Banc of California (NYSE:BANC) Price Target Raised to $19.00 at DA Davidson

Banc of California (NYSE:BANC) had its price objective lifted by DA Davidson from $16.50 to $19.00 in a report released on Wednesday morning, Benzinga reports. They currently have a buy rating on the bank’s stock. DA Davidson also issued estimates for Banc of California’s Q4 2024 earnings at $0.23 EPS and FY2024 earnings at $0.69 EPS.

BANC has been the subject of a number of other research reports. Stephens reissued an “equal weight” rating and set a $14.00 price target on shares of Banc of California in a research report on Wednesday, September 4th. Keefe, Bruyette & Woods lowered their price target on Banc of California from $18.00 to $17.00 and set an “outperform” rating for the company in a research report on Tuesday, July 9th. Wells Fargo & Company boosted their price target on Banc of California from $16.00 to $17.00 and gave the company an “equal weight” rating in a research report on Wednesday. Wedbush boosted their price objective on Banc of California from $18.00 to $19.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, Truist Financial boosted their price objective on Banc of California from $15.00 to $16.00 and gave the stock a “hold” rating in a research note on Friday, September 20th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $17.20.

Banc of California Price Performance

Shares of NYSE:BANC opened at $15.22 on Wednesday. The company has a market cap of $2.42 billion, a P/E ratio of -3.56 and a beta of 1.14. The company has a quick ratio of 0.83, a current ratio of 0.89 and a debt-to-equity ratio of 0.31. Banc of California has a 52 week low of $10.53 and a 52 week high of $15.69. The business has a fifty day simple moving average of $14.47 and a 200-day simple moving average of $13.90.

Banc of California (NYSE:BANC) last posted its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.11. Banc of California had a positive return on equity of 2.93% and a negative net margin of 20.75%. The firm had revenue of $431.44 million during the quarter, compared to the consensus estimate of $229.46 million. During the same quarter in the previous year, the business earned $0.30 earnings per share. Equities research analysts forecast that Banc of California will post 0.61 EPS for the current year.

Banc of California Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 16th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.63%. The ex-dividend date was Monday, September 16th. Banc of California’s dividend payout ratio (DPR) is -9.37%.

Insider Buying and Selling

In related news, Director Richard J. Lashley sold 75,000 shares of the business’s stock in a transaction dated 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 transaction, the director now owns 719,826 shares in the company, valued at approximately $10,077,564. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 7.37% of the company’s stock.

Institutional Trading of Banc of California

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