Banc of California, Inc. (NYSE:BANC - Get Free Report) has received a consensus rating of "Moderate Buy" from the twelve ratings firms that are presently covering the stock, Marketbeat reports. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $17.25.
A number of research analysts have issued reports on BANC shares. Stephens restated an "equal weight" rating and set a $15.00 target price on shares of Banc of California in a research report on Monday. Robert W. Baird cut their price objective on shares of Banc of California from $19.00 to $17.00 and set an "outperform" rating on the stock in a report on Friday, April 25th. StockNews.com raised shares of Banc of California from a "sell" rating to a "hold" rating in a report on Friday, January 24th. Raymond James increased their price target on Banc of California from $17.00 to $18.00 and gave the company an "outperform" rating in a research note on Friday, January 24th. Finally, Barclays decreased their price objective on Banc of California from $19.00 to $18.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th.
Get Our Latest Report on BANC
Insider Activity at Banc of California
In other Banc of California news, Director James Andrew Barker purchased 10,000 shares of the stock in a transaction on Tuesday, April 29th. The shares were purchased at an average cost of $13.16 per share, for a total transaction of $131,600.00. Following the purchase, the director now owns 169,680 shares of the company's stock, valued at approximately $2,232,988.80. This represents 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 this hyperlink. 2.69% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Banc of California
A number of institutional investors and hedge funds have recently made changes to their positions in BANC. Picton Mahoney Asset Management bought a new stake in shares of Banc of California in the 4th quarter valued at about $30,000. SBI Securities Co. Ltd. bought a new stake in Banc of California in the fourth quarter valued at approximately $36,000. Jones Financial Companies Lllp lifted its position in shares of Banc of California by 35.1% in the fourth quarter. Jones Financial Companies Lllp now owns 3,574 shares of the bank's stock valued at $55,000 after buying an additional 928 shares during the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of Banc of California by 205.8% during the 4th quarter. Smartleaf Asset Management LLC now owns 4,348 shares of the bank's stock worth $68,000 after acquiring an additional 2,926 shares during the period. Finally, Summit Securities Group LLC acquired a new position in shares of Banc of California during the 4th quarter worth approximately $97,000. Institutional investors own 86.88% of the company's stock.
Banc of California Price Performance
Shares of Banc of California stock traded down $0.05 during midday trading on Friday, reaching $13.49. The company had a trading volume of 2,552,578 shares, compared to its average volume of 2,359,520. 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 fifty day simple moving average of $13.62 and a 200 day simple moving average of $15.17. Banc of California has a 1-year low of $11.52 and a 1-year high of $18.08. The company has a market capitalization of $2.14 billion, a price-to-earnings ratio of 24.09 and a beta of 0.85.
Banc of California (NYSE:BANC - Get Free Report) last released its 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 company had revenue of $266.01 million during the quarter, compared to the consensus estimate of $272.36 million. Banc of California had a return on equity of 6.20% and a net margin of 7.06%. The firm's quarterly revenue was up 1.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.19 earnings per share. As a group, equities research analysts forecast that Banc of California will post 1.31 earnings per share for the current year.
Banc of California Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.97%. The ex-dividend date was Friday, March 14th. Banc of California's dividend payout ratio is 61.54%.
About Banc of California
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Get Free ReportBanc 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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