Analysts Set Banc of California, Inc. (NYSE:BANC) Target Price at $20.86

Banc of California, Inc. (NYSE:BANC) has earned an average recommendation of “Moderate Buy” from the twelve research firms that are presently covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation, nine have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $20.8636.

Several brokerages have recently issued reports on BANC. Piper Sandler upped their target price on shares of Banc of California from $24.00 to $25.00 and gave the stock an “overweight” rating in a research note on Monday, January 26th. Keefe, Bruyette & Woods raised their price target on shares of Banc of California from $22.00 to $23.00 and gave the company an “outperform” rating in a research report on Friday, January 23rd. Barclays boosted their price objective on shares of Banc of California from $21.00 to $25.00 and gave the stock an “overweight” rating in a report on Friday, December 19th. JPMorgan Chase & Co. upped their price objective on Banc of California from $21.00 to $24.00 and gave the company an “overweight” rating in a research report on Tuesday, December 16th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Banc of California in a report on Wednesday, January 21st.

Banc of California Price Performance

BANC opened at $16.81 on Monday. The firm has a market cap of $2.54 billion, a PE ratio of 14.24 and a beta of 0.72. The stock has a 50-day moving average price of $19.28 and a 200-day moving average price of $18.33. Banc of California has a 1 year low of $11.52 and a 1 year high of $21.61. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.90 and a quick ratio of 0.89.

Banc of California (NYSE:BANC) last announced its quarterly earnings data on Wednesday, January 21st. The bank reported $0.42 EPS for the quarter, beating the consensus estimate of $0.37 by $0.05. The company had revenue of $292.93 million for the quarter, compared to the consensus estimate of $288.41 million. Banc of California had a net margin of 12.59% and a return on equity of 8.66%. During the same period in the prior year, the firm posted $0.28 EPS. Sell-side analysts predict that Banc of California will post 1.31 earnings per share for the current fiscal year.

Banc of California Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Monday, March 16th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.9%. This is a boost from Banc of California’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend is Monday, March 16th. Banc of California’s payout ratio is 40.68%.

Hedge Funds Weigh In On Banc of California

Hedge funds have recently bought and sold shares of the business. Triumph Capital Management purchased a new stake in shares of Banc of California during the 3rd quarter valued at about $25,000. Navalign LLC purchased a new position in shares of Banc of California during the fourth quarter valued at approximately $27,000. Orion Capital Management LLC bought a new position in Banc of California during the fourth quarter valued at approximately $35,000. Advisory Services Network LLC purchased a new stake in Banc of California in the third quarter worth approximately $36,000. Finally, EverSource Wealth Advisors LLC grew its position in Banc of California by 38.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank’s stock worth $39,000 after purchasing an additional 564 shares during the period. Hedge funds and other institutional investors own 86.88% of the company’s stock.

About Banc of California

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.