Banc of California (NYSE:BANC) Receives New Coverage from Analysts at Citigroup

Citigroup assumed coverage on shares of Banc of California (NYSE:BANC) in a report published on Thursday, Marketbeat.com reports. The brokerage issued a neutral rating and a $15.00 price objective on the bank’s stock.

A number of other research firms also recently issued reports on BANC. Keefe, Bruyette & Woods cut their price target 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. Barclays increased their price target on Banc of California from $14.00 to $16.00 and gave the company an equal weight rating in a research report on Friday, September 27th. Raymond James raised shares of Banc of California from a market perform rating to an outperform rating and set a $16.00 price objective on the stock in a report on Tuesday, September 17th. Stephens reaffirmed an equal weight rating and issued a $14.00 target price on shares of Banc of California in a report on Wednesday, September 4th. Finally, Wells Fargo & Company increased their price target on shares of Banc of California from $15.00 to $16.00 and gave the company an equal weight rating in a research report on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of Hold and an average target price of $16.45.

Banc of California Trading Up 3.4 %

NYSE BANC opened at $14.49 on Thursday. The company has a quick ratio of 0.83, a current ratio of 0.89 and a debt-to-equity ratio of 0.32. Banc of California has a 52 week low of $9.96 and a 52 week high of $15.54. The business has a 50 day moving average price of $14.05 and a 200-day moving average price of $13.87. The company has a market cap of $2.28 billion, a price-to-earnings ratio of -4.35 and a beta of 1.14.

Banc of California (NYSE:BANC) last announced its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.09). Banc of California had a negative net margin of 21.99% and a positive return on equity of 2.12%. The business had revenue of $492.38 million for the quarter, compared to the consensus estimate of $271.42 million. During the same quarter last year, the firm posted $0.32 EPS. As a group, equities analysts expect that Banc of California will post 0.61 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 16th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.76%. Banc of California’s payout ratio is -12.01%.

Insiders Place Their Bets

In other news, Director Richard J. Lashley sold 75,000 shares of the company’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $14.00, for a total transaction of $1,050,000.00. Following the sale, the director now directly owns 719,826 shares in the company, valued at $10,077,564. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 7.37% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Future Financial Wealth Managment LLC bought a new stake in Banc of California during the third quarter valued at $29,000. GAMMA Investing LLC boosted its position in shares of Banc of California by 32.3% during the 3rd quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock valued at $44,000 after acquiring an additional 734 shares during the last quarter. Mendon Capital Advisors Corp purchased a new position in shares of Banc of California during the second quarter worth about $102,000. Algert Global LLC bought a new position in shares of Banc of California in the second quarter worth approximately $182,000. Finally, The Manufacturers Life Insurance Company raised its stake in Banc of California by 2.6% in the second quarter. The Manufacturers Life Insurance Company now owns 77,384 shares of the bank’s stock valued at $989,000 after purchasing an additional 1,939 shares in the last quarter. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

Banc of California Company Profile

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.