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

Shares of Banc of California, Inc. (NYSE:BANC - Get Free Report) have received a consensus recommendation of "Moderate Buy" from the twelve brokerages that are covering the stock, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $17.33.

Several equities research analysts have commented on the stock. Stephens reaffirmed an "equal weight" rating and issued a $15.00 target price on shares of Banc of California in a research note on Monday, April 28th. Robert W. Baird lowered their target price on shares of 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. JPMorgan Chase & Co. upped their target price on shares of Banc of California from $15.00 to $16.00 and gave the company a "neutral" rating in a research note on Tuesday, July 1st. Barclays upped their target price on shares of Banc of California from $18.00 to $19.00 and gave the company an "overweight" rating in a research note on Tuesday. Finally, Jefferies Financial Group started coverage on shares of Banc of California in a research note on Wednesday, May 21st. They issued a "buy" rating and a $18.00 target price for the company.

Insider Transactions at Banc of California

In related news, Director James Andrew Barker acquired 10,000 shares of the stock in a transaction dated Tuesday, April 29th. The stock was bought 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 directly owned 169,680 shares of the company's stock, valued at approximately $2,232,988.80. The trade was a 6.26% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Olivia I. Lindsay sold 11,000 shares of the stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $13.58, for a total transaction of $149,380.00. Following the sale, the insider directly owned 30,902 shares of the company's stock, valued at $419,649.16. This represents a 26.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold 86,000 shares of company stock valued at $1,208,000 over the last quarter. Corporate insiders own 2.69% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. T. Rowe Price Investment Management Inc. boosted its holdings in Banc of California by 18.6% during the first quarter. T. Rowe Price Investment Management Inc. now owns 12,942,131 shares of the bank's stock worth $183,649,000 after purchasing an additional 2,029,119 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Banc of California by 0.5% during the first quarter. Vanguard Group Inc. now owns 9,575,301 shares of the bank's stock worth $135,874,000 after purchasing an additional 50,452 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Banc of California by 16.5% during the first quarter. Wellington Management Group LLP now owns 6,280,573 shares of the bank's stock worth $89,121,000 after purchasing an additional 887,497 shares during the last quarter. Centerbridge Partners L.P. boosted its holdings in Banc of California by 18.7% during the first quarter. Centerbridge Partners L.P. now owns 4,771,784 shares of the bank's stock worth $67,712,000 after purchasing an additional 752,239 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in Banc of California by 127.4% during the first quarter. Invesco Ltd. now owns 4,453,245 shares of the bank's stock worth $63,192,000 after purchasing an additional 2,495,043 shares during the last quarter. Institutional investors and hedge funds own 86.88% of the company's stock.

Banc of California Trading Down 1.1%

Shares of BANC traded down $0.17 on Wednesday, reaching $14.97. 1,527,589 shares of the company's stock were exchanged, compared to its average volume of 2,296,915. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $2.21 billion, a P/E ratio of 23.02 and a beta of 0.67. The business has a 50 day moving average price of $14.09 and a two-hundred day moving average price of $14.43. Banc of California has a 12 month low of $11.52 and a 12 month high of $18.08.

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

Banc of California Announces Dividend

The business also recently disclosed 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 2.67%. The ex-dividend date of this dividend was Monday, June 16th. Banc of California's dividend payout ratio is 61.54%.

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.