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods lifted their price target on shares of Banc of California from $22.00 to $23.00 and gave the company an "outperform" rating in a research report on Friday, January 23rd. Wells Fargo & Company lifted their price target on shares of Banc of California from $20.00 to $22.00 and gave the company an "overweight" rating in a research report on Monday, March 30th. Wall Street Zen upgraded shares of Banc of California from a "sell" rating to a "hold" rating in a research report on Saturday, January 10th. Weiss Ratings reiterated a "hold (c)" rating on shares of Banc of California in a research report on Wednesday, January 21st. Finally, Piper Sandler reduced their price target on shares of Banc of California from $25.00 to $22.00 and set an "overweight" rating for the company in a research report on Thursday, April 2nd.

Institutional Investors Weigh In On Banc of California

A number of hedge funds and other institutional investors have recently modified their holdings of BANC. Polar Asset Management Partners Inc. acquired a new position in shares of Banc of California during the 3rd quarter worth approximately $2,054,000. Jupiter Asset Management Ltd. acquired a new position in shares of Banc of California during the 3rd quarter worth approximately $912,000. ARGA Investment Management LP acquired a new position in shares of Banc of California during the 3rd quarter worth approximately $1,730,000. Y Intercept Hong Kong Ltd raised its position in shares of Banc of California by 308.4% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 70,856 shares of the bank's stock worth $1,173,000 after purchasing an additional 53,506 shares during the last quarter. Finally, Voya Investment Management LLC raised its position in shares of Banc of California by 338.7% during the 3rd quarter. Voya Investment Management LLC now owns 166,298 shares of the bank's stock worth $2,752,000 after purchasing an additional 128,387 shares during the last quarter. 86.88% of the stock is currently owned by institutional investors and hedge funds.

Banc of California Price Performance

Shares of NYSE:BANC opened at $18.69 on Friday. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.31. The company has a market cap of $2.80 billion, a P/E ratio of 15.84 and a beta of 0.74. Banc of California has a 52 week low of $11.70 and a 52 week high of $21.61. The company has a 50-day moving average price of $18.50 and a 200 day moving average price of $18.41.

Banc of California (NYSE:BANC - Get Free Report) last posted its quarterly earnings results on Wednesday, January 21st. The bank reported $0.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $288.41 million. During the same period last year, the firm earned $0.28 EPS. Research analysts predict that Banc of California will post 1.31 earnings per share for the current year.

Banc of California Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 1st. Stockholders of record on Monday, March 16th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date was Monday, March 16th. This is a positive change from Banc of California's previous quarterly dividend of $0.10. Banc of California's payout ratio is 40.68%.

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.

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