Banc of California, Inc. (NYSE:BANC) Receives $18.10 Consensus Target Price from Brokerages

Shares of Banc of California, Inc. (NYSE:BANC) have been given an average recommendation of “Moderate Buy” by the ten ratings firms that are covering the company, MarketBeat reports. Three investment analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 12 month target price among brokerages that have covered the stock in the last year is $18.10.

BANC has been the topic of a number of research analyst reports. Wedbush boosted their target price on Banc of California from $18.00 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Keefe, Bruyette & Woods boosted their price objective on shares of Banc of California from $17.50 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Raymond James raised their target price on shares of Banc of California from $16.00 to $17.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. DA Davidson lifted their target price on shares of Banc of California from $16.50 to $19.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Finally, Wells Fargo & Company upgraded shares of Banc of California from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $17.00 to $20.00 in a research report on Monday, January 6th.

Hedge Funds Weigh In On Banc of California

A number of large investors have recently bought and sold shares of the stock. Future Financial Wealth Managment LLC purchased a new position in shares of Banc of California in the 3rd quarter worth about $29,000. GAMMA Investing LLC raised its holdings in Banc of California by 32.3% in the third quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock valued at $44,000 after buying an additional 734 shares during the period. Mendon Capital Advisors Corp acquired a new position in Banc of California during the second quarter valued at approximately $102,000. Paloma Partners Management Co purchased a new stake in Banc of California during the third quarter worth approximately $158,000. Finally, Marshall Wace LLP acquired a new stake in shares of Banc of California in the second quarter worth $166,000. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Banc of California Price Performance

Shares of NYSE BANC opened at $16.17 on Wednesday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.89. Banc of California has a one year low of $11.88 and a one year high of $18.08. The firm has a market capitalization of $2.57 billion, a P/E ratio of -3.79 and a beta of 1.14. The company’s fifty day moving average is $16.21 and its two-hundred day moving average is $14.94.

Banc of California (NYSE:BANC) last issued its earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.11. The company had revenue of $431.44 million during the quarter, compared to analysts’ expectations of $229.46 million. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%. During the same period last year, the company posted $0.30 earnings per share. Analysts forecast that Banc of California will post 0.7 EPS for the current fiscal year.

Banc of California Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.47%. The ex-dividend date of this dividend was Monday, December 16th. Banc of California’s dividend payout ratio (DPR) is -9.37%.

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.