Banc of California, Inc. (NYSE:BANC) Receives Consensus Rating of “Moderate Buy” from Brokerages

Banc of California, Inc. (NYSE:BANC) has earned a consensus rating of “Moderate Buy” from the twelve ratings firms that are covering the firm, Marketbeat.com reports. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $17.17.

A number of equities research analysts have recently weighed in on BANC shares. Wells Fargo & Company cut their target price on shares of Banc of California from $20.00 to $16.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 9th. Stephens restated an “equal weight” rating and issued a $15.00 price objective on shares of Banc of California in a report on Monday, April 28th. Jefferies Financial Group assumed coverage on Banc of California in a report on Wednesday, May 21st. They set a “buy” rating and a $18.00 target price on the stock. JPMorgan Chase & Co. dropped their target price on shares of Banc of California from $16.00 to $15.00 and set a “neutral” rating on the stock in a report on Monday, April 28th. Finally, Barclays reduced their target price on shares of Banc of California from $19.00 to $18.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th.

Insider Buying and Selling at Banc of California

In related news, insider Olivia I. Lindsay sold 11,000 shares of the stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $13.58, for a total transaction of $149,380.00. Following the transaction, the insider now owns 30,902 shares in the company, valued at $419,649.16. This represents a 26.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James Andrew Barker bought 10,000 shares of the company’s stock in a transaction on Tuesday, April 29th. The stock was purchased at an average cost of $13.16 per share, for a total transaction of $131,600.00. Following the completion of the transaction, the director now directly owns 169,680 shares of the company’s stock, valued at approximately $2,232,988.80. The trade was a 6.26% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have sold 86,000 shares of company stock worth $1,208,000. Insiders own 2.69% of the company’s stock.

Institutional Investors Weigh In On Banc of California

Several hedge funds and other institutional investors have recently made changes to their positions in BANC. Intech Investment Management LLC boosted its holdings in shares of Banc of California by 29.9% in the first quarter. Intech Investment Management LLC now owns 86,010 shares of the bank’s stock worth $1,220,000 after buying an additional 19,821 shares during the last quarter. Bayforest Capital Ltd boosted its stake in shares of Banc of California by 1,355.6% during the 1st quarter. Bayforest Capital Ltd now owns 31,513 shares of the bank’s stock worth $447,000 after acquiring an additional 29,348 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Banc of California by 1.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 441,856 shares of the bank’s stock valued at $6,270,000 after acquiring an additional 4,263 shares during the period. Caxton Associates LLP purchased a new stake in shares of Banc of California in the 1st quarter worth $476,000. Finally, Goldman Sachs Group Inc. increased its stake in shares of Banc of California by 8.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,796,996 shares of the bank’s stock worth $53,879,000 after purchasing an additional 297,680 shares in the last quarter. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Banc of California Stock Performance

Shares of NYSE:BANC opened at $13.62 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. The company has a market cap of $2.01 billion, a price-to-earnings ratio of 24.32 and a beta of 0.67. Banc of California has a 12 month low of $11.52 and a 12 month high of $18.08. The company has a 50-day moving average price of $13.62 and a 200-day moving average price of $14.75.

Banc of California (NYSE:BANC) last released its quarterly earnings data on Wednesday, April 23rd. The bank reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.02. The business had revenue of $266.01 million during the quarter, compared to analysts’ expectations of $272.36 million. Banc of California had a return on equity of 6.20% and a net margin of 7.06%. The business’s revenue was up 1.2% on a year-over-year basis. During the same quarter last year, the business posted $0.19 EPS. As a group, equities analysts anticipate that Banc of California will post 1.31 EPS for the current year.

Banc of California Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Monday, June 16th will be issued a $0.10 dividend. The ex-dividend date is Monday, June 16th. This represents a $0.40 dividend on an annualized basis and a yield of 2.94%. Banc of California’s payout ratio is currently 61.54%.

About Banc of California

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.