Banc of California (NYSE:BANC) Price Target Raised to $22.00
by Michael Walen · The Markets DailyBanc of California (NYSE:BANC – Free Report) had its price objective hoisted by Wells Fargo & Company from $20.00 to $22.00 in a research note released on Monday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the bank’s stock.
Several other research firms have also commented on BANC. Keefe, Bruyette & Woods increased their price objective on shares of Banc of California from $22.00 to $23.00 and gave the company an “outperform” rating in a research report on Friday, January 23rd. Wall Street Zen upgraded shares of Banc of California from a “sell” rating to a “hold” rating in a report on Saturday, January 10th. Barclays upped their target price on shares of Banc of California from $21.00 to $25.00 and gave the company an “overweight” rating in a research report on Friday, December 19th. Piper Sandler lifted their price target on Banc of California from $24.00 to $25.00 and gave the stock an “overweight” rating in a research report on Monday, January 26th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Banc of California in a research note on Wednesday, January 21st. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.73.
View Our Latest Research Report on BANC
Banc of California Stock Up 0.8%
Shares of BANC opened at $17.71 on Monday. The stock has a market capitalization of $2.66 billion, a price-to-earnings ratio of 15.01 and a beta of 0.74. Banc of California has a 1 year low of $11.52 and a 1 year high of $21.61. The business’s 50 day simple moving average is $18.76 and its 200-day simple moving average is $18.37. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.90 and a quick ratio of 0.89.
Banc of California (NYSE:BANC – Get Free Report) last posted its earnings results on Wednesday, January 21st. The bank reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.05. Banc of California had a return on equity of 8.66% and a net margin of 12.59%.The firm had revenue of $292.93 million during the quarter, compared to the consensus estimate of $288.41 million. During the same period in the prior year, the company earned $0.28 EPS. As a group, equities analysts expect that Banc of California will post 1.31 earnings per share for the current fiscal year.
Banc of California Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 1st. Investors of record on Monday, March 16th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date was Monday, March 16th. This is an increase from Banc of California’s previous quarterly dividend of $0.10. Banc of California’s dividend payout ratio (DPR) is presently 40.68%.
Institutional Trading of Banc of California
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of America Corp DE boosted its stake in shares of Banc of California by 243.9% during the third quarter. Bank of America Corp DE now owns 3,430,938 shares of the bank’s stock valued at $56,782,000 after purchasing an additional 2,433,394 shares during the period. Dimensional Fund Advisors LP increased its stake in Banc of California by 45.4% in the 3rd quarter. Dimensional Fund Advisors LP now owns 5,053,402 shares of the bank’s stock worth $83,635,000 after buying an additional 1,576,914 shares during the period. Balyasny Asset Management L.P. bought a new stake in Banc of California during the 2nd quarter valued at about $17,400,000. North Reef Capital Management LP bought a new stake in Banc of California during the 4th quarter valued at about $22,312,000. Finally, FJ Capital Management LLC boosted its position in Banc of California by 265.8% in the 2nd quarter. FJ Capital Management LLC now owns 1,365,440 shares of the bank’s stock valued at $19,184,000 after buying an additional 992,154 shares during the period. Hedge funds and other institutional investors own 86.88% of the company’s stock.
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.