Banc of California (NYSE:BANC) Given New $23.00 Price Target at Wells Fargo & Company

Banc of California (NYSE:BANC) had its target price raised by Wells Fargo & Company from $22.00 to $23.00 in a research note published on Monday morning, MarketBeat Ratings reports. The brokerage currently has an overweight rating on the bank’s stock.

Other research analysts have also issued reports about the company. Piper Sandler increased their price objective on Banc of California from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Monday, April 27th. JPMorgan Chase & Co. boosted their target price on Banc of California from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 1st. Barclays cut their price target on Banc of California from $25.00 to $23.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 7th. DA Davidson reiterated a “buy” rating and issued a $24.00 price objective on shares of Banc of California in a research report on Tuesday, April 28th. Finally, Weiss Ratings cut Banc of California from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $22.69.

Banc of California Trading Up 0.1%

BANC opened at $20.57 on Monday. Banc of California has a 1-year low of $13.96 and a 1-year high of $21.61. The stock has a market capitalization of $3.17 billion, a PE ratio of 15.71 and a beta of 0.73. 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 firm has a 50-day moving average price of $19.41 and a two-hundred day moving average price of $19.17.

Banc of California (NYSE:BANC) last released its quarterly earnings results on Wednesday, April 22nd. The bank reported $0.39 EPS for the quarter, beating the consensus estimate of $0.38 by $0.01. The business had revenue of $286.95 million for the quarter, compared to analysts’ expectations of $291.28 million. Banc of California had a net margin of 13.58% and a return on equity of 9.25%. Banc of California’s revenue was up 7.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.26 earnings per share. As a group, equities analysts anticipate that Banc of California will post 1.71 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th were paid a $0.12 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.3%. Banc of California’s dividend payout ratio is 36.64%.

Institutional Investors Weigh In On Banc of California

A number of institutional investors have recently made changes to their positions in BANC. Triumph Capital Management acquired a new position in Banc of California in the third quarter valued at about $25,000. Navalign LLC acquired a new position in shares of Banc of California during the 4th quarter worth about $27,000. Western Wealth Management LLC acquired a new position in shares of Banc of California during the 1st quarter worth about $29,000. Orion Capital Management LLC bought a new stake in shares of Banc of California in the 4th quarter valued at about $35,000. Finally, Advisory Services Network LLC bought a new stake in shares of Banc of California in the 3rd quarter valued at about $36,000. 86.88% of the stock is owned by institutional investors and hedge funds.

Banc of California Company Profile

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.