Banc of California (NYSE:BANC) Upgraded to Overweight at Barclays

Barclays upgraded shares of Banc of California (NYSE:BANC) from an equal weight rating to an overweight rating in a report published on Thursday, Marketbeat.com reports. The firm currently has $18.00 target price on the bank’s stock, up from their prior target price of $17.00.

BANC has been the subject of a number of other reports. Citigroup initiated coverage on shares of Banc of California in a report on Thursday, October 10th. They set a “neutral” rating and a $15.00 price target for the company. Truist Financial raised their target price on Banc of California from $15.00 to $16.00 and gave the company a “hold” rating in a research note on Friday, September 20th. Stephens boosted their price target on Banc of California from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 24th. DA Davidson raised their price objective on Banc of California from $16.50 to $19.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Finally, Keefe, Bruyette & Woods dropped their price objective on Banc of California from $18.00 to $17.00 and set an “outperform” rating on the stock in a report on Tuesday, July 9th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $17.30.

Banc of California Trading Down 1.3 %

Shares of NYSE BANC opened at $15.37 on Thursday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31. Banc of California has a 1-year low of $10.81 and a 1-year high of $16.01. The business has a 50-day moving average of $14.56 and a 200-day moving average of $13.93.

Banc of California (NYSE:BANC) last released its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.11. The firm had revenue of $431.44 million during the quarter, compared to analysts’ expectations of $229.46 million. Banc of California had a positive return on equity of 2.93% and a negative net margin of 20.75%. During the same quarter in the prior year, the business earned $0.30 EPS. As a group, equities analysts anticipate that Banc of California will post 0.7 EPS for the current year.

Banc of California Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.60%. The ex-dividend date of this dividend was Monday, September 16th. Banc of California’s payout ratio is -9.37%.

Insider Activity at Banc of California

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $14.00, for a total value of $1,050,000.00. Following the sale, the director now directly owns 719,826 shares of the company’s stock, valued at $10,077,564. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 7.37% of the company’s stock.

Institutional Investors Weigh In On Banc of California

Several large investors have recently made changes to their positions in the company. Fifth Third Bancorp increased its position in Banc of California by 146.3% in the 2nd quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock valued at $27,000 after acquiring an additional 1,273 shares during the period. Future Financial Wealth Managment LLC acquired a new position in shares of Banc of California during the third quarter valued at $29,000. GAMMA Investing LLC raised its stake in shares of Banc of California by 32.3% during the third quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock valued at $44,000 after purchasing an additional 734 shares in the last quarter. Mendon Capital Advisors Corp acquired a new stake in Banc of California in the second quarter worth about $102,000. Finally, Simplicity Wealth LLC acquired a new stake in Banc of California in the second quarter worth about $132,000. Institutional investors and hedge funds own 86.88% of the company’s stock.

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.