Banc of California (NYSE:BANC) Given New $19.00 Price Target at Barclays

Banc of California (NYSE:BANC) had its price objective decreased by Barclays from $20.00 to $19.00 in a research report released on Friday morning,Benzinga reports. Barclays currently has an overweight rating on the bank’s stock.

Several other analysts also recently weighed in on the company. Wedbush boosted their price target on Banc of California from $18.00 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Citigroup assumed coverage on Banc of California in a report on Thursday, October 10th. They issued a “neutral” rating and a $15.00 price target for the company. DA Davidson upped their price target on Banc of California from $16.50 to $19.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Raymond James upped their price target on Banc of California from $16.00 to $17.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Finally, Stephens upped their price target on Banc of California from $15.00 to $16.00 and gave the stock an “equal weight” rating in a report on Thursday, October 24th. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Banc of California currently has a consensus rating of “Moderate Buy” and an average price target of $18.10.

Banc of California Trading Up 1.9 %

Shares of NYSE BANC opened at $16.00 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.89. The business’s 50 day moving average price is $16.17 and its 200-day moving average price is $15.02. Banc of California has a fifty-two week low of $11.88 and a fifty-two week high of $18.08. The company has a market cap of $2.54 billion, a price-to-earnings ratio of -3.75 and a beta of 1.14.

Banc of California (NYSE:BANC) last released its quarterly earnings data on Thursday, January 23rd. The bank reported $0.28 EPS for the quarter, topping the consensus estimate of $0.23 by $0.05. Banc of California had a positive return on equity of 2.93% and a negative net margin of 20.75%. On average, sell-side analysts expect that Banc of California will post 0.71 earnings per share for the current year.

Banc of California Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Monday, December 16th were issued a $0.10 dividend. The ex-dividend date was Monday, December 16th. This represents a $0.40 annualized dividend and a dividend yield of 2.50%. Banc of California’s dividend payout ratio is presently 71.43%.

Institutional Investors Weigh In On Banc of California

Hedge funds and other institutional investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets increased its holdings in shares of Banc of California by 34.4% in the third quarter. BNP Paribas Financial Markets now owns 242,534 shares of the bank’s stock valued at $3,573,000 after purchasing an additional 62,014 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in shares of Banc of California by 461.6% in the third quarter. Assenagon Asset Management S.A. now owns 651,695 shares of the bank’s stock valued at $9,599,000 after purchasing an additional 535,654 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Banc of California by 3.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,233,452 shares of the bank’s stock valued at $18,169,000 after purchasing an additional 44,951 shares during the last quarter. Mirabella Financial Services LLP acquired a new stake in shares of Banc of California in the third quarter valued at approximately $2,223,000. Finally, Quantbot Technologies LP increased its holdings in shares of Banc of California by 34.8% in the third quarter. Quantbot Technologies LP now owns 247,116 shares of the bank’s stock valued at $3,640,000 after purchasing an additional 63,780 shares during the last quarter. 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.