Brokerages Set Banc of California, Inc. (NYSE:BANC) PT at $22.31

Shares of Banc of California, Inc. (NYSE:BANC) have been given a consensus recommendation of “Buy” by the nine research firms that are presently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. The average 1 year target price among brokers that have covered the stock in the last year is $22.3125.

Several equities research analysts have commented on the company. Piper Sandler boosted their target price on Banc of California from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Monday, April 27th. Barclays decreased their price target on Banc of California from $25.00 to $23.00 and set an “overweight” rating for the company in a research note on Tuesday, April 7th. DA Davidson restated a “buy” rating and issued a $24.00 price target on shares of Banc of California in a research note on Tuesday, April 28th. Weiss Ratings cut Banc of California from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday. Finally, JPMorgan Chase & Co. lifted their price objective on Banc of California from $20.50 to $22.00 and gave the stock an “overweight” rating in a report on Friday, April 24th.

Institutional Trading of Banc of California

A number of hedge funds have recently bought and sold shares of BANC. Triumph Capital Management purchased a new stake in Banc of California in the third quarter worth about $25,000. Navalign LLC purchased a new stake in Banc of California in the fourth quarter worth about $27,000. Western Wealth Management LLC purchased a new stake in Banc of California in the first quarter worth about $29,000. Orion Capital Management LLC purchased a new position in Banc of California during the fourth quarter valued at approximately $35,000. Finally, Advisory Services Network LLC purchased a new position in Banc of California during the third quarter valued at approximately $36,000. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Banc of California Trading Down 0.5%

Banc of California stock opened at $19.25 on Friday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. The business’s fifty day simple moving average is $18.54 and its two-hundred day simple moving average is $18.93. Banc of California has a 12 month low of $13.24 and a 12 month high of $21.61. The company has a market capitalization of $2.97 billion, a price-to-earnings ratio of 14.70 and a beta of 0.74.

Banc of California (NYSE:BANC) last released its earnings results on Wednesday, April 22nd. The bank reported $0.39 EPS for the quarter, topping the consensus estimate of $0.38 by $0.01. Banc of California had a return on equity of 9.25% and a net margin of 13.58%.The business had revenue of $286.95 million for the quarter, compared to the consensus estimate of $291.28 million. During the same period in the previous year, the company posted $0.26 earnings per share. The company’s revenue for the quarter was up 7.9% compared to the same quarter last year. As a group, equities analysts predict that Banc of California will post 1.72 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 15th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date is Monday, June 15th. Banc of California’s dividend payout ratio is 36.64%.

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.