Banc of California (NYSE:BANC) Given New $16.00 Price Target at Wells Fargo & Company

Banc of California (NYSE:BANC) had its price target upped by Wells Fargo & Company from $15.00 to $16.00 in a research note published on Tuesday morning, Benzinga reports. The brokerage currently has an equal weight rating on the bank’s stock.

Several other research analysts have also issued reports on the stock. Wedbush upgraded shares of Banc of California from a neutral rating to an outperform rating and raised their price target for the stock from $14.00 to $18.00 in a report on Tuesday, September 24th. Keefe, Bruyette & Woods reduced their target price on Banc of California from $18.00 to $17.00 and set an outperform rating for the company in a research note on Tuesday, July 9th. Raymond James raised Banc of California from a market perform rating to an outperform rating and set a $16.00 target price for the company in a research report on Tuesday, September 17th. Stephens reiterated an equal weight rating and issued a $14.00 price target on shares of Banc of California in a report on Wednesday, September 4th. Finally, Truist Financial boosted their price objective on Banc of California from $15.00 to $16.00 and gave the company a hold rating in a report on Friday, September 20th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus target price of $16.61.

Banc of California Stock Performance

BANC stock opened at $13.91 on Tuesday. The firm has a market cap of $2.19 billion, a PE ratio of -4.18 and a beta of 1.14. The company has a current ratio of 0.89, a quick ratio of 0.83 and a debt-to-equity ratio of 0.32. The stock has a 50-day moving average price of $14.02 and a 200-day moving average price of $13.90. Banc of California has a 1-year low of $9.96 and a 1-year high of $15.54.

Banc of California (NYSE:BANC) last issued its earnings results on Tuesday, July 23rd. The bank reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.09). The business had revenue of $492.38 million during the quarter, compared to the consensus estimate of $271.42 million. Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. During the same quarter in the previous year, the firm posted $0.32 earnings per share. As a group, equities research analysts expect that Banc of California will post 0.59 earnings per share for the current year.

Banc of California Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th were paid a $0.10 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.40 annualized dividend and a dividend yield of 2.88%. Banc of California’s payout ratio is -12.01%.

Insider Activity

In related news, Director Richard J. Lashley sold 75,000 shares of the business’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total transaction of $1,050,000.00. Following the transaction, the director now directly owns 719,826 shares in the company, valued at approximately $10,077,564. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 7.37% of the stock is currently owned by corporate insiders.

Institutional Trading of Banc of California

A number of hedge funds have recently bought and sold shares of BANC. Vanguard Group Inc. raised its position in Banc of California by 17.6% in the first quarter. Vanguard Group Inc. now owns 10,597,751 shares of the bank’s stock worth $161,192,000 after acquiring an additional 1,582,941 shares during the period. PL Capital Advisors LLC raised its holdings in shares of Banc of California by 0.7% in the 1st quarter. PL Capital Advisors LLC now owns 3,224,219 shares of the bank’s stock worth $49,040,000 after purchasing an additional 22,500 shares during the period. American Century Companies Inc. lifted its stake in Banc of California by 25.9% in the second quarter. American Century Companies Inc. now owns 3,222,376 shares of the bank’s stock valued at $41,182,000 after purchasing an additional 663,061 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in Banc of California by 148.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,997,802 shares of the bank’s stock valued at $40,260,000 after purchasing an additional 1,791,992 shares during the period. Finally, William Blair Investment Management LLC increased its position in Banc of California by 42.1% in the first quarter. William Blair Investment Management LLC now owns 2,575,930 shares of the bank’s stock worth $39,180,000 after buying an additional 762,959 shares during the last quarter. 86.88% of the stock is currently owned by institutional investors.

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.