Banc of California (NYSE:BANC) Price Target Increased to $16.00 by Analysts at Barclays

Banc of California (NYSE:BANC) had its price target boosted by Barclays from $14.00 to $16.00 in a research report sent to investors on Friday, Benzinga reports. They currently have an equal weight rating on the bank’s stock.

Other research analysts also recently issued research reports about the company. Keefe, Bruyette & Woods cut their price target on Banc of California from $18.00 to $17.00 and set an outperform rating on the stock in a research note on Tuesday, July 9th. Wedbush raised Banc of California from a neutral rating to an outperform rating and increased their target price for the company from $14.00 to $18.00 in a research note on Tuesday, September 24th. Raymond James upgraded Banc of California from a market perform rating to an outperform rating and set a $16.00 target price for the company in a research report on Tuesday, September 17th. Wells Fargo & Company cut their price target on shares of Banc of California from $16.00 to $15.00 and set an equal weight rating on the stock in a research report on Tuesday, July 9th. Finally, Stephens reissued an equal weight rating and set a $14.00 price objective on shares of Banc of California in a research note on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of Hold and an average target price of $16.50.

Banc of California Price Performance

Banc of California stock opened at $14.79 on Friday. The stock has a market cap of $2.33 billion, a price-to-earnings ratio of -4.44 and a beta of 1.13. Banc of California has a 12-month low of $9.96 and a 12-month high of $15.54. The company has a quick ratio of 0.83, a current ratio of 0.89 and a debt-to-equity ratio of 0.32. The business’s 50-day simple moving average is $13.99 and its 200 day simple moving average is $13.90.

Banc of California (NYSE:BANC) last issued its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.10 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.09). Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. The business had revenue of $492.38 million for the quarter, compared to analyst estimates of $271.42 million. During the same quarter in the prior year, the firm earned $0.32 EPS. As a group, research analysts anticipate that Banc of California will post 0.59 earnings per share for the current year.

Banc of California Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 16th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.40 dividend on an annualized basis and a yield of 2.70%. Banc of California’s payout ratio is -12.01%.

Insider Buying and Selling at Banc of California

In other news, Director Richard J. Lashley sold 75,000 shares of the stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total transaction of $1,050,000.00. Following the completion of the sale, the director now owns 719,826 shares of the company’s stock, valued at $10,077,564. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 7.37% of the company’s stock.

Institutional Trading of Banc of California

A number of institutional investors have recently modified their holdings of the company. Hsbc Holdings PLC lifted its stake in Banc of California by 447.5% in the 4th quarter. Hsbc Holdings PLC now owns 151,750 shares of the bank’s stock valued at $2,052,000 after acquiring an additional 124,034 shares in the last quarter. Rafferty Asset Management LLC lifted its position in shares of Banc of California by 355.9% in the fourth quarter. Rafferty Asset Management LLC now owns 443,559 shares of the bank’s stock worth $5,957,000 after purchasing an additional 346,260 shares in the last quarter. Carmignac Gestion acquired a new position in Banc of California during the fourth quarter worth $2,152,000. Banc Funds Co. LLC boosted its holdings in Banc of California by 54.7% during the fourth quarter. Banc Funds Co. LLC now owns 1,048,229 shares of the bank’s stock worth $14,078,000 after purchasing an additional 370,817 shares during the last quarter. Finally, Seven Eight Capital LP bought a new position in Banc of California in the fourth quarter valued at $557,000. 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.