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

Shares of Banc of California, Inc. (NYSE:BANC - Get Free Report) have received an average recommendation of "Moderate Buy" from the twelve ratings firms that are currently covering the company, MarketBeat.com reports. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $17.33.

Several analysts recently issued reports on BANC shares. Wells Fargo & Company reduced their price objective on shares of Banc of California from $20.00 to $16.00 and set an "overweight" rating on the stock in a report on Wednesday, April 9th. JPMorgan Chase & Co. lifted their price objective on Banc of California from $15.00 to $16.00 and gave the company a "neutral" rating in a research note on Tuesday, July 1st. Robert W. Baird decreased their price objective on Banc of California from $19.00 to $17.00 and set an "outperform" rating for the company in a research note on Friday, April 25th. Barclays boosted their price objective on shares of Banc of California from $18.00 to $19.00 and gave the stock an "overweight" rating in a research report on Tuesday. Finally, Stephens reiterated an "equal weight" rating and issued a $15.00 price objective on shares of Banc of California in a research note on Monday, April 28th.

Banc of California Price Performance

Shares of NYSE BANC opened at $14.81 on Wednesday. Banc of California has a 12 month low of $11.52 and a 12 month high of $18.08. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.90 and a quick ratio of 0.89. The firm's 50 day simple moving average is $14.00 and its 200-day simple moving average is $14.43. The stock has a market capitalization of $2.19 billion, a price-to-earnings ratio of 22.78 and a beta of 0.67.

Banc of California (NYSE:BANC - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The bank reported $0.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.24 by $0.02. The firm had revenue of $266.01 million for the quarter, compared to analyst estimates of $272.36 million. Banc of California had a return on equity of 6.30% and a net margin of 8.23%. The business's revenue was up 1.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.19 EPS. Analysts expect that Banc of California will post 1.31 EPS for the current year.

Banc of California Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Monday, June 16th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.70%. The ex-dividend date was Monday, June 16th. Banc of California's dividend payout ratio (DPR) is presently 61.54%.

Insider Activity

In other news, Director James Andrew Barker acquired 10,000 shares of Banc of California stock in a transaction that occurred on Tuesday, April 29th. The stock was purchased at an average price of $13.16 per share, with a total value of $131,600.00. Following the completion of the transaction, the director owned 169,680 shares in the company, valued at approximately $2,232,988.80. This trade represents a 6.26% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Richard J. Lashley sold 37,500 shares of the business's stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $14.20, for a total value of $532,500.00. Following the completion of the sale, the director directly owned 2,280,280 shares of the company's stock, valued at $32,379,976. This represents a 1.62% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 86,000 shares of company stock worth $1,208,000. 2.69% of the stock is owned by company insiders.

Hedge Funds Weigh In On Banc of California

Institutional investors have recently made changes to their positions in the business. Picton Mahoney Asset Management bought a new position in Banc of California during the fourth quarter valued at about $30,000. SBI Securities Co. Ltd. acquired a new stake in Banc of California during the 4th quarter valued at $36,000. Jones Financial Companies Lllp increased its holdings in Banc of California by 35.1% during the 4th quarter. Jones Financial Companies Lllp now owns 3,574 shares of the bank's stock valued at $55,000 after purchasing an additional 928 shares in the last quarter. Summit Securities Group LLC acquired a new stake in shares of Banc of California in the 4th quarter valued at $97,000. Finally, New Age Alpha Advisors LLC acquired a new stake in shares of Banc of California in the 4th quarter valued at $102,000. 86.88% of the stock is currently owned by institutional investors.

About Banc of California

Banc of California, Inc operates as the bank holding company for Banc of California that provides various banking products and services in California. The company offers deposit products, such as checking, savings, money market, demand, and time deposits; certificates of deposit; retirement accounts; and safe deposit boxes.

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