Banc of California, Inc. (NYSE:BANC) Receives Consensus Recommendation of "Buy" from Analysts

Key Points

• Shares have a consensus analyst rating of Buy from 10 analysts (1 hold, 8 buy, 1 strong buy) with an average 12‑month price target of $21.83.
• In the latest quarter Banc of California reported EPS of $0.39 (beat $0.38 consensus) while revenue of $275.97M missed the $291.28M estimate, though revenue was up 7.9% year‑over‑year; the stock trades near $18.60 with a 52‑week range of $13.24–$21.61 and a P/E of 14.2.
• The bank increased its quarterly dividend from $0.10 to $0.12 (annualized $0.48), implying a yield of 2.6% and a dividend payout ratio of about 36.6%.

Shares of Banc of California, Inc. (NYSE:BANC - Get Free Report) have been assigned a consensus recommendation of "Buy" from the ten analysts that are covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a hold recommendation, eight have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $21.8333.

BANC has been the topic of several analyst reports. Barclays decreased their target price on shares of Banc of California from $25.00 to $23.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 7th. Piper Sandler lifted their target price on shares of Banc of California from $22.00 to $23.00 and gave the stock an "overweight" rating in a research note on Monday, April 27th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Banc of California in a research note on Wednesday, January 21st. Wall Street Zen upgraded shares of Banc of California from a "sell" rating to a "hold" rating in a report on Saturday, January 10th. Finally, DA Davidson reiterated a "buy" rating and issued a $24.00 price target on shares of Banc of California in a report on Tuesday, April 28th.

Banc of California Stock Up 0.1%

Shares of NYSE BANC opened at $18.60 on Tuesday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31. Banc of California has a 52 week low of $13.24 and a 52 week high of $21.61. The firm's fifty day moving average is $18.02 and its 200 day moving average is $18.61. The company has a market cap of $2.79 billion, a price-to-earnings ratio of 14.20 and a beta of 0.75.

Banc of California (NYSE:BANC - Get Free Report) last issued its earnings results on Wednesday, April 22nd. The bank reported $0.39 EPS for the quarter, topping the consensus estimate of $0.38 by $0.01. Banc of California had a net margin of 13.58% and a return on equity of 9.25%. The company had revenue of $275.97 million for the quarter, compared to the consensus estimate of $291.28 million. During the same period in the previous year, the firm earned $0.26 earnings per share. The firm's revenue for the quarter was up 7.9% on a year-over-year basis. On average, equities research analysts expect that Banc of California will post 1.72 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. Investors of record on Monday, March 16th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 2.6%. This is an increase from Banc of California's previous quarterly dividend of $0.10. The ex-dividend date was Monday, March 16th. Banc of California's dividend payout ratio (DPR) is presently 36.64%.

Institutional Trading of Banc of California

Several large investors have recently added to or reduced their stakes in BANC. Bank of America Corp DE boosted its holdings in Banc of California by 243.9% in the third quarter. Bank of America Corp DE now owns 3,430,938 shares of the bank's stock valued at $56,782,000 after acquiring an additional 2,433,394 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Banc of California by 45.4% in the third quarter. Dimensional Fund Advisors LP now owns 5,053,402 shares of the bank's stock valued at $83,635,000 after acquiring an additional 1,576,914 shares in the last quarter. Balyasny Asset Management L.P. bought a new stake in Banc of California in the second quarter valued at $17,400,000. North Reef Capital Management LP bought a new stake in Banc of California in the fourth quarter valued at $22,312,000. Finally, Millennium Management LLC boosted its holdings in Banc of California by 276.5% in the third quarter. Millennium Management LLC now owns 1,278,974 shares of the bank's stock valued at $21,167,000 after acquiring an additional 939,318 shares in the last quarter. Institutional investors own 86.88% of the company's stock.

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.

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