Banc of California (NYSE:BANC) Sets New 12-Month High – Here’s Why

by · The Markets Daily

Banc of California, Inc. (NYSE:BANC – Get Free Report) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $21.69 and last traded at $21.6160, with a volume of 2757262 shares traded. The stock had previously closed at $20.81.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Barclays reduced their target price on shares of Banc of California from $25.00 to $23.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 7th. Piper Sandler boosted their target price on Banc of California from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Monday, April 27th. JPMorgan Chase & Co. raised their price target on Banc of California from $22.00 to $24.00 and gave the company an “overweight” rating in a report on Wednesday, July 1st. Weiss Ratings cut Banc of California from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, June 4th. Finally, DA Davidson reaffirmed a “buy” rating and issued a $24.00 target price on shares of Banc of California in a research note on Tuesday, April 28th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $22.69.

Read Our Latest Report on BANC

Banc of California Trading Up 4.4%

The company has a market capitalization of $3.35 billion, a P/E ratio of 16.54 and a beta of 0.73. The business has a 50 day moving average price of $19.77 and a 200 day moving average price of $19.24. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31.

Banc of California (NYSE:BANC – Get Free Report) last released its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.01. Banc of California had a net margin of 13.58% and a return on equity of 9.25%. The business had revenue of $286.95 million for the quarter, compared to analyst estimates of $291.28 million. During the same quarter last year, the firm earned $0.26 EPS. Banc of California’s quarterly revenue was up 7.9% compared to the same quarter last year. Analysts anticipate that Banc of California, Inc. will post 1.71 EPS for the current year.

Banc of California Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Monday, June 15th were given a $0.12 dividend. The ex-dividend date was Monday, June 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.2%. Banc of California’s dividend payout ratio is currently 36.64%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Royal Bank of Canada lifted its holdings in shares of Banc of California by 9.4% during the 1st quarter. Royal Bank of Canada now owns 74,043 shares of the bank’s stock valued at $1,050,000 after purchasing an additional 6,364 shares in the last quarter. AQR Capital Management LLC lifted its stake in Banc of California by 209.4% in the first quarter. AQR Capital Management LLC now owns 103,044 shares of the bank’s stock valued at $1,462,000 after buying an additional 69,739 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Banc of California by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 82,689 shares of the bank’s stock valued at $1,173,000 after buying an additional 3,611 shares during the period. Goldman Sachs Group Inc. increased its position in shares of Banc of California by 8.5% during the first quarter. Goldman Sachs Group Inc. now owns 3,796,996 shares of the bank’s stock worth $53,879,000 after acquiring an additional 297,680 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Banc of California by 1.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 441,856 shares of the bank’s stock worth $6,270,000 after acquiring an additional 4,263 shares during the period. 86.88% of the stock is owned by institutional investors and hedge funds.

About Banc of California

(Get Free Report)

Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.

Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.

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