Banc of California (NYSE:BANC) Price Target Raised to $19.00 at Barclays

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

BANC has been the topic of several other reports. Robert W. Baird dropped 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 research report on Friday, April 25th. JPMorgan Chase & Co. increased their price objective on shares of Banc of California from $15.00 to $16.00 and gave the company a "neutral" rating in a research report on Tuesday, July 1st. Stephens reissued an "equal weight" rating and issued a $15.00 price objective on shares of Banc of California in a research report on Monday, April 28th. Wells Fargo & Company dropped 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 research report on Wednesday, April 9th. Finally, Jefferies Financial Group began coverage on shares of Banc of California in a research report on Wednesday, May 21st. They set a "buy" rating and a $18.00 price target on the stock. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $17.33.

Banc of California Stock Performance

Shares of BANC traded down $0.08 during trading hours on Tuesday, hitting $15.06. The company had a trading volume of 790,959 shares, compared to its average volume of 2,294,298. The firm has a market cap of $2.22 billion, a price-to-earnings ratio of 23.19 and a beta of 0.67. The business has a fifty day moving average of $14.06 and a 200-day moving average of $14.43. Banc of California has a 12 month low of $11.52 and a 12 month high of $18.08. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.31.

Banc of California (NYSE:BANC - Get Free Report) last issued its quarterly earnings data 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 net margin of 8.23% and a return on equity of 6.30%. The company's revenue was up 1.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.19 earnings per share. Equities analysts anticipate that Banc of California will post 1.31 EPS for the current fiscal year.

Banc of California Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Monday, June 16th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, June 16th. This represents a $0.40 dividend on an annualized basis and a yield of 2.66%. Banc of California's payout ratio is 61.54%.

Insiders Place Their Bets

In other Banc of California news, Director Richard J. Lashley sold 37,500 shares of the stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $14.20, for a total transaction of $532,500.00. Following the sale, the director directly owned 2,280,280 shares in the company, valued at $32,379,976. This represents a 1.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Olivia I. Lindsay sold 11,000 shares of the stock in a transaction dated 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 owned 30,902 shares in the company, valued at $419,649.16. The trade was a 26.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 86,000 shares of company stock worth $1,208,000 over the last ninety days. Corporate insiders own 2.69% of the company's stock.

Institutional Investors Weigh In On Banc of California

A number of large investors have recently bought and sold shares of the company. Proficio Capital Partners LLC acquired a new stake in shares of Banc of California in the 4th quarter valued at approximately $360,000. Jones Financial Companies Lllp boosted its stake in shares of Banc of California by 35.1% in 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. SBI Securities Co. Ltd. acquired a new stake in shares of Banc of California in the 4th quarter valued at approximately $36,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Banc of California by 1.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,252,528 shares of the bank's stock valued at $19,364,000 after purchasing an additional 19,076 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of Banc of California in the 4th quarter valued at approximately $1,343,000. 86.88% of the stock is currently owned by institutional investors and hedge funds.

Banc of California Company Profile

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.