Banc of California (NYSE:BANC) Sets New 52-Week High - Should You Buy?

Key Points

• Banc of California hit a new 52-week high on Tuesday, reaching $21.69 before closing near $21.62, as trading volume topped 2.75 million shares.
• Analyst sentiment remains broadly positive, with an average Buy rating and consensus price target of $22.69. JPMorgan and Wells Fargo recently raised their targets, while several firms continue to rate the stock overweight or buy.
• The bank reported solid recent fundamentals, including Q1 EPS of $0.39 versus estimates of $0.38 and a 7.9% year-over-year revenue increase. It also pays a quarterly dividend of $0.12, implying a 2.2% yield.

Banc of California, Inc. (NYSE:BANC - Get Free Report) reached a new 52-week high on Tuesday . The stock traded as high as $21.69 and last traded at $21.6160, with a volume of 2757262 shares. The stock had previously closed at $20.81.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. JPMorgan Chase & Co. lifted their price target on Banc of California from $22.00 to $24.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 1st. Wells Fargo & Company raised their price objective 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, July 6th. Barclays dropped 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 report on Tuesday, April 7th. Weiss Ratings cut shares of Banc of California from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, June 4th. Finally, DA Davidson reissued a "buy" rating and issued a $24.00 price target on shares of Banc of California in a report on Tuesday, April 28th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, Banc of California has an average rating of "Buy" and a consensus target price of $22.69.

Banc of California Price Performance

The company has a market cap of $3.35 billion, a P/E ratio of 16.54 and a beta of 0.73. The stock has a 50-day simple moving average of $19.77 and a 200 day simple moving average of $19.24. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.89.

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, beating analysts' consensus estimates of $0.38 by $0.01. The business had revenue of $286.95 million during the quarter, compared to analyst estimates of $291.28 million. Banc of California had a return on equity of 9.25% and a net margin of 13.58%.Banc of California's revenue was up 7.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.26 earnings per share. On average, equities analysts expect that Banc of California, Inc. will post 1.71 EPS for the current year.

Banc of California Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Monday, June 15th. Banc of California's dividend payout ratio is currently 36.64%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of Banc of California by 4.6% during the 4th quarter. Vanguard Group Inc. now owns 9,951,795 shares of the bank's stock worth $191,970,000 after purchasing an additional 438,320 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Banc of California by 10.2% in the first quarter. Dimensional Fund Advisors LP now owns 6,464,447 shares of the bank's stock valued at $113,640,000 after acquiring an additional 600,791 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of Banc of California by 3.1% in the 4th quarter. Invesco Ltd. now owns 6,010,260 shares of the bank's stock worth $115,938,000 after acquiring an additional 181,029 shares in the last quarter. Goldman Sachs Group Inc. grew its position in Banc of California by 8.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,796,996 shares of the bank's stock worth $53,879,000 after acquiring an additional 297,680 shares during the last quarter. Finally, Bank of America Corp DE increased its holdings in Banc of California by 243.9% during the 3rd quarter. Bank of America Corp DE now owns 3,430,938 shares of the bank's stock valued at $56,782,000 after purchasing an additional 2,433,394 shares in the last quarter. 86.88% of the stock is owned by institutional investors.

Banc of California Company Profile

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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