Shares of Banc of California, Inc. ((NYSE:(BA))NC) have earned an average recommendation of “Buy” from the six research firms that are covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month target price among brokers that have covered the stock in the last year is $15.10.
(BA)NC has been the subject of several recent research reports. Zacks Investment Research upgraded Banc of California from a “hold” rating to a “buy” rating and set a $14.00 price objective for the company in a research report on Tuesday, October 27th. Piper Sandler boosted their price objective on Banc of California from $19.00 to $21.00 and gave the company an “overweight” rating in a research report on Friday, January 8th. Finally, B. Riley boosted their price objective on Banc of California from $13.00 to $14.00 and gave the company a “neutral” rating in a research report on Thursday, January 7th.
In other news, Director Mary A. Curran acquired 4,200 shares of the firm’s stock in a transaction on Monday, November 2nd. The stock was acquired at an average price of $12.13 per share, for a total transaction of $50,946.00. Following the completion of the acquisition, the director now owns 9,161 shares in the company, valued at $111,122.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jared M. Wolff acquired 10,000 shares of the firm’s stock in a transaction on Thursday, October 29th. The stock was purchased at an average price of $11.50 per share, with a total value of $115,000.00. Following the acquisition, the chief executive officer now owns 168,475 shares of the company’s stock, valued at approximately $1,937,462.50. The disclosure for this purchase can be found here. 10.87% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently bought and sold shares of the business. JPMorgan Chase & Co. grew its stake in shares of Banc of California by 45.2% in the third quarter. JPMorgan Chase & Co. now owns 110,003 shares of the bank’s stock worth $1,117,000 after acquiring an additional 34,268 shares during the last quarter. Paloma Partners Management Co purchased a new stake in shares of Banc of California in the third quarter worth $172,000. GSA Capital Partners LLP purchased a new stake in shares of Banc of California in the third quarter worth $158,000. Sippican Capital Advisors grew its stake in shares of Banc of California by 20.3% in the third quarter. Sippican Capital Advisors now owns 85,050 shares of the bank’s stock worth $861,000 after acquiring an additional 14,361 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Banc of California by 4.6% in the second quarter. Charles Schwab Investment Management Inc. now owns 296,340 shares of the bank’s stock worth $3,210,000 after acquiring an additional 12,899 shares during the last quarter. Institutional investors and hedge funds own 87.42% of the company’s stock.
Shares of NYSE (BA)NC opened at $17.90 on Friday. Banc of California has a 12 month low of $6.44 and a 12 month high of $19.38. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 1.06. The firm has a market capitalization of $899.30 million, a price-to-earnings ratio of -94.21, a PEG ratio of 2.16 and a beta of 1.85. The business has a 50-day moving average of $15.63 and a 200-day moving average of $12.52.
Banc of California ((NYSE:(BA))NC) last issued its earnings results on Wednesday, January 20th. The bank reported $0.35 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.17. Banc of California had a return on equity of 3.88% and a net margin of 1.62%. On average, analysts predict that Banc of California will post 0.23 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, January 4th. Investors of record on Tuesday, December 15th were issued a dividend of $0.06 per share. The ex-dividend date was Monday, December 14th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.34%. Banc of California’s dividend payout ratio is presently 30.38%.
Banc of California Company Profile
Banc of California, Inc operates as the bank holding company for Banc of California, National Association that provides banking products and services in the United States. The company offers deposit products, including checking, savings, money market, retirement, and interest-bearing and noninterest-bearing demand accounts, as well as certificate of deposits.
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