Banc of California (NYSE:BANC) Price Target Increased to $16.00 by Analysts at Wells Fargo & Company

Banc of California (NYSE:BANC - Free Report) had its price objective upped by Wells Fargo & Company from $14.00 to $16.00 in a research report report published on Wednesday morning, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the bank's stock.

Several other analysts have also commented on BANC. Keefe, Bruyette & Woods raised shares of Banc of California from a market perform rating to an outperform rating and lifted their price target for the company from $16.00 to $18.00 in a research report on Friday, March 22nd. Truist Financial reaffirmed a hold rating and set a $16.00 price target on shares of Banc of California in a research report on Monday, April 1st. Wedbush lifted their target price on shares of Banc of California from $14.00 to $16.00 and gave the company a neutral rating in a report on Friday, January 26th. StockNews.com began coverage on shares of Banc of California in a report on Monday, January 29th. They issued a hold rating for the company. Finally, Barclays began coverage on shares of Banc of California in a report on Friday, March 8th. They issued an equal weight rating and a $16.00 target price for the company. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $17.07.

Banc of California Price Performance

BANC traded down $0.78 during trading on Wednesday, reaching $14.21. The company's stock had a trading volume of 2,671,422 shares, compared to its average volume of 2,481,516. The company has a market cap of $2.23 billion, a price-to-earnings ratio of -4.50 and a beta of 1.15. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.32. The firm has a fifty day simple moving average of $14.35 and a two-hundred day simple moving average of $13.19. Banc of California has a 1 year low of $9.72 and a 1 year high of $16.08.

Banc of California (NYSE:BANC - Get Free Report) last released its quarterly earnings results on Thursday, January 25th. The bank reported ($4.55) EPS for the quarter, missing the consensus estimate of ($0.28) by ($4.27). The firm had revenue of $193.06 million for the quarter, compared to analysts' expectations of $163.11 million. Banc of California had a negative net margin of 44.04% and a positive return on equity of 1.14%. During the same period in the previous year, the firm posted $0.45 EPS. As a group, analysts anticipate that Banc of California will post 1.62 EPS for the current year.

Banc of California Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were paid a $0.10 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.40 annualized dividend and a dividend yield of 2.81%. Banc of California's dividend payout ratio (DPR) is -12.66%.

Insiders Place Their Bets

In other Banc of California news, Director Richard J. Lashley purchased 10,000 shares of the company's stock in a transaction on Thursday, February 29th. The stock was acquired at an average price of $21.40 per share, for a total transaction of $214,000.00. Following the completion of the purchase, the director now directly owns 10,000 shares in the company, valued at approximately $214,000. The purchase was disclosed in a filing with the SEC, which is available through this link. Insiders own 2.80% of the company's stock.

Hedge Funds Weigh In On Banc of California

Several institutional investors have recently modified their holdings of the business. Price T Rowe Associates Inc. MD grew its stake in shares of Banc of California by 3.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 23,021 shares of the bank's stock worth $367,000 after acquiring an additional 829 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Banc of California by 4.1% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 24,435 shares of the bank's stock worth $303,000 after purchasing an additional 955 shares in the last quarter. Teachers Retirement System of The State of Kentucky grew its stake in shares of Banc of California by 5.7% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 18,167 shares of the bank's stock worth $210,000 after purchasing an additional 980 shares in the last quarter. Advisor Group Holdings Inc. grew its stake in shares of Banc of California by 14.9% during the fourth quarter. Advisor Group Holdings Inc. now owns 7,649 shares of the bank's stock worth $122,000 after purchasing an additional 994 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its stake in shares of Banc of California by 34.6% during the second quarter. Tower Research Capital LLC TRC now owns 4,148 shares of the bank's stock worth $48,000 after purchasing an additional 1,067 shares in the last quarter. Institutional investors and hedge funds own 86.88% of the company's stock.

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.