Banc of California, Inc. (NYSE:BANC) Receives Consensus Recommendation of “Buy” from Analysts

Shares of Banc of California, Inc. (NYSE:BANC) have earned a consensus rating of “Buy” from the nine research firms that are presently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $22.3125.

A number of equities analysts recently commented on BANC shares. Barclays dropped their price target on shares of 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. Weiss Ratings cut shares of Banc of California from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, June 4th. DA Davidson reaffirmed a “buy” rating and set a $24.00 price target on shares of Banc of California in a research note on Tuesday, April 28th. Piper Sandler lifted their price target on shares of Banc of California from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Monday, April 27th. Finally, Wells Fargo & Company lifted their price target on shares of Banc of California from $20.00 to $22.00 and gave the stock an “overweight” rating in a research note on Monday, March 30th.

Banc of California Stock Performance

Banc of California stock opened at $20.53 on Wednesday. The company’s 50-day moving average price is $19.05 and its 200-day moving average price is $19.10. Banc of California has a twelve month low of $13.77 and a twelve month high of $21.61. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31. The company has a market cap of $3.17 billion, a PE ratio of 15.67 and a beta of 0.74.

Banc of California (NYSE:BANC) last posted its earnings results on Wednesday, April 22nd. The bank reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. Banc of California had a net margin of 13.58% and a return on equity of 9.25%. The firm 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 firm posted $0.26 EPS. The business’s quarterly revenue was up 7.9% on a year-over-year basis. On average, equities research analysts forecast that Banc of California will post 1.72 EPS for the current fiscal year.

Banc of California Dividend Announcement

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

Hedge Funds Weigh In On Banc of California

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

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.