Banc of California (NYSE:BANC) Given New $19.00 Price Target at Barclays

Banc of California (NYSE:BANC - Free Report) had its price objective hoisted by Barclays from $18.00 to $19.00 in a report issued on Tuesday,Benzinga reports. They currently have an overweight rating on the bank's stock.

Other equities research analysts have also recently issued reports about the company. Jefferies Financial Group initiated coverage on Banc of California in a research note on Wednesday, May 21st. They issued a "buy" rating and a $18.00 target price on the stock. Wells Fargo & Company reduced their price target on shares of Banc of California from $20.00 to $16.00 and set an "overweight" rating for the company in a research report on Wednesday, April 9th. Stephens reiterated an "equal weight" rating and set a $15.00 target price on shares of Banc of California in a research note on Monday, April 28th. Robert W. Baird reduced their target price on Banc of California from $19.00 to $17.00 and set an "outperform" rating for the company in a report on Friday, April 25th. Finally, JPMorgan Chase & Co. upped their price target on Banc of California from $15.00 to $16.00 and gave the company a "neutral" rating in a report on Tuesday, July 1st. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $17.33.

Banc of California Trading Up 1.3%

Shares of BANC traded up $0.20 during trading hours on Tuesday, reaching $15.16. 2,449,938 shares of the company traded hands, compared to its average volume of 2,299,742. The company's fifty day moving average price is $14.06 and its two-hundred day moving average price is $14.43. 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 capitalization of $2.24 billion, a price-to-earnings ratio of 23.32 and a beta of 0.67. 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 released its quarterly earnings results on Wednesday, April 23rd. The bank reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.02. The company 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 firm's revenue was up 1.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.19 earnings per share. Equities research analysts predict that Banc of California will post 1.31 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Monday, June 16th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.64%. The ex-dividend date of this dividend was Monday, June 16th. Banc of California's dividend payout ratio is presently 61.54%.

Insiders Place Their Bets

In related news, insider Olivia I. Lindsay sold 11,000 shares of the stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $13.58, for a total value of $149,380.00. Following the completion of the sale, the insider directly owned 30,902 shares of the company's stock, valued at approximately $419,649.16. This represents a 26.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director James Andrew Barker acquired 10,000 shares of Banc of California stock in a transaction dated Tuesday, April 29th. The stock was purchased at an average cost of $13.16 per share, with a total value of $131,600.00. Following the completion of the purchase, the director owned 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 disclosure for this purchase can be found here. Insiders sold a total of 86,000 shares of company stock worth $1,208,000 over the last quarter. 2.69% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Banc of California

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC lifted its stake in Banc of California by 16.5% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 13,393 shares of the bank's stock worth $198,000 after purchasing an additional 1,898 shares in the last quarter. Intech Investment Management LLC raised its holdings in shares of Banc of California by 29.9% during the 1st quarter. Intech Investment Management LLC now owns 86,010 shares of the bank's stock worth $1,220,000 after acquiring an additional 19,821 shares in the last quarter. Bayforest Capital Ltd grew its holdings in shares of Banc of California by 1,355.6% in the first quarter. Bayforest Capital Ltd now owns 31,513 shares of the bank's stock valued at $447,000 after purchasing an additional 29,348 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Banc of California by 1.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 441,856 shares of the bank's stock worth $6,270,000 after purchasing an additional 4,263 shares during the last quarter. Finally, Caxton Associates LLP bought a new position in Banc of California during the first quarter valued at $476,000. Institutional investors own 86.88% of the company's stock.

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.