Banc of California (NYSE:BANC) Sets New 52-Week High - Here's What Happened

Key Points

• Banc of California's stock reached a new 52-week high at $18.24 during trading, closing at $18.00 with a trading volume of 333,863 shares.
• Several analysts have upgraded their ratings, with Wells Fargo and JPMorgan both raising their price targets to $20.00, indicating positive sentiment towards the stock.
• The company recently declared a quarterly dividend of $0.10 per share, representing a 2.2% dividend yield, with the ex-dividend date on September 15th.

Banc of California, Inc. (NYSE:BANC - Get Free Report)'s stock price hit a new 52-week high during trading on Tuesday . The company traded as high as $18.24 and last traded at $18.00, with a volume of 333863 shares traded. The stock had previously closed at $17.81.

Analyst Ratings Changes

A number of research firms have issued reports on BANC. Wells Fargo & Company boosted their price objective on shares of Banc of California from $18.00 to $20.00 and gave the company an "overweight" rating in a research report on Monday, September 29th. Weiss Ratings restated a "hold (c)" rating on shares of Banc of California in a report on Saturday, September 27th. Barclays raised their price objective on Banc of California from $18.00 to $19.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Keefe, Bruyette & Woods reaffirmed an "outperform" rating and issued a $18.00 target price (up from $17.00) on shares of Banc of California in a research report on Friday, July 25th. Finally, JPMorgan Chase & Co. raised shares of Banc of California from a "neutral" rating to an "overweight" rating and lifted their price target for the company from $17.00 to $20.00 in a research report on Wednesday, October 1st. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $18.18.

Banc of California Price Performance

The firm's fifty day simple moving average is $16.12 and its 200-day simple moving average is $14.68. The firm has a market capitalization of $2.65 billion, a PE ratio of 27.55 and a beta of 0.68. The company has a quick ratio of 0.88, a current ratio of 0.90 and a debt-to-equity ratio of 0.32.

Banc of California (NYSE:BANC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The bank reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.03. The company had revenue of $272.85 million during the quarter, compared to the consensus estimate of $278.43 million. Banc of California had a net margin of 8.30% and a return on equity of 7.37%. The firm's quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.12 earnings per share. On average, research analysts forecast that Banc of California, Inc. will post 1.31 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Monday, September 15th. Banc of California's dividend payout ratio is presently 61.54%.

Insider Activity at Banc of California

In related news, insider Hamid Hussain sold 20,000 shares of Banc of California stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $16.59, for a total value of $331,800.00. Following the completion of the sale, the insider directly owned 66,444 shares in the company, valued at approximately $1,102,305.96. This trade represents a 23.14% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.69% of the stock is owned by company insiders.

Institutional Trading of Banc of California

Large investors have recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC purchased a new stake in Banc of California in the fourth quarter worth approximately $210,000. GAMMA Investing LLC boosted its stake in shares of Banc of California by 1,287.1% in the 1st quarter. GAMMA Investing LLC now owns 48,799 shares of the bank's stock worth $692,000 after buying an additional 45,281 shares during the last quarter. Harbor Capital Advisors Inc. bought a new stake in shares of Banc of California in the first quarter worth $695,000. SG Americas Securities LLC increased its position in Banc of California by 183.6% during the first quarter. SG Americas Securities LLC now owns 57,319 shares of the bank's stock valued at $813,000 after acquiring an additional 37,108 shares during the last quarter. Finally, Handelsbanken Fonder AB lifted its holdings in Banc of California by 74.0% in the first quarter. Handelsbanken Fonder AB now owns 42,316 shares of the bank's stock valued at $600,000 after acquiring an additional 18,000 shares during the period. 86.88% of the stock is currently owned by institutional investors.

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.

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