Banc of California (NYSE:BANC) Stock Price Expected to Rise, Barclays Analyst Says

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

Other equities analysts have also issued research reports about the stock. Stephens reiterated an "equal weight" rating and issued a $15.00 price objective on shares of Banc of California in a report on Monday, April 28th. 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. JPMorgan Chase & Co. boosted their price objective on shares of Banc of California from $15.00 to $16.00 and gave the stock a "neutral" rating in a report on Tuesday, July 1st. Wells Fargo & Company cut 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 report on Wednesday, April 9th. Finally, Jefferies Financial Group assumed coverage on shares of Banc of California in a report on Wednesday, May 21st. They issued a "buy" rating and a $18.00 price objective on the stock. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $17.33.

Banc of California Trading Up 1.8%

Shares of NYSE BANC traded up $0.26 during trading on Tuesday, hitting $14.81. 2,948,438 shares of the company traded hands, compared to its average volume of 2,303,370. 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 firm has a market capitalization of $2.19 billion, a P/E ratio of 22.78 and a beta of 0.67. The company has a 50-day moving average price of $14.00 and a 200-day moving average price of $14.43. Banc of California has a 1 year low of $11.52 and a 1 year high of $18.08.

Banc of California (NYSE:BANC - Get Free Report) last posted its 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 business 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 business's quarterly revenue was up 1.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.19 EPS. On average, equities analysts predict that Banc of California will post 1.31 EPS for the current year.

Banc of California Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Monday, June 16th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date of this dividend was Monday, June 16th. Banc of California's dividend payout ratio is presently 61.54%.

Insider Activity at Banc of California

In other Banc of California news, Director Richard J. Lashley sold 37,500 shares of the company's stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $14.20, for a total value of $532,500.00. Following the completion of the transaction, the director owned 2,280,280 shares in the company, valued at approximately $32,379,976. This represents a 1.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Olivia I. Lindsay sold 11,000 shares of the company's 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 completion of the transaction, the insider owned 30,902 shares of the company's stock, valued at approximately $419,649.16. This trade represents a 26.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 86,000 shares of company stock valued at $1,208,000 in the last quarter. Insiders own 2.69% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. T. Rowe Price Investment Management Inc. lifted its stake in shares of Banc of California by 18.6% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 12,942,131 shares of the bank's stock worth $183,649,000 after acquiring an additional 2,029,119 shares during the period. Vanguard Group Inc. lifted its stake in shares of Banc of California by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 9,575,301 shares of the bank's stock worth $135,874,000 after acquiring an additional 50,452 shares during the period. Wellington Management Group LLP lifted its stake in shares of Banc of California by 16.5% in the 1st quarter. Wellington Management Group LLP now owns 6,280,573 shares of the bank's stock worth $89,121,000 after acquiring an additional 887,497 shares during the period. Centerbridge Partners L.P. lifted its stake in shares of Banc of California by 18.7% in the 1st quarter. Centerbridge Partners L.P. now owns 4,771,784 shares of the bank's stock worth $67,712,000 after acquiring an additional 752,239 shares during the period. Finally, Invesco Ltd. lifted its stake in shares of Banc of California by 127.4% in the 1st quarter. Invesco Ltd. now owns 4,453,245 shares of the bank's stock worth $63,192,000 after acquiring an additional 2,495,043 shares during the period. 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.