Banc of California (NYSE:BANC) Shares Gap Up – Should You Buy?

Banc of California, Inc. (NYSE:BANC) gapped up prior to trading on Tuesday . The stock had previously closed at $14.80, but opened at $15.26. Banc of California shares last traded at $15.15, with a volume of 222,600 shares changing hands.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Wedbush raised Banc of California from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $14.00 to $18.00 in a research report on Tuesday, September 24th. Wells Fargo & Company increased their price target on shares of Banc of California from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 1st. Keefe, Bruyette & Woods lowered their price objective on shares of Banc of California from $18.00 to $17.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 9th. Barclays upped their target price on shares of Banc of California from $14.00 to $16.00 and gave the company an “equal weight” rating in a report on Friday, September 27th. Finally, Citigroup assumed coverage on shares of Banc of California in a research note on Thursday, October 10th. They set a “neutral” rating and a $15.00 target price for the company. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $16.45.

Banc of California Stock Up 4.3 %

The company has a quick ratio of 0.83, a current ratio of 0.89 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $2.43 billion, a PE ratio of -4.62 and a beta of 1.14. The firm’s fifty day moving average is $14.31 and its 200-day moving average is $13.88.

Banc of California (NYSE:BANC) last released its earnings results on Tuesday, July 23rd. The bank reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.09). The business had revenue of $492.38 million for the quarter, compared to analyst estimates 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 EPS. On average, equities research analysts predict that Banc of California, Inc. will post 0.61 earnings per share for the current year.

Banc of California Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 16th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date was Monday, September 16th. Banc of California’s dividend payout ratio is presently -12.01%.

Insider Buying and Selling at Banc of California

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

Hedge Funds Weigh In On Banc of California

Several hedge funds have recently bought and sold shares of the company. Riverview Trust Co purchased a new stake in shares of Banc of California in the first quarter valued at about $29,000. Future Financial Wealth Managment LLC purchased a new position in Banc of California during the first quarter worth $30,000. Fifth Third Bancorp raised its holdings in shares of Banc of California by 146.3% in the second quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock worth $27,000 after acquiring an additional 1,273 shares during the last quarter. GAMMA Investing LLC boosted its position in shares of Banc of California by 32.3% in the third quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock worth $44,000 after acquiring an additional 734 shares during the last quarter. Finally, Mendon Capital Advisors Corp purchased a new stake in Banc of California in the second quarter valued at approximately $102,000. 86.88% of the stock is owned by hedge funds and other 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.